Is it expesive to retire in Cleveland? Retirees Unite! (Columbus: sales, real estate)

[Swede in CA]

Hi,


Any retired couple here or anyone who plans to retire in Cleveland, or Cleveland Heights or nearby.What is your major expense? Real estate tax seems very high. What are your thoughts about the retirement in Cleveland?

[teacherdad]

We are still thinking CLE for half the year or just a bit more. I bought a condo downtown 2 years ago. I could live there more, but wife says she wants to stay in CAL as well. I secretly send my kids employment opportunities in CLE.. .

Taxes in some areas are higher than others. Also, being retired, there are a few condo developments along the Gold Coast area that make sense to me.

COL- Cost of living is a FRACTION...about 80% less than where I live now. My retirement and CLE go nicely together.

[Swede in CA]

thanks for your response. I have several properties in CLE, but never lived there full time.

[Nomad99]

The Upside of Retiring in Cleveland:

- Very strong health care (especially the East side) for Medicare (or good private insurance),

- Solid/impressive social/cultural amenities beyond its size, professional sports (and the Browns ;-),

- Decent public transportation,

- Mild summers, fantastic falls and beautiful (if short) springs,

- Big city feel but rather low congestion & crowding,

- Down-to-earth, mostly friendly, courteous people, and

- Reasonable cost of living (including housing prices... but not necessarily rents these days).

The Downside:

- Yes, high taxes (state + local income, property & sales/use) BUT retirement income is excluded from city income (wage) taxes and Social Security (plus up to $23K filing MFJ) is exempt from state income tax. High property taxes can be mitigated (~20-30%) by homesteading in Cuyahoga county. And for big ticket items (that have wheels ;-), nearby tax venues have 7% (or even 6.75%) sales tax rates... so overall, for typical, moderate income retirees, overall tax burden is actually below national average per SmartAsset.com et. al.

- Rather high crime (both property and violent)... but can be largely avoided w/ precaution and planning,

- Long (relatively cold and snowy) winters & fewer sunny days than many places, and is

- Located in Ohio ;-).

The pluses way more than offset the minuses in our view/experience, but of course living in Cleveland isn't for everyone.

[Unicorn hunter]

I rented there for 6 months and originally planned to retire there, but property taxes were too high for me. Moved about an hour south....housing costs and taxes much lower and still have reasonable access to both Cleveland and Columbus, plus access to beautiful Amish country. Best of both worlds IMO....but if you truly desire urban living, probably wouldn't cut it.

[bluecarebear]

Cleveland is on our list because of the low COL and amenities. Taxes are relative. We look at Cleveland taxes and think they are on the low end.

[Cleveland_Collector]

Originally Posted by Swede in CA

Hi,
Any retired couple here or anyone who plans to retire in Cleveland, or Cleveland Heights or nearby.What is your major expense? Real estate tax seems very high. What are your thoughts about the retirement in Cleveland?

Property tax is relative. If you live in CA as your screen name appears to indicate, the percentage will appear higher. However, in which desirable area of CA are you finding a house that's move-in ready on 1/3-1/2 an acre for $250k? I know for a fact that my house would sell for nearly if not more than $1MM in desirable areas of greater LA. My property tax is around $3k annually. Moreover, my mortgage payment (including escrow payments for taxes and insurance) is a paltry $1100 per month which is less than most rental payments. So, you pay a higher property tax percentage which is far more than offset by the much lower COL coupled with a much better standard of living. If you can handle cold weather, it's a no-brainer to me unless you can afford a Russian River Valley estate.

[kpl1228]

Former Clevelander, now teaching HS out West, can retire in a few years, planning on CLE as my destination.
If flying solo in the city, and if not overly picky about the neighborhood, yes you can do it. Worth it for the medical and cultural amenities alone. Few cities like it for those two categories.
As nice as New Mexico is, the medical is very sub-par and retiree amenities, unless a cowboy, are limited, except in places that are cost prohibitive, such as artsy Santa Fe or Taos: both are pricey. Also, Cleveland has excellent working possibilities for an older person or retiree, if one chooses to stay busy that way, though often only part-time.
So much of Cleveland real estate is driven on schools, and this is where a single or couple retired can flourish. Get a 2-BR bungalow in the city proper in, say, West Park near the Rapid and make new friends and enjoy life tremendously. Or if suburban, Cle Heights, though the taxes concern me. My current plan of the moment, subject to change.
Also important: I've given the Western US a good try, but it just isn't home and it seems like I never can turn the corner emotionally with it. If you are coming to Cleveland from somewhere else, remember that sort of thing should always be a consideration. For many, home is home. It proved so for me.
I just miss home. Also, the cold never bothered me that much. Just throw on a sweater and smile.

[teacherdad]

I'm in CAL on year 27 teaching. My Sister In Law was here tonight and is in the medical field. She was shocked that I pay over 1K per month for my health insurance and then get an MRI and it was $560 out of pocket. This is what really bugs me lately with teaching. I LOVE the job, but the insurance has gone insane!!!!

Ultrasound a few months ago: $40 co pay, bill was $280. My portion was $220. Thus, I really paid $260 of that bill and that's after just over 1K per month for insurance. Other teachers in other Districts get MUCH better coverage, but I'm in a wealthy area with ONE network for health care.

I plan to live in CLE (downtown) 51% of the year when I retire and I'll probably get better benefits even when I have to pay cash for my own insurance.

[kpl1228]

Originally Posted by teacherdad

I'm in CAL on year 27 teaching. My Sister In Law was here tonight and is in the medical field. She was shocked that I pay over 1K per month for my health insurance and then get an MRI and it was $560 out of pocket. This is what really bugs me lately with teaching. I LOVE the job, but the insurance has gone insane!!!!

Ultrasound a few months ago: $40 co pay, bill was $280. My portion was $220. Thus, I really paid $260 of that bill and that's after just over 1K per month for insurance. Other teachers in other Districts get MUCH better coverage, but I'm in a wealthy area with ONE network for health care.

I plan to live in CLE (downtown) 51% of the year when I retire and I'll probably get better benefits even when I have to pay cash for my own insurance.

Same re: health insurance etc. I moved to New Mexico...in the last three years, my plan has changed 4 times. An ER visit is now a $150 co-pay....was $30. Insurance has indeed gone crazy. I pay darn near half of my health care at this point. I'm vested in NM teacher pension in a year and a half, and though I love my job and school and kids as you do, then I need to look hard at things.