This Texas city is among the most affordable for early retirement, report says

Those looking for an affordable city to call home in early retirement need look no further than Texas, according to a new report.

Personal finance company SmartAsset released its list of the most affordable cities for early retirees, and Plano nabbed the No. 5 spot, tied with Lexington, Kentucky.

The Dallas suburb is the only Texas city in the top 25.

Arizona cities dominated the list: Gilbert ranked first, followed by Chandler in second and Scottsdale in third. Boise, Idaho, ranked fourth.

To determine its list, SmartAsset analyzed 100 of the largest cities in the U.S. across several metrics including effective income tax, cost of living, taxes and crime rate.

Plano tied for the lowest effective tax rate for a retiree with an income of $50,000, at 16.33%, the report said.

Analysts also praised the city for its affordable housing — Plano ranked eighth on the list for housing costs as a percentage of income, at 20%.

Plano also ranked among the best cities for safety. It landed in the top 10 for both lowest violent crime and property crime incidents per 100,000 residents.

The city’s property tax rate, however, was among the highest of cities on the list at an average 1.71%, analysts said.

Here are the top 10 most affordable cities for early retirement, according to SmartAsset:

1. Gilbert, Arizona

2. Chandler, Arizona

3. Scottsdale, Arizona

4. Boise, Idaho

5. Plano, Texas (tie)

5. Lexington, Kentucky (tie)

7. Colorado Springs, Colorado (tie)

7. Henderson, Nevada (tie)

7. Fort Wayne, Indiana (tie)

10. Mesa, Arizona