Forget Europe! Here are 5 reasons retiring in rural America can be cheaper (and easier) than moving abroad

Who needs the Eiffel Tower or the Amalfi Coast when you can have the Rocky Mountains or Great Lakes instead?

A recent study by the University of New Hampshire pointed to a surprising shift. Between April 2020 and July 2022, rural America gained population at a rate of 0.4%, close to double that seen in urban areas. A Wall Street Journal article picked up on the report and featured seven retirees who sought greener pastures.

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So, how could rural life in the U.S. possibly compete cost-wise with living in a European city like Lisbon, Portugal which would only set you back about $15,000 a year? The answers might shock you — or as the Portuguese say, “Que choce!“

Rural versus Europe

Granted, the U.S. is not experiencing an exodus to the sticks on par with crossing the Atlantic. As of 2024, more than 760,000 Americans abroad receive $7.5 billion in annual Social Security benefits. In 2022, that number was 700,808 per the Social Security Administration. Franklin Templeton estimates that 38% of those retirees relocated to Europe, the rough equivalent of 288,000 people.

Romania, Portugal and the Czech Republic rank among the most popular and affordable European nations, requiring monthly budgets of $821, $1,286 and $1,199 respectively, according to World Population Review.

As for retirees interested in America’s wide open spaces, you can certainly get by if you’re fortunate enough to buy a cheap home in an area with a low cost of living. What’s more, you might score a nice parcel of land near a small town with a postcard-worthy main street and sunsets straight out of a Bob Ross painting.

But there’s a catch: In much of the nation, the political climate in rural regions equals red. The Pew Research Center places rural GOP partisanship at 60%, up from 51% in 2019. On the flip side, urban communities skew 60% Democrat.

Read more: These 5 magic money moves will boost you up America’s net worth ladder in 2024 — and you can complete each step within minutes.

Five ways rural retirement beats Europe

Still, rural retirement is hard to beat and here are five reasons why:

• No costly traffic jams. In the Boston area, drivers spend 88 hours a year stuck in traffic — more than two working weeks — and spend $1,543 on transportation costs, according to INRIX 2023 Global Traffic Scorecard. In Paris, it’s even worse: 97 hours or 10% more time. It’s safe to assume that any rural U.S. region allows you to claw back every dollar and minute — unless a wild animal or livestock blocks your path.

• Lower property taxes. In Portugal, rural homes purchased at $350,000 are taxed at $2,800 annually. While there are no annual property taxes in the U.K. you’ll pay a stamp tax of 7% (or $21,000) to buy a $350,000 home. Compare that to Harding County, New Mexico, Sioux County, North Dakota and McDowell County, West Virginia — all of which have median property taxes below $300, according to the National Tax Foundation.

• No language barriers. While Romania and the Czech Republic have become hot spots for ex-pats, neither Romanian nor Czech are taught in U.S. public schools. Without a solid understanding of these languages, rural areas, dialects and accents present an added challenge for Americans trying to adapt to living abroad.

• Rock-bottom home prices. Depending on the proximity to major cities in England, France and the Netherlands, you can’t exactly land a home with your limited savings. By comparison, a listing in Canterbury, New Hampshire offers four bedrooms, three baths and close to 13 acres of property for a tidy $300,000 as of early October.

• You can have it both ways in North America. Want to leave the U.S. regardless? Canada boasts breathtaking vistas that rank among the world’s finest. Golden, British Columbia with a population of 4,000 was recently named one of the nation’s best small towns, with its charming downtown and six national parks close by. Unless you’re feeling homesick for America. In that case, Spokane, Washington and Missoula, Montana are just an eight- and seven-hour drive away respectively.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.