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The ultimate downtown retirement may be found in Manhattan, San
Francisco or London, but high real estate and living costs exclude
these locations for most retirees. Instead, many smaller
cities can provide excellent downtown retirements. In this
issue, we profile two such cities, each offering excellent
opportunities for a vibrant, in-the-city retirement.
These destinations have inner cores that have been or are being
revitalized with new businesses and shopping venues; they are
great spots for any newly minted retiree who is not ready to spend
his or her days in a homogenous planned retirement community.
Providence, Rhode Island (Above U.S. Average Cost-of-Living)
Not long ago, Providence (population 178,000 with roughly
10,000 in the downtown area) was a place not many people wanted to
live. The economy was failing, and parts of the city
typified the term "urban blight." Today,
though, thanks to some
progressive, even visionary, civic leaders, Providence is a city
transformed and is referred to as the "Renaissance City."
It is growing and often
cited as one of the best places to live in the country; the downtown has undergone an amazing
and exciting revitalization in the last few
years.
Providence is nearly 400 years old and has had a turbulent
history, but many of its historical buildings are intact; a stroll
downtown takes one back to the 18th and 19th centuries and is
reminiscent of downtown Boston. The city is compact, and getting
about is easy; the overall terrain is generally flat with a few
hills. RIPTA is the local bus service for those who prefer
riding to walking.
The two
rivers that run through this urban center had once been paved over but
today are flowing as they should, creating a delightful pedestrian
waterfront
with bridges, strolling musicians and gondolas. An
arts district (called DownCity), two hospitals (eight in the city)
and several colleges, one of which is the Ivy League's Brown
University, are also located downtown. A highway,
I-195, that runs through the city is being moved, opening up
nearly forty urban acres where further historic preservation and
new construction are occurring.
Downtown Providence offers retirees plenty to do. Gallery Nights (an evening bus tour of thirty
galleries and museums), Waterfire (featuring bonfires on the
surface of the downtown rivers and lots of music) and the
Providence Craft Show each October are just a few
highlights. Providence Place Mall is
the major shopping venue downtown, and grocery stores are also
sprinkled around. The renowned Rhode Island School of
Design is nearby and adds a creative feel to the
neighborhood. Providence Library, Opera Providence and the
Rhode Island Philharmonic Orchestra all make their home downtown,
and college sports enthusiasts will enjoy Brown's basketball,
soccer and ice hockey games. At least four farmers' markets
take place in season.
Residences are primarily comprised of large (2,500 to 3,500
square feet) historic single-family homes (many dating from the
mid-1800s) and condominiums in reconverted warehouses, as well as
some newer construction. Prices are on the high side; nicer one to
two bedroom condos start in the mid-$200,000s and reach the
$600,000s. Single-family homes start in the mid-$300,000s
and reach $2 million and higher. The median home price looks
to be around $300,000, above the national average. For
foreclosures in the downtown area, click
here and use zip codes 02903 and 02906 (advertisement). High-rise apartments are also available and lease for
around $1,000 per month for a studio, $1,200 - $1,400 per month
for a one bedroom unit and $1,600 per month and up for two bedroom
units.
Next Downtown
Destination: Oklahoma City, Oklahoma
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