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According to an April 2024 AARP survey, 61% of adults aged 50 and above are worried they will not have enough money to support them in retirement. Worse, 20% have no retirement savings. With these statistics, looking for a cost-effective retirement location is not just a fancy undertaking — it is a survival hack. Fortunately, Minnesota is relatively budget-friendly. As of October 2024, it boasted a median home listing price of $387,000. Of course, Minnesota is not called The Land of 10,000 Lakes for nothing. Its outdoor offerings are scarcely equaled. But if money is your primary determining factor, discover below eight cost-effective towns in Minnesota for retirees.

Hibbing

In October 2024, the median listing home price in Hibbing, MN, was $165,500. You can own a lovely home here and remain with some cash to ease yourself into retirement. And you don’t have to make an out-of-town trip to access a good hospital. Fairview Range Medical Center, formerly Fairview University Medical Center-Mesabi, is a 2023 recipient of the Outstanding Patient Experience Award. Moreover, Hibbing residents aged 60 and above comprise 31% of the population, meaning you will easily find a crowd you can roll with. You will enjoy living in a quiet town with lots of history and a decent community college. It may not mean much, but Bob Dylan, known to locals as Bob Zimmerman graduated from Hibbing High School more than 60 years ago. There is Swan Lake, which is less than 20 minutes from town, O’Brian Lake, Mesabi Trailhead Keewatin (if you like hiking), a Dollar General for one’s shopping needs, and the aptly named Welcome Lake.

Marshall

The median listing home price in Marshall, MN, was $252,500 in October 2024. Bear in mind that the state median was $387,000 in the same period. A retiree will enjoy living in a safe and quiet town surrounded by farmland. There is a Walmart, a Runnings store, and Southwest Minnesota State University, which charges qualifying retirees minimal fees to attend "for credit" courses. Plus, Marshall Golf Club has some of the best Greens one will ever come across. If you love biking, the well-maintained Mt Bike trail can be a major deciding factor. Worried about that sudden flu? Avera Marshall Regional Medical Center is in town and boasts more than 70 years of dedicated service delivery. Finally, Marshall residents aged 60 and above comprise 21% of its population.

New Ulm

The median listing home price in New Ulm, MN, was $239,900 in October 2024, which is an excellent price point, considering New Ulm is the third-safest town in Minnesota, according to data provided by Safewise. The Violent Crime Rate for 2022 is 0.00 per 1,000 residents. So no need to worry about break-ins or purse-snatchers. New Ulm hosts Schell's Brewery, the second-oldest family-owned brewery in America. This facility hosts many epic events, including Octoberfest and Bock Fest. The latter sees residents coming together to defeat the chilly weather with polka, brats, and delicious German Craft beer. Moreover, New Ulm has multiple parks, including the small but beautiful Flandrau State Park, an indoor gym, and the Minnesota River, which features some unbelievably pretty stretches. The New Ulm Medical Center, which won the Outstanding Patient Experience Award for 2022 and 2023, is right at your doorstep. New Ulm residents aged 60 and above comprise 27% of its population, meaning a retiree will not feel out of place.

Fergus Falls

It may not boast significant racial diversity — like the rest of the state — but a retiree will feel at home here, especially considering the proportion of residents aged 60 and above is 32%, almost 1 in 3. Fergus Falls is also cheap. In October 2024, the median listing home price in Fergus Falls, MN, was just $265,000. Don’t even mention the parks, lakes, and waterbodies an empty nester will have immediate access to. From the tranquil Otter Tail River Reservoir to Hoot Lake to Pebble Lake — an empty nester will get a blast here. Plus, Fergus Falls boasts a municipal airport, which makes it score big on accessibility. Also, expect top-notch healthcare access, considering one is steps away from the Lake Region Healthcare Corporation, named one of the Top 100 Rural & Community Hospitals in the United States — not just in Minnesota.

Albert Lea

Aside from being affordable — it boasts a median home listing price of just $214,900 — Albert Lea is close to Minneapolis, Minnesota’s most populous city. The City of Lakes, as Minneapolis is known, is just an hour and a half down the road. Still, an empty nester can spend a quiet morning here at the Pickerel Lake Park, switch to the heavily shaded Myre-Big Island State Park the next day, and end the week at the Bancroft Bay Park, a clean, swoon-worthy space with fantastic disc golf courses. You will confess that Mayo Clic is a top-rated healthcare brand — one of the best in the nation. Fortunately, Albert Lea hosts the Mayo Clinic Health System - Albert Lea and Austin. So, whether you are concerned about emergency care or specialty services, you are well-sorted. It just gets better, especially considering Albert Lea residents aged 60 and above comprise 31% of its population.

Austin

Austin is to the immediate east of Albert Lea; only 20 miles separate them. It has a beautiful nature center — The Jay C. Hormel Nature Center — with nicely maintained walking trails. Cedar River also flows through the town. Todd Park features an enjoyable 27-hole disc golf course, while Lafayette Park, conveniently located on Main Street, has well-maintained trails and a 6-hole disc golf course. There is the Spam Museum as well, a landmark attraction that tells the history of the Hormel Company, a household name around the º£½ÇÉçÇø. Moreover, a retiree will have the award-winning Mayo Clinic Health System Austin at her doorstep, a municipal airport, and a community college. The best part is that in October 2024, the median listing home price in Austin, MN was just $197,000. Finally, Austin residents aged 60 and above comprise 23% of its population, meaning there is a social support network an empty nester can easily tap into.

Mankato

In October 2024, the median listing home price in Mankato, MN, was $339,900. The beauty of retiring here is that Minneapolis is just over an hour away, meaning unmatched access to big-city amenities. You have ready access to the Minneopa State Park as well, which has a waterfall, a well-kept campground, and herds of bison. The Minnesota River flows through the town and adds a layer of rustic charm to an already beautiful spot. Moreover, Spring Lake Park, with its walking paths around the lake, can imperceptibly turn into a routine. Another note-worthy highlight is that Mankato hosts the Mayo Clinic Health System Mankato, ranked among America's 50 Best Hospitals. This excellent facility is rated in the top 1% of the nation for providing the highest clinical quality. If you fancy retiring in an intellectually stimulating environment, start scoping for a property. Mankato is home to Minnesota State University, the second-largest in the state. Although you will mingle with young people — which is a good thing anyway — residents aged 60 and above still comprise a modest 17% of the population.

Luverne

Though last on the list — Luverne is not least on its retirement-friendly features. First, Sioux Falls, South Dakota, is just half an hour to the west via Interstate 90. Of course, Sioux Falls is South Dakota’s largest city, so you can imagine the big-city amenities and conveniences a pensioner will have access to. But with the Rock River flowing through it, the Luverne Country Club offering lots of shade and golfing opportunities — and the River Road Campground serving as an occasional escape — there may be no need to get out of town. And you don’t have to break the bank either. The median listing home price in Luverne, MN, was $307,400 in October 2024, which is significantly lower than the state median. Finally, Luverne residents aged 60 and above comprise 29% of its population, meaning there is a thriving retirement community that one can be part of.

Why Minnesota is a Retiree’s Paradise

Minnesota isn’t just the Land of 10,000 Lakes; it’s a haven for retirees seeking tranquility, affordability, and vibrant communities. Whether it’s the serene charm of Swan Lake in Hibbing, the historic appeal of Schell’s Brewery in New Ulm, or the proximity to top-tier healthcare systems across the state, Minnesota offers more than just scenic views. With its blend of natural beauty, low housing costs, and safe, welcoming towns, it’s easy to see why so many retirees choose to call Minnesota home.