This Ohio Town Could Be the Savings Haven Your Wallet Needs in Retirement

Located along the western edge of Lake Erie in Ohio, Toledo is a vibrant city where retirees can enjoy a balance of urban benefits and affordable living. The largest city in Lucas County—home to nearly 430,000 people—is also big enough to offer modern conveniences but small enough to maintain a down-to-earth atmosphere.

Known as the Glass City for its glass manufacturing roots, Toledo offers much more than you might expect. From its nationally recognized art museum and historic neighborhoods to a thriving Metroparks system and seasonal festivals, the city also delivers a unique blend of culture, nature, and community. Let’s explore what makes it a top-ranked place to retire.

Cost of Living in Toledo, Ohio

With many retirees looking to stretch a fixed income, affordability is typically one of the highest priorities when choosing a retirement destination. Toledo has a relatively low cost of living, making it an attractive choice. Retired residents can often maintain an enjoyable lifestyle without financial strain.

According to the most recent data, the median household income in Lucas County is $60,095, more than 25% lower than the national median of $80,610. Monthly costs are proportionately lower, too, including two of the most significant expenses for the average retired household: housing and food.

The median home value is just $155,200, a full $264,000 cheaper than the national median of $419,200. Through a recurring expenses lens, that translates to median monthly housing costs of $953 in Lucas County versus $1,338 for the typical American.

Similarly, a local two-person household’s average monthly food bill is just $600. That’s $232 below the national average of $832, which works out to a discount of roughly 28%. Despite the low costs, Toledo has a vibrant culinary scene, offering everything from local farm-to-table spots to international restaurants that reflect the city’s cultural diversity.

Health Care and Accessibility

Since retirees often need more regular medical services than younger individuals, easy access to health care is another marker of an attractive retirement destination. That’s another area where Toledo stands out, providing a rare combination of plentiful medical establishments, affordable transportation, and proximity to a major airport.

There are a whopping 887 health care facilities in Lucas County, including 81 different hospitals. Since the county only has 339.7 square miles of land area, that works out to roughly 2.6 healthcare establishments per square mile, ensuring that retirees never need to travel too far for medical assistance.

Getting around the area is also relatively inexpensive. Despite being a major metropolitan area, typical monthly transportation costs in Lucas County are $1,132, within $50 of the national average of $1,098. There are plenty of transit options, including the Toledo Area Regional Transit Authority (TARTA), a curb-to-curb Call-a-Ride service, and a healthy Uber and Lyft presence.

Lifestyle and Recreational Activities

Practical concerns like affordability and access to health care are critical when choosing a retirement destination, but they shouldn’t be the only factors you consider. It’s just as important to pick somewhere you can enjoy your day-to-day life. Whatever you like to do for fun, Toledo has a lot to offer, including a healthy mix of indoor and outdoor opportunities for entertainment and social connection.

For those with creative sensibilities, the city is home to 170 art establishments, including the Toledo Museum of Art, which offers a collection of world-class exhibitions and free general admission. History buffs can also explore the neighboring Glass Studio to explore the city’s rich legacy of glassmaking or walk through the historic Old West End.

If you prefer outdoor adventures, the Maumee River flows through the city from Lake Erie, which borders Toledo’s northeastern edge. Combined with the Metroparks Toledo system—boasting 19 different parks—there are ample opportunities for activities like hiking, camping, boating, and birding.

Whatever you’re interested in, Toledo also offers plenty of chances to connect with the community through its many public events. The beloved Toledo Farmers’ Market runs every Saturday year-round, featuring local cultivators and craftspeople. Yearly festivals, like the award-winning Black Swamp Arts Festival—Ohio’s largest free live music festival—bring even more people together and showcase the area’s spirit.

The Bottom Line

Toledo, Ohio, is an attractive retirement destination for those who want to retain the benefits of an urban lifestyle without sacrificing affordability. Its proximity to Lake Erie means there’s no shortage of natural beauty or outdoor adventure, while frequent local events foster socialization and a strong sense of community. All these factors combined make Toledo a compelling, well-rounded place to enjoy your golden years.