Baltimore provides retirees with an attractive blend of affordability, below-average cost of living, tax advantages, and vibrant cultural offerings.
Affordable Retirement Option Found in Baltimore
Baltimore has become an ideal choice for retirees seeking a comfortable lifestyle without financial strain. With a population exceeding half a million and the city offers a unique mix of historical charm and affordability making it highly appealing to retirees.
The average home price in Baltimore is approximately $186,037 significantly lower than similar East Coast cities. This translates to manageable monthly mortgage payments averaging about $1,116, which is affordable for retirees living on fixed incomes.
Baltimore maintains a cost of living below the national average with monthly expenses averaging just over $1,800, or approximately $1,000 after factoring in Social Security benefits. These lower living costs enable retirees to budget effectively and enjoy a higher quality of life, according to the report of GO Banking Rates.
(photo: Retirement Communities)
Retirement Benefits and Community Support in Baltimore
Maryland provides tax benefits that further enhance its appeal for retirees. Social Security income is not taxed and there are exemptions on pension income reducing overall annual expenses for retirees residing in Baltimore.
Baltimore’s cultural scene including museums, parks, and historical sites, often offers discounted or free admission for seniors. Its proximity to major East Coast cities like Washington, D.C., Philadelphia, and New York City also allows retirees affordable opportunities for enriching day trips and outings.
With nearly 15% of Baltimore’s population aged 65 and older, the city has established robust community centers and support services tailored to retirees offering various programs and social activities.
