This Washington city was named 'best place to retire' in America — and it just received a massive $48,000,000 investment. Is it time to make a move?

Why Spokane is the ‘best place to retire’

Forbes named Spokane one of the best places to retire in 2024 for the third year in a row.

For one, the median home price is 3% less than the national median at $386,000. Since housing can be a large chunk of anyone’s budget, lower housing prices could signal more affordability in an area.

While there isn’t a state income tax, Washington does have a state estate tax and an “excise” tax of 7% for any investment gains over $250,000. Still, you may be able to pay less to Uncle Sam compared to other states.

The city, just east of Seattle, also has good air quality and a pretty high ratio of primary care physicians per capital.

Those who love the outdoors may also like that Spokane is a fairly walkable and bikeable city. There’s ample opportunity for visitors and locals alike to explore fly fishing, skiing, birdwatching and various winter sports, too.

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What does the $48 million grant mean for the area?

Spokane can use the grant funds to scale their operations and produce critical technologies. The funds will also help to establish a hub to create and test advanced thermoplastic materials.

The creation of this hub and scaling of production means that there will be additional jobs created in the aerospace manufacturing and related industries.

Close to 50 organizations in the Spokane area also worked together on the tech hub, including Gonzaga University.

Not only will there be new jobs in the short-term, the hub will also help create new career opportunities in related areas for future generations. It plans on partnering with educational institutions like Community Colleges of Spokane, Machinists Institute and North Idaho College to develop programs in advanced manufacturing.

All this to say, the ripple effect of this $48 million grant will be seen in the next few years and beyond. While time will tell, it could mean more real estate development to meet housing needs and plenty of opportunities for workers of all industries and levels.

Additional job opportunities could affect retirees too, especially those who may want to go back to the workforce, even part-time. Increased funding to the area can indirectly impact community programs and other types of infrastructure, having a positive impact on a retiree’s well-being.

However, the additional job opportunities could make the city even more popular. If there isn’t enough infrastructure or a sustainable way to scale it, Spokane could experience some growing pains. Residential areas, for example, could become more crowded.

Housing prices could go up, making it less affordable for those at a lower income level. Currently, not even 15% of employed residents say they can afford to purchase a home, according to the The New York Times. If housing prices increase, so could property taxes, which could put a strain on a retiree’s fixed income.

The city’s mayor, Lisa Brown, is working on making progress with plans to increase the amount of affordable housing. These include single family homes, multi-unit properties and new construction homes. Many are also calling for other solutions like zoning changes in order to build more homes on parcels, or even subdividing homes into separate units.

Right now, 81% of the land in Spokane is occupied, with 10% sitting vacant. With around 23,000 people anticipated to move to Spokane in the next two decades, ideally the city will be able to accommodate new and existing residents.