6 Most Affordable Towns to Retire in New England

Affordable and New England may seem like an oxymoron, but fortunately, the reality is more optimistic. Even in Massachusetts, the region's most expensive state, there are towns that could make Mississippi or Kansas envious. Not to mention, there are historical attractions scattered throughout the northeastern corner of the United States, a beautiful coastline, and, of course, delicious lobster rolls. Without further ado, discover the six most affordable towns to retire in the six-state region of New England.

Berlin, New Hampshire

Contrary to being the northernmost city, Berlin is actually located in northern New Hampshire, beside the Androscoggin River, on the edge of the White Mountains. This location makes it a prime spot for outdoor adventure. Retirees in Berlin can enjoy fishing in one of New England's largest rivers, hiking the well-maintained trails of Jericho Mountain State Park amid stunning scenery, or breathing in the fresh, crisp air of the nearby White Mountain National Forest. With homes listing at a median price of just $225,000, Berlin stands out as one of the most affordable towns for retirement in New England. Additionally, residents do not have to travel far for medical emergencies, as the Androscoggin Valley Hospital, with a long history of service under its previous name, is conveniently located in town.

Willimantic, Connecticut

As of February 2024, the median home listing price in Willimantic was $245,000, an attractive figure especially when considering that homes in Connecticut typically list for well over $350,000. Home to the third-oldest university in the state, Eastern Connecticut State University, founded in 1889, the town boasts a historic campus that injects vibrancy and makes it ideal for retirees seeking an academic atmosphere. Natchaug State Forest, known for its horse trails and waterfront picnic sites, is a short 20-minute drive away, as is Mooween State Park, famous for its trails. Windham Hospital, located within the town, has been recognized with the Joint Replacement Excellence Award in both 2022 and 2023, catering well to the medical needs of retirees. The Windham Textile and History Museum, also in town, offers a wealth of information about the local thread and clothing industry.

North Adams, Massachusetts

Finding a town in Massachusetts where the median home listing price is under $300,000 is like striking gold. According to Realtor data analyzed by the Federal Reserve Bank of St. Louis, the median listing price of homes in Massachusetts as of January 2024 was a staggering $749,450. However, in North Adams, the median listing price is just $229,900. Retirement here means enjoying the breathtaking scenery of the Berkshires, access to Natural Bridge State Park (home to the continent's only natural white marble arch), a pristine lake at the town's edge, and MassMoCA, the largest center for contemporary visual and performing arts in the nation. Moreover, the award-winning Southwestern Vermont Medical Center in Bennington is conveniently located nearby.

Waterbury, Connecticut

While it's true that Connecticut is not the cheapest due to its proximity to New York, referring to it as the "southernmost state in New England" could be misleading. Connecticut, known for historically high per capita income in the U.S., lists homes at a median price of $491,419. Waterbury defies state trends with a median home listing price of just $249,000. Hartford, Connecticut's capital, is conveniently located about 30 miles away, and New Haven, the state's second-largest city, is even closer. Saint Mary's Hospital and Waterbury Hospital, the latter a recipient of the 2022 Coronary Intervention Excellence Award, serve the medical needs of retirees. Attractions include the enigmatic Little People Village, the Mattatuck Museum—which chronicles Waterbury's history and culture—and the Seven Angels Theatre, known for its diverse performances.

Waterville, Maine

Maine, celebrated for its affordability within New England, captivates with its rocky coastline. The state's median home listing price was $402,475 as of January 2024, while Waterville's median stands at $275,000, significantly lower than the state average. Northern Light Inland Hospital on Kennedy Memorial Drive ensures medical emergencies can be handled locally. Colby College, a landmark of Waterville, appeals to those with academic interests, including its art museum which features Etruscan pottery and works by Picasso and Homer. The Waterville Opera House and the scenic Two Cent Bridge provide cultural and natural leisure opportunities, respectively.

Caribou, Maine

Caribou offers stunning countryside views, friendly residents eager to lend a helping hand, and fantastic outdoor adventure opportunities, making it an excellent choice for retirement. The standout feature, however, is the town's affordability, with homes listed at a median price of just $235,000—nearly half the state's median. For retirees concerned about healthcare, the highly-rated Cary Medical Center, a back-to-back recipient of the Outstanding Patient Experience Award for 2023 and 2022, is conveniently located within the town. The natural beauty of Aroostook State Park, featuring a crystal-clear lake and lush forests, lies just outside the town limits. Additionally, retirees can enjoy entertainment and snacks at the cozy Caribou Theater and partake in strawberry picking at the picturesque Goughan's Berry Farm during the season.

The Takeaway

Affordability in New England presents a complex picture. While the region is often dismissed as prohibitively expensive—for example, homes in the Boston area list for a median price of $999,000—there are areas where homes are much more affordable, sometimes priced at $250,000 or even less. Maine emerges as the state with the most affordable homes, yet other states also offer budget-friendly options. For those looking to explore these opportunities, consider towns like Berlin, New Hampshire; Willimantic, Connecticut; North Adams, Massachusetts; and Waterbury, Connecticut.