One Minnesota City Among Best Places To Retire In Midwest

People have a lot to consider as they approach retirement age. Often, the decision to move comes into play as they're looking for a cheaper cost of living or to downsize. So, where are people moving to the most?

A list was released last month by Kiplinger, a personal finance publisher, highlighting the best spots in the Midwest to retire. Minnesota had one city on the list.

Best Place To Retire In The Midwest - Peoria, Illinois

The city of Peroria, Illinois, was named the best place to retire in the Midwest. It has a population of 113,672 people, and of that 19% are over the age of 65.

Affordability helps Peoria in the rankings as the average home value is around $131,860. That's nothing compared to the national average of $503,800. That puts Peoria at 24% lower cost of living than the rest of the country.

Mankato, Minnesota, Makes Top 12 List

Mankato, Minnesota, may have a reputation as being a college town, but it's also a great place for retirees. The small city of 43,938 people came in at number 6 on Kiplinger's list. 11.3 percent of the residents are over the age of 65.

They highlight the development on the rise, the lower cost of living compared to the national average, and the downtown scene.

However, they do warn retirees about the harsh Minnesota winters and taxes as something to consider.