The 15 most affordable cities for retirement

Retirement on a budget, unfortunately, the norm. A recent GOBankingRates study found that about 42% of Americans have less than $ 10,000 saved for retirement. However, small savings can stretch for a long time, if you live in inexpensive cities.

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To determine the cheapest places to retire, GOBankingRates analyzed and rated the 100 largest U.S. cities based on the annual retirement income needed to cover basic expenses, including housing, health care, food, transportation and utilities. The city also evaluated on the basis of their suitability for life. The ranking only considered cities where the percentage of older persons was 9.5% or higher. Here are the 15 cities where you don’t need to be a millionaire in order to live with dignity in retirement, and the full list can be found here.

15. Milwaukee

  • Total annual expenses: $44 588
  • Senior citizens: 10%
  • Assessment of suitability: 58

Retirees who are unconcerned about the cold winters will be rewarded with affordable cost of living and facilities in the largest city of Wisconsin. The cost of living in Milwaukee is 10% lower than the national average, making it one of the cheapest places to retire. It is also an affordable place to buy a house — the average price is 122 $ 200, which is the seventh largest of all the places included in this study.

14. Columbus, Ohio

  • Total annual expenses: $44 588
  • Senior citizens: 10%
  • Assessment of suitability: 76

If you live in Ohio, think about how to move to Columbus. The city offers retirees affordable cost of living, which is 10% lower than the national average. It is also one of the cities with the highest ranking in the list from the point of view of fitness for life, with high ratings for its local amenities and affordable housing.

13. Mobile, Al

  • Total annual cost: $43 597
  • Elderly people: 15,5%
  • Assessment of suitability: 64

Located on the Gulf coast in Alabama, mobile is a cheap place for retirement, which, besides, near the beach. Sixth least expensive housing among all the places in the list: average home value is 120 $ 400. It is also the place with the third largest percentage of elderly people.

12. St. Louis

  • Total annual cost: $43 597
  • Elderly people: 12,1%
  • Assessment of suitability: 58

For a city of its size St. Louis offers an affordable cost of living, which is 12% lower than the national average. The fifth most affordable housing with an average home price of $120,000. Pensioners will have more money to enjoy the attractions of the city — including Opera, Symphony, museums, theatres and sports teams of the higher League.

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11. Indianapolis

  • Total annual cost: $43 597
  • Elderly people: 11,5%
  • Assessment of suitability: 69

The largest city and capital of Indiana is one of the cities where your income will last a long time. The cost of living is 12% lower than the national average. In the Indianapolis the fourth-largest annual expenditure on utilities and expenditures on food are lower than in more than half of the cheapest places to retire.

10. Winston-Salem, North Carolina

  • Total annual cost: $43 102
  • Elderly residents: 13.7% of
  • Viability assessment: 65

Winston-Salem is one of the best places to retire on a budget, because living wage here is 13% below the national average. The city occupies the second place in terms of annual transport costs among the cities in the list, and seniors are not always easy, however, Winston-Salem — in ninth place in the percentage of elderly people compared to other places in the study.

9. El Paso, TX

  • Total annual cost: $43 102
  • Elderly people: 12,2%
  • Viability assessment: 79

This city on the border of the United States and Mexico is one of the cheapest places to live in the United States, which makes it a good place for a budget retirement. Expenditure on food, health and communal services is particularly low. And the median price of a house occupies the 10th place among all places in this study — 129 $ 100.

8. Wichita, Kansas

  • Total annual cost: $42 606
  • Elderly people: 13,1%
  • Viability assessment: 62

Housing costs in Wichita is ninth in the study. Due to affordable homes and relatively low expenditures on food, health and transport, Wichita became one of the best cities for retirement.

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7. Lubbock, Texas

  • Total annual expenses: $42 111
  • Elderly people: 11,5%
  • Assessment of suitability: 76

The cost of living in this town in Northwest Texas about 15% lower than the national average. Among the cheapest places to retire, Lubbock ranks eighth on the minimum annual utility costs — 3 $ 358, and yet here the cheapest food. Since 1970, in Lubbock there is a significant growth of income per capita, and now he is one of the cities that significantly increased the level of well-being.

6. Memphis, Tn

  • Total annual expenses: $41 615
  • Elderly people: 11,8%
  • Viability assessment: 65

The cost of living in this city is 16% lower than the national average. In Memphis, one of the lowest annual costs of utilities and housing. Also, there are third in the ranking of the least expensive homes with an average cost of $80 900.

5. Greensboro, North Carolina

  • Total annual expenses: $41 120
  • Elderly people: 13.3 percent
  • Assessment of suitability: 69

This town in Central North Carolina is more affordable alternative to other cities in the state in this list is Charlotte, Daremo and Winston Salema. In Greensboro the most affordable products and health of all the places included in the study.

4. Fort Wayne, Indiana

  • Total annual expenses: $41 120
  • Elderly people: 13.4 percent
  • Evaluation of survivability: 75

Low cost of living in Fort Wayne is one of the best cities for retirement. In this city in northeast Indiana living wage by about 17% below the national average. In addition, he ranks fifth at the cheapest utility services among the most affordable places for retirement.

3. Buffalo, New York

  • Total annual cost: $40 624
  • Elderly people: 12,2%
  • The assessment of quality of life: 63

The cost of living in Buffalo is 18% lower than the national average. Health care costs are particularly low — in eighth place in the nation and fourth in the most competitive housing prices with the average price of a house in 86 000 dollars. But not everyone will enjoy cold and snowy winter in this city.

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2. Toledo, Oh

  • Total annual cost: $38 643
  • Elderly residents: 13.7% of
  • Viability assessment: 62

Seniors who want to buy a new home to spend your Golden years, you can go to Toledo. With an average home value of 69 $ 100 and took second place on this indicator among all in the list. It is also a city with the eighth largest percentage of elderly people, which is good news for those who want to retire surrounded by their peers.

1. Cleveland

  • Total annual cost: $38 147
  • Elderly people: 13.3 percent
  • The assessment of quality of life: 61

Cleveland — the cheapest place to retire, with the cheapest houses — the average house cost is 55 $ 300, and the lowest cost of living. Here, the second availability the annual amount of healthcare costs and the lowest annual amount of housing costs among all cities in the list. If savings on pension costs is a priority for you, Cleveland tops the list of best places for retirement in the United States.