This Is the Best Low-Budget Place to Retire in the U.S., a New Study Finds
Turns out, retirement is a somewhat achievable dream in some U.S. cities, with one in particular being particularly affordable.
GOBankingRates recently published a study revealing the 15 best cities to retire on a low budget and found that the best low-budget place to spend your twilight years is Akron, Ohio.
To come up with their findings, the company compiled a list of American cities and gathered various data such as the cost of living, home value, and mortgage rates. These expenditures were then combined with a livability index to show the most livable addresses.
According to the research, it costs $4,345 a month on average to retire in most places in the U.S., but in Akron, a retiree only needs $2,500 a month. Having a population of just 191,481 residents, the mid-sized city is easygoing, yet has plenty of things to do. For instance, it offers Stan Hywet Hall and Gardens, the Akron Art Museum, and Cuyahoga Valley National Park. It’s also just 45 minutes away from Cleveland.
In terms of cost of living, while Akron isn’t the cheapest on the list, it is affordable. The average monthly mortgage there is $699, and average monthly necessities cost around $1,662, resulting in an average total monthly expenditure of $2,361.
And while Akron doesn’t have year-round warm weather and white-sand beaches like in Florida, it does have the distinction of being LeBron James’ hometown. So that’s pretty cool too.
Also worth noting is that there are other Ohio locations on the list, including Alliance, Steubenville, and Cleveland. For people who want to retire someplace bigger, Texas also has livable locations in Memphis, Amherst, Borger, Robstown, and Pampa.
Here’s the complete list of the 15 best low-budget places to retire in the U.S.
Memphis, Texas
- Population: 2,208
- Livability: 60
- Monthly mortgage: $421
- Monthly necessities: $1,789
- Total monthly expenditures: $2,211
Alliance, Ohio
- Population: 21,864
- Livability: 76
- Monthly mortgage: $864
- Monthly necessities: $1,624
- Total monthly expenditures: $2,488
Altoona, Pennsylvania
- Population: 44,114
- Livability: 76
- Monthly mortgage: $786
- Monthly necessities: $1,702
- Total monthly expenditures: $2,488
Steubenville, Ohio
- Population: 18,122
- Livability: 76
- Monthly mortgage: $754
- Monthly necessities: $1,733
- Total monthly expenditures: $2,487
Riverview, Missouri
- Population: 3,092
- Livability: 59
- Monthly mortgage: $375
- Monthly necessities: $1,806
- Total monthly expenditures: $2,181
Amherst, Texas
- Population: 1,099
- Livability: 61
- Monthly mortgage: $471
- Monthly necessities: $1,734
- Total monthly expenditures: $2,205
Freeport, Illinois
- Population: 24,087
- Livability: 72
- Monthly mortgage: $631
- Monthly necessities: $1,764
- Total monthly expenditures: $2,395
Cleveland, Ohio
- Population: 374,861
- Livability: 70
- Monthly mortgage: $622
- Monthly necessities: $1,690
- Total monthly expenditures: $2,312
New Castle, Pennsylvania
- Population: 21,992
- Livability: 78
- Monthly mortgage: $780
- Monthly necessities: $1,656
- Total monthly expenditures: $2,436
Jackson, Mississippi
- Population: 156,803
- Livability: 63
- Monthly mortgage: $401
- Monthly necessities: $1,758
- Total monthly expenditures: $2,159
Borger, Texas
- Population: 12,612
- Livability: 73
- Monthly mortgage: $526
- Monthly necessities: $1,751
- Total monthly expenditures: $2,276
Johnstown, Pennsylvania
- Population: 18,647
- Livability: 78
- Monthly mortgage: $573
- Monthly necessities: $1,778
- Total monthly expenditures: $2,351
Robstown, Texas
- Population: 10,372
- Livability: 78
- Monthly mortgage: $553
- Monthly necessities: $1,791
- Total monthly expenditures: $2,344
Pampa, Texas
- Population: 16,817
- Livability: 76
- Monthly mortgage: $528
- Monthly necessities: $1,762
- Total monthly expenditures: $2,291
Akron, Ohio
- Population: 191,483
- Livability: 81
- Monthly mortgage: $699
- Monthly necessities: $1,662
- Total monthly expenditures: $2,361