The Rust Belt Cities Retirees Are Quietly Moving To

In decades past, many Americans approaching retirement considered moving to southern states for the warmth, the community, and often, the affordability.

However, these days, many Sun Belt states have seen an influx of new residents and, with them, higher costs. Cities across the Rust Belt, which encompasses much of the Midwest and parts of western Pennsylvania and New York, have emerged as enticing and affordable alternatives.

If you are hoping to save money in retirement by relocating to an area with a lower cost of living, consider these 11 Rust Belt cities that offer their own unique perks and charm.

Editor's note: All housing data comes from a FinanceBuzz analysis of U.S. Census and Zillow figures, and cost of living data comes from BestPlaces, unless otherwise stated.

Average home value: $223,426

Average rent: $1,416

Rochester is a large and beautiful city in New York's Finger Lakes region that still manages to maintain its affordability and charm. Overall cost of living, which includes factors like food and health care, is about 11% below the national average.

For retirees who enjoy spending time outdoors (and don't mind the cold), the city's location on the southern shore of Lake Ontario is a big seller.

Average home value: $274,935

Average rent: $1,454

Wyoming is a suburb of Grand Rapids in western Michigan. It offers plenty of perks for retirees looking to save a few bucks, including an overall cost of living about 5% below the national average.

Additional draws include a thriving (and large) downtown area, hundreds of acres of parkland, and easy access to a major University of Michigan hospital.

Average home value: $147,303

Average rent: $1,085

In addition to low home and rent prices, Muncie's general cost of living is more than 25% below the national average.

Located about 50 miles from Indianapolis, it's close enough to city life but far enough to maintain its local charm, which can be enjoyed in its historic downtown, along the White River, and beyond.

Average home value: $125,283

Average rent: $1,078

Toledo has managed to maintain affordability while offering plenty for residents to do and see, from excellent dining options and artisan markets to outdoor recreation opportunities along the Maumee River.

The general cost of living is over 20% lower than the U.S. average, but slightly higher than Ohio's average.

Average home value: $228,571

Average rent: $1,590

Pittsburgh is a top option for retirees who want to enjoy the perks of city living without breaking the bank.

The overall cost of living is about 8% below the national average, and the city has a bit of something for everyone, with three professional sports teams, a range of world-class museums, and a top-notch dining scene.

Average home value: $319,104

Average rent: $1,701

Elgin is located about 35 miles northwest of Chicago and is one of the more affordable options for those who want access to a major metro but a quieter, more relaxed home life.

The city is located along the Fox River and boasts a thriving art scene, easy access to natural beauty, and more. Plus, the overall cost of living is nearly 5% below the national average.

Average home value: $375,497

Average rent: $1,430

Home prices and the general cost of living are a bit higher in Farmington Hills than they are in most other Rust Belt cities on this list, but the city has many other perks for retirees.

It's home to a charming downtown district and is conveniently located about 20 miles from both downtown Detroit and Ann Arbor.

Average home value: $203,874

Average rent: $1,588

Syracuse is another solid option in Upstate New York, as it sits at the gateway to the Finger Lakes region.

It's a healthy mix of city perks, including thriving Downtown Syracuse, and natural beauty, with easy access to the stunning Green Lakes State Park. The overall cost of living is about 12% below the national average, making this a great spot to spend your golden years.

Average home value: $182,409

Average rent: $1,331

South Bend may be better known for its proximity to the University of Notre Dame, but this Midwest city also has plenty of draws for retirees beyond the standard college town perks. The Forever Learning Institute in South Bend offers continuing education courses, volunteer opportunities, and travel excursions tailored specifically for seniors.

The overall cost of living is 21% lower than the national average, and Indiana does not tax Social Security benefits.

Average home value: $204,526

Average rent: $1,351

Parma is in northern Ohio and is a suburb of Cleveland, so all the perks of the big city, like easy access to great food and health care centers, are just about 10 miles away. But Parma has a charm of its own, and a big perk for retirees looking to save is the cost of living, which is about 17% below the national average.

Average home value: $254,363

Average rent: $1,295

Bloomington is located in central Illinois. While it's within two hours of Chicago, St. Louis, and Indianapolis, there's plenty to do and see in the city itself, including a thriving downtown, excellent museums, and top-notch farmers' markets.

Plus, the overall cost of living is nearly 18% lower than the national average.

Relocating to a Rust Belt city, especially if you sell a home in a higher cost-of-living area to do so, could free up serious cash, six figures or more, to help get your retirement plan on track.

However, it's important to weigh the pros and cons. Many of these areas have very cold winters, driving can be a challenge, and public transit may not always be a reliable option, even in the suburbs of larger cities.