6 Pennsylvania Cities listed as Best Places to Retire

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Dennis M.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
7y

As a proud pa resident I would not want to retire at any of those locations lol 

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  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    As a proud pa resident I would not want to retire at any of those locations lol 

    3Reply
  • Chris K.
    Attorney · Nashville, TN · Member since 2015 · 1k+ posts · 1k+ votes
    7y

    @Dennis M.

    While I would probably like to retire somewhere warmer, I have to say Lancaster has done an amazing job with the city. The area now has an "Amish-Hipster" vibe to it. I can see it being a nice place to retire. 

    Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

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  • David Krulac
    OP
    Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
    7y

    @Dennis M.  We do a lot of business in Cumberland county, PA, the fastest growing county in the state.  Winters are milder than western Pa. and no lake effect snow.  A lot of the weather here comes from the South, and the three mountains between here and Pittsburgh break up some of the colder western weather.  Prices for houses are reasonable here, good economy with state and Federal employers being the largest, with good wages and no industrial layoffs or strikes.  And Pennsylvania does not tax retirement income.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @David Krulac:

    @Dennis M.  We do a lot of business in Cumberland county, PA, the fastest growing county in the state.  Winters are milder than western Pa. and no lake effect snow.  A lot of the weather here comes from the South, and the three mountains between here and Pittsburgh break up some of the colder western weather.  Prices for houses are reasonable here, good economy with state and Federal employers being the largest, with good wages and no industrial layoffs or strikes.  And Pennsylvania does not tax retirement income. 

    David I did not check it out in detail but I have been funding buy and hold investors from out of country and state that are targeting some of the little burgs were you can buy houses that are pretty nice for the price of a used or new car.. not sure the long term value play but they seem to like them.. will see how it all shakes out .. I am only in them for 60 to 120 days.. so for me its fine.

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  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y
    Originally posted by @Jay Hinrichs:
    Originally posted by @David Krulac:

    @Dennis M.  We do a lot of business in Cumberland county, PA, the fastest growing county in the state.  Winters are milder than western Pa. and no lake effect snow.  A lot of the weather here comes from the South, and the three mountains between here and Pittsburgh break up some of the colder western weather.  Prices for houses are reasonable here, good economy with state and Federal employers being the largest, with good wages and no industrial layoffs or strikes.  And Pennsylvania does not tax retirement income. 

    David I did not check it out in detail but I have been funding buy and hold investors from out of country and state that are targeting some of the little burgs were you can buy houses that are pretty nice for the price of a used or new car.. not sure the long term value play but they seem to like them.. will see how it all shakes out .. I am only in them for 60 to 120 days.. so for me its fine.

    Yep ..When you buy the 3 bed house for 10 grand and get 600-650$ a month on it ,it’s really hard for even an idiot like me to screw that up ! Gotta buy em by the bushel basket at those prices 

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Dennis M.:
    Originally posted by @Jay Hinrichs:
    Originally posted by @David Krulac:

    @Dennis M.  We do a lot of business in Cumberland county, PA, the fastest growing county in the state.  Winters are milder than western Pa. and no lake effect snow.  A lot of the weather here comes from the South, and the three mountains between here and Pittsburgh break up some of the colder western weather.  Prices for houses are reasonable here, good economy with state and Federal employers being the largest, with good wages and no industrial layoffs or strikes.  And Pennsylvania does not tax retirement income. 

    David I did not check it out in detail but I have been funding buy and hold investors from out of country and state that are targeting some of the little burgs were you can buy houses that are pretty nice for the price of a used or new car.. not sure the long term value play but they seem to like them.. will see how it all shakes out .. I am only in them for 60 to 120 days.. so for me its fine.

    Yep ..When you buy the 3 bed house for 10 grand and get 600-650$ a month on it ,it’s really hard for even an idiot like me to screw that up ! Gotta buy em by the bushel basket at those prices 

    YUP buy 10 a year for cash..  enjoy NET 300 a month about .. in 10 years you have no debt and 30k a month net.. whats not to like.

    of course you have a full time job collecting said rent and maintaining the homes but your getting well compensated.. 

    depreciation wont be much since the assets are so cheap but who cares. right ?

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  • David Krulac
    OP
    Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
    7y

    @Jay Hinrichs We're not buying $10k houses here, the average house is about $180-$200K.  But if you go 50 miles away prices are lower, but there is not only little depreciation, as you say but there is also little appreciation.  The play is cash flow.  These areas are primarily rural, agricultural, forest or declining/ depressed industries like coal.  We hired an auctioner to sell some property to sell some properties.  He was telling me that his grandson graduated from the same high school as he did in the 1960s and the graduating class was the same size (small).  The population is the same numbers as it was 40, 50 or 60 years ago.  The school population was the same as years ago and there were a few businesses but very little new ones. When Walmart came to town they were welcomed with open arms and no opposition, as it saved a 10 to 20 mile trip to a supermarket.

    To operate in these areas, you do the opposite and look for the opposite of growth, new jobs, new industries, and growing economies.  But there are still people who live there, even though the majority of high school and college graduates move away for jobs, these are not ghost towns people still live there and people still rent houses.

    Investors I've known have bought property in such places, and I've told them to expect no appreciation and expect that when you sell you'll get what you paid and little more. They NEVER believe me!  

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  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    Who cares if it appreciates or even if it falls over flat in 30 years . Your getting 30-40% returns on these old steel mill houses . Get while the gettin is good!

    0Reply
  • Matt M.
    Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
    7y

    @David Krulac

    I live 20 mins from #23 Allentown. You couldn’t pay me to live there in a free house. Can’t tell you how many shootings since June..

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Matt M.:

    @David Krulac

    I live 20 mins from #23 Allentown. You couldn’t pay me to live there in a free house. Can’t tell you how many shootings since June.. 

    Easton is a super cute town I think.. and I like Bethlehem as well.. Lehigh valley is a nice place.

    I have eaten in downtown Allentown there are some nice upper scale restaurants there..  cant comment on gun play though :)

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    2Reply
  • Patrick LiskaPro Member
    Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
    7y

    Agree with @David Krulac, you do not buy in some areas of PA to count on Appreciation, where I invest brings in some money, you make your money on tax write offs and Equity build up with your tenants paying enough to cover everything. My properties will go to my kids to sell when I pass, they can do what they want with the money, it will be somewhat tax free for them ( PA has an inheritance tax). but to retire, IDK, depending on what you want to do and your life style, PA does have a lot of choices of life styles, the town I invest in is a nice small town, like I have lived in all my life, but don't know if I would retire there.

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  • David Krulac
    OP
    Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
    7y

    @Patrick Liska  PA DOES have state inheritance tax, and it applies to PA real estate, even if owned by somebody out of state, like NJ. 

    • 0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger;
    • 4.5 percent on transfers to direct descendants and lineal heirs;
    • 12 percent on transfers to siblings; and.
    • 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.

    Your children would be subject to 4.5% tax on the value of the properties on the date of your demise. 12% to your siblings and 15 % to your nieces, nephews, uncles, aunts, etc.  

    1Reply
  • Patrick LiskaPro Member
    Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
    7y

    @David Krulac, Yeah, I am sure my wife will not want anything to do with the properties if I pass 1st, then it would be the best case scenario for them, not having to pay the tax. I am sure that my children would not be happy owing the 4.5% if it does go to them, but I am sure they will still be OK.

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  • David Krulac
    OP
    Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
    7y

    @Patrick Liska  We were involved in an estate situation where the heir was a niece and ended up paying the 15% of the total estate and there is no exception so it starts at the first $1 of inheritance.  Many states don't have either inheritance or estate tax.  Some of the states that do have inheritance/estate taxes have the same exception as the Federal tax which is $11 Million, so only affects a small number of estates.

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