The Norman Transcript

Business

October 13, 2013

Studies reveal desirable city qualities

NORMAN — According to a study by The MetLife Mature Market Institute and AARP Healthcare Options with Mathew Greenwald & Associates, 36 percent, or just more than one-third, of pre-retirees anticipate changing homes when they retire, with many planning to move to a different city or town.

Half of pre-retirees said being in a community with family and friends would be one of the three most important considerations in deciding where to live during their retirement years. For many, climate is an important consideration.

According to TopRetirements.com, natural beauty, recreational and cultural opportunities contribute to making cities appealing to retirees.

Norman has a low cost of living, affordable housing and many athletic and cultural amenities. Norman was recently named a top 10 city for frugal retirees by MoneyRates.com.

According to the website, frugal city rankings emerged by taking the U.S. metropolitan areas with the lowest costs of living based on 2012 data from C2ER and removing the cities that also appear on NeighborhoodScout’s list of the 100 Most Dangerous Cities in America.

Norman is cited as having a cost of living that is 85.6 percent of the national average and a median home value of $143,316. The average state income tax in Oklahoma is 3 percent, and the average property tax rate in Oklahoma is 0.74 percent. The state sales tax rate is 4.5 percent, according to the study.

— Transcript Staff

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