Ohio – Retirement Guide

Ohio   Retirement Guide

Ohio’s friendly, Midwestern residents, low cost of living and access to excellent outdoor activities have made it a popular destination for retirees in recent years. The state is also home to a number of small college towns, such as Oxford, Bowling Green and Gambien, as well as larger ones, like Columbus, home to Ohio State. This presence of universities give towns a lively and eclectic vibe, with a great culture of college sports fans and continuing education opportunities for retirees.

The scenic shores of Lake Erie border the northern edge of the state, and this region has become popular with boaters and anglers, while the Ohio and Miami Rivers attract canoers and kayakers. Culture lovers can visit the state’s cities, like Cincinnati, and experience museums, theater, live music and even pay a visit to the Rock and Roll Hall of Fame.

The low cost of living in Ohio may come as a relief to many retirees, the state’s cost is 9 percent lower than the national average, and the median home price is a very reasonable $104,800.

Pros: Many small college towns, friendly Midwestern vibe
Con: Economic downturn in manufacturing towns

At a Glance
Best For: College town enthusiasts
Population: 11,544,951
Cost of Living: 9% lower than national average
Median Home Cost: $104,800
Unemployment: 7.1%
Top State Income Tax: 5.925%

The state’s top tax rate is 5.925 percent, but Ohio doesn’t tax Social Security benefits, and 2 tax breaks are available for lower income senior residents. Healthcare is also easily accessible in Ohio; the state is home to 225 hospitals.

The state did suffer during the recent economic downturn. Particularly hard-hit were industrial towns like Youngstown.

Photo by WebXplorer via Flickr. All statistics were up to date as of publication. See these sources for the most current data.