Story at a glance
- GOBankingRates reviewed multiple U.S. cities based on their population and costs of living to find the 15 best for those looking to retire on a budget of $2,500 a month.
- Akron, Ohio, ranked as the best place to retire, the analysis found.
- With other estimated costs like health care and groceries added in, a retiree would pay on average $2,361 per month to live there.
(WJW) — If you’re looking to retire, and do so on a budget, it may be hard to know where to live to get the most bang for your buck.
A new analysis by the personal finance site GOBankingRates suggests a northeastern Ohio city may be just the place for you.
GOBankingRates reviewed multiple U.S. cities based on their population and costs of living to find the 15 best for those looking to retire on a budget of $2,500 a month.
It was Akron, Ohio, that ranked as the best place to retire, the analysis found.
“No, it doesn’t have the warm climes and white-sand beaches of Florida, but it does have an average monthly mortgage of just $699,” reads an article from Travel + Leisure, published Monday.
With other estimated costs like health care and groceries added in, a retiree would pay on average $2,361 per month to live there, according to GOBankingRates. It wasn’t the least expensive city on the list, but it had a high livability score (based on the area’s amenities, commute, cost of living, crime, employment, health, safety, schools, housing, and reviews).
The most affordable city on the list was Jackson, Mississippi.
Texas, Ohio, and Pennsylvania make up most of the list with a few other Midwestern and Southern cities also being featured.
Here are the 15 best cities to retire in on a budget, based on GOBankingRates’ analysis:
- Akron, Ohio
- Pampa, Texas
- Robstown, Texas
- Johnstown, Pennsylvania
- Borger, Texas
- Jackson, Mississippi
- New Castle, Pennsylvania
- Cleveland, Ohio
- Freeport, Illinois
- Amherst, Texas
- Riverview, Missouri
- Steubenville, Ohio
- Altoona, Pennsylvania
- Alliance, Ohio
- Memphis, Texas
You can view GOBankingRates’ full report here.
A recent report found that those between the ages of 65 and 74 have the highest average net worth of any age group in the U.S. Between 2019 and 2022, the Federal Reserve reports the average net worth for U.S. households was about $1.06 million. For those between the ages of 65 and 74, the average net worth was almost $1.8 million.
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