This Is the Best Cheap Place to Retire in the U.S., a New Study Finds
- Oops!Something went wrong.Please try again later.
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