Where the cost of living is low, and wages are high.
Everyone dreams of retiring someday. But retire early, in your 30s or 40s? As far-fetched as this fantasy may seem, there’s a name for this wish that could help make it happen: FIRE.
FIRE requires some sacrifice: ditching or cutting way back on expensive/fun nights out on the town, exotic vacations, or even new clothes. But once this rapidly growing nest egg totals 30 times your yearly expenses, you’ve reached what’s called the “crossover point” where you can retire and live off the interest it generates for as long as you’re still alive and kicking. No job required!
Glink cautions that would-be FIRE followers need to be sure not to overly stretch their budget: Monthly housing costs should ideally fall well below 28% of gross monthly income . This Southern city is anything but sleepy, since it serves as home to the NASA Marshall Space Flight Center, the U.S. Army’s Redstone Arsenal, and offices for Lockheed Martin LMT, +1.65% , Boeing BA, -1.14% , and Northrop Grumman NOC, +1.83% . With such aerospace, defense, and tech heavyweights in the area, Huntsville is famed for its educated workforce and sky-high wages to go with it.
“Home prices here are still very affordable, with the average cost still in the low $200,000s,” he says. In fact, homes for well under $200,000 exist in the communities of Ashbury, Georgetown Square, and Madison, where this three-bedroom house is priced at a mere $155,000.Median home sale price: $192,500
As hometown to the Wright brothers and, currently, the Wright-Patterson Air Force Base, Dayton is steeped in aviation history that’s still present today. Aerospace and defense are some of Dayton’s top industries, along with manufacturing thanks to heavyweights Cargill and PepsiCo PEP, +0.32% . So if you’re proud to be an American, this is your place! It’s also a bustling manufacturing hub, serving as headquarters for equipment giant Caterpillar CAT, -0.60% and Japanese equipment manufacturer Komatsu 6301, +0.49% . The city boasts a higher employment-to-population ratio than most Northeastern, Western or Sun Belt states — and a cost of living 20% below the national average.
Yet home prices still hover 20% below the national average, according to Josh Latham, director of sales at Re/Max Advanced Realty in Indianapolis. As such, he says, “FIRE could easily be a growing theme for the city of Indianapolis and surrounding burbs.” Let’s start with the important stuff: Winston-Salem is home of the first Krispy Kreme doughnut shop, opened in 1937. Are we done here? No? Well, even if you’re more interested in a lean, thrifty lifestyle than one filled with glazed crullers, this city has a whole lot going for it.
“We attract a lot of the younger demographic because of the technology,” says Brian Teyssier, a local real-estate agent with Re/Max Advanced Realtors. Some of the top jobs here are in the health care, defense, and technology sectors with employers like John F. Kennedy Space Center and Cape Canaveral Air Force Station. Oh yeah, Orlando and Disney World are just 50 miles away, if that’s your thing.
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