You plan to retire in the not too distant future, which means you will be living on a steady income. Hence, you are looking for a new hometown where you can enjoy life while making the most of your money.
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In the US, the average monthly expenses for people over the age of 65 – i.e. rent, groceries, healthcare costs – are $1,982.25, according to a study by GOBankingRates. You know your budget can’t break the $2,000 a month mark, so you want to make a strategic move.
Fortunately, there are many options to choose from across the country. Whether you’re hoping to move to a warmer-weather city, want to be closer to family, or want a close-knit community with lots to do — now that you have more free time — we’ve found a place to meet you can your needs.
Are you ready to look for a new place to enjoy your golden years? Read on to discover 10 cities where you can retire on $2,000 a month.
10. North Royalton, Ohio
This Ohio city boasts the highest quality of life on this list, but that comes at a price. A one-bedroom apartment averages $944.71 per month, and monthly healthcare costs average $355.49.
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9. San Angelo, Texas
A one-bedroom apartment in this Texas city averages about $847.14 per month. Grocery expenses are $380.53 per month.
8. Longview, Texas
15% of Longview residents are aged 65 and over, making it a great city for retirees to settle down and make friends. The average rent for a one-bedroom apartment is $893.57 per month.
7. Florissant, Missouri
The average rent for a one bedroom apartment in this Missouri city is $900.86. Monthly healthcare costs are around $394.75.
6. Des Moines, Iowa
Groceries cost an average of $395.36 per month in Des Moines. A one-bedroom apartment averages about $771 per month — the lowest price on this list.
5. Parma Heights, Ohio
Social butterflies won’t find life in Parma Heights challenging as 20% of the population is 65 years and older. And grocery costs are on the low end, averaging $398.65 per month.
4. Baytown, Texas
With only 12% of the population aged over 65, retirees may have difficulty finding social communities. Rent here is about $857.43 per month, the second highest on the list.
3. Abilene, Texas
If you live in Abilene, you’ll enjoy the cheapest one bedroom rental on the list averaging $776.86 per month. On the other hand, healthcare costs are high, averaging $446.95 per month.
2. Fargo, North Dakota
Rent in Fargo is one of the three cheapest on the list, averaging about $808.71 per month. However, monthly grocery costs are on the higher side, averaging $409.77.
1. Fort Wayne, Indiana
With a monthly average of $376.42, groceries in Fort Wayne are the cheapest on the list. Additionally, healthcare costs in the city are the lowest on this list, averaging $343.84.
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Methodology: To find the best cities to retire with a monthly budget of $2.00 or less, GOBankingRates first used ApartmentList data to determine (1) average rents for 2022. GOBankingRates then used Sperling’s Best to determine the cost of living index for each selected city, looking at (2) food and (3) health index scores. Next, GOBankingRates used data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey to determine the annual amount spent on both groceries (‘eating at home’) and healthcare costs for people aged 65 and older to determine how much a Person aged 65 and over would spend monthly on food and health care expenses in each city. GOBankingRates then combined monthly housing, food and healthcare costs to find out which cities a person aged 65 and older could survive on $2,000 or less. For a city to qualify for the study, 10% or more of its population had to be over the age of 65, according to the Census Bureau’s 2020 American Community Survey (4); and (5) must have a habitability rating of 75 or higher as obtained from AreaVibes. All data was collected on August 23, 2022 and is current.
This article originally appeared on GOBankingRates.com: The Best Cities To Retire on $2,000 a Month