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Home                       Vol  III   Issue 31         August 17, 2008                       Previous Issues

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State College, Pennsylvania, Site of Penn State University, is Lively, Safe, Friendly and a Place Retirees are Starting to Call Home

Cost of Living:  Meets the National Average

 

 

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Active Retirement

 

 

Real Estate for Retirement

 

 

Active Adult 55+

 

 

Master Planned Communities

 

 

 

Retirees in search of a friendly, low stress, safe city might want to consider State College in rural, central Pennsylvania (population 78,000 including surrounding boroughs).   Home to Penn State University, State College is the quintessential college town with a mix of shops, theaters, restaurants, bookstores, etc. and is known as "Happy Valley," surrounded by forested rolling hills, streams and abundant wildlife.  This is a youthful place, its identity completely wrapped up in the University, but it has a lot to offer and is becoming popular with retirees, who are, in fact, the fastest growing section of the population.  Of the population, 7% is age 45 to 64, and 6% is age 65 or better.

State College Pennsylvania

 

One of the nice things about State College is that it has a cost of living that meets the national average, something not always found in college towns.    The median home price is $215,0001., and real estate comes in all shapes and sizes.   Town homes and comfortable (around 1,500 sq. ft.) ranch-style and bi-level style homes in average but well-maintained neighborhoods can be found in the high- $100,000s.   The median price of $215,000 will fetch up to 2,000 or so sq. ft., two to three bedrooms, two baths and an attached garage.  Homes in the mid- to high-$200,000s, where inventory does seem to open up, have 2,000 to 3,000 sq. ft., three to four bedrooms, two to three baths and an attached garage.  In this price bracket, lots are larger and neighborhoods are a little more manicured.

This being a college community, there are lots of apartments; most are geared toward students, and the vacancy rate is low, driving up rental prices  Rents generally range from $400 a month (not recommended) for a one bedroom to $1,600 a month for a two bedroom (although we found apartments for $3,600 a month, too).  To stay out of student-dominated apartment complexes, it is probably best to stick to the higher end of the scale.

State College property taxes work out to roughly 1% of a home's fair market value.  The annual taxes on a $215,000 home would be about $2,100.  Rebates of paid property tax or rent, up to a maximum of $650 per year, are available.  To qualify, annual household eligibility income must not exceed $35,000.  The local sales tax is 6%.  State income tax is 3%.

 

State College, Pennsylvania


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Early settlers in this region included the English, Germans, Mennonites, French Huguenots and Scotch-Irish Presbyterians.  Today most of them have been replaced by college students, as much of life in State College revolves around Penn State University, one of the largest public universities in the county.  The campus, called University Park, is in the middle of town, covers nearly 5,500 acres and is the epicenter for 40,000 graduate and undergraduate students, 3,000 faculty and 13,000 other staff.  The University is part of the Big 10 Conference for most sports and has a highly successful athletic department.  Nittany Lion (the name of Penn State's teams) football games, in particular, are big business and a fun way to spend autumn Saturday afternoons.

But Penn State and State College are not just about athletics.   The Bryce Jordan Center presents everything from concerts to rodeo competitions.   The Center for the Performing Arts is the site of ballets and recitals.  The Palmer Museum of Art has revolving and permanent exhibits.  The Eisenhower Theater and the Schwab Auditorium bring in string quartets, jazz ensembles and solo artists from across the country, and the Central Pennsylvania Festival of the Arts attracts thousands of visitors in July each year.  There are lots of fun restaurants, shops, cafes and bookstores to explore.  In short, this is a lively spot and for a city its size, it has an active cultural scene, offering something for just about everyone.   It also has the Nittany Mall, home to more than 68 stores and restaurants.  

State College, Pennsylvania, Continued...

1. Moneycnn.com and Yahoo.com, 2008


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