Why To Retire In Texas
Texas has a low cost of living, as well as no income tax, making it a very attractive state for retirees looking to settle down somewhere. With houses located everywhere from beautiful rural landscapes to big city suburbs, everyone can curate their own kind of lifestyle, finding great culture and friendly people across the state.
Retire In Texas: Things To Know
Retirees interested in making the most of their savings will find Texas to be a great state, as it has no income tax, meaning retirees don’t have to pay a tax on their 401(k), IRA, or pension. However, the state also has some of the highest property tax rates in the country.
- Current Income Tax Rates: 0%
- Median Property Tax Rates: 1.8%
- Estate or Inheritance Tax Rates: 0%
With more than 600 hospitals across the state, many of which are nationally ranked, residents are never too far from the quality healthcare they need.
- Medical Facilities Per 1,000 Residents: 2.3
- Health Insurance Networks: Blue Cross Blue Shield of Texas, Celtic Insurance Company, FirstCare Health Plans, Friday Health Plans, Molina Healthcare of Texas, Inc., Oscar Insurance Company, and Scott and White Health Plan
Cost Of Living
The state of Texas has the 14th lowest cost of living in the country. Paired with home prices below the national average, even in some of the bigger cities, Texas attracts many residents for these reasons alone
- Average Home Price: $207,301
- Average Cost of Living Index: 92.6
Most people have a hard time picturing Texas as anything other than warm and sunny. That’s because the state is rarely anything else. Hot, humid summers reach triple-digit temperatures, while winters are cool and dry, averaging around 45 degrees Fahrenheit. The sun shines year round, with only occasional days of rain or cloudy skies.