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15 most affordable cities in the US for retirement

Retirement with a limited budget is, unfortunately, the norm. Recent study GOBankingRates found that about 42% of Americans have less than $ 10 saved by retirement age. Nevertheless, small savings can be extended for a long time if you live in low-cost cities.

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To determine the cheapest places to retire, GOBankingRates analyzed and ranked the top 100 cities in the United States based on the annual retirement income needed to cover basic expenses including housing, healthcare, food, transportation, and utilities. Cities were also assessed on the basis of their livability. The rating considered only those in which the percentage of elderly people was at least 9,5%. Here are 15 cities where you don't need to be a millionaire to live in dignity in retirement, and you will find a complete list. here.

15. Milwaukee

  • Total annual expense: $ 44
  • Senior Citizens: 10%
  • Fitness Rating: 58

Retirees who are comfortable with cold winters will be rewarded with affordable living costs and amenities in Wisconsin's largest city. The cost of living in Milwaukee is 10% lower than the national average, making it one of the cheapest places to retire. It is an affordable place to buy a home with an average cost of $ 122, which is the seventh largest of all places included in this study.

14. Columbus, Ohio

  • Total annual expense: $ 44
  • Senior Citizens: 10%
  • Fitness Rating: 76

If you live in Ohio, consider moving to Columbus. The city offers retirees an affordable cost of living that is 10% lower than the national average. It is one of the top-rated cities on the list in terms of livability, with high marks for its local amenities and affordable housing.

13. Mobile, Alabama

  • Total annual expenses: $ 43 597
  • Senior Citizens: 15,5%
  • Fitness Rating: 64

Located on the Gulf Coast of Alabama, Mobile is a cheap retirement destination that sits close to the beach. The sixth least expensive home of all places on the list: The median home price is $ 120. This is the place with the third largest percentage of seniors.

12. St. Louis

  • Total annual expenses: $ 43 597
  • Senior Citizens: 12,1%
  • Fitness Rating: 58

For a city of this size, St. Louis offers an affordable cost of living that's 12% lower than the national average. The fifth most affordable housing, with an average home value of $ 120. Retirees will have more money to enjoy the city's attractions, including opera, symphonic music, museums, theaters and major league sports teams.

On the subject: 'Financial Independence' Movement: How to Save 70% of Salary and Retire in 30 Years

11. Indianapolis

  • Total annual expenses: $ 43 597
  • Senior Citizens: 11,5%
  • Fitness Rating: 69

The largest metropolis and the capital of Indiana is one of the cities where your income will last for a long time. The cost of living is 12% lower than the national average. Indianapolis has the fourth highest annual utility bill and food costs are lower than more than half of the cheapest retirement destinations.

10. Winston-Salem, North Carolina

  • Total annual expenses: $ 43 102
  • Senior Citizens: 13,7%
  • Vitality Rating: 65

Winston Salem is one of the best places to retire on a budget, as the cost of living is 13% below the national average. The metropolis ranks second in terms of annual transportation costs among the cities on the list. While it is not always easy for retirees here, Winston-Salem is in ninth place in terms of the percentage of seniors when compared to other cities in the study.

9. El Paso, TX

  • Total annual expenses: $ 43 102
  • Senior Citizens: 12,2%
  • Vitality Rating: 79

This city on the US-Mexico border is one of the cheapest to live in the US, making it a good place to live on a budget in retirement. Food, health and utilities costs are particularly low here. And the median home value ranks 10th among all in this study at $ 129.

8. Wichita, KS

  • Total annual expenses: $ 42 606
  • Senior Citizens: 13,1%
  • Vitality Rating: 62

Housing spending in Wichita is ranked ninth in the study. With inexpensive homes and relatively low food, healthcare and transportation costs, Wichita ranks among the top cities to retire.

7. Lubbock, TX

  • Total annual expense: $ 42
  • Senior Citizens: 11,5%
  • Fitness Rating: 76

The cost of living in this northwest Texas city is about 15% lower than the national average. Among the cheapest places to retire, Lubbock has the eighth lowest annual utility bill at $ 3 and has the cheapest food. Since 358, Lubbock has seen significant growth in per capita income and is now one of the cities that has made tangible improvements in wealth.

On the subject: 5 states where you can comfortably live with small retirement savings

6. Memphis, Tennessee

  • Total annual expense: $ 41
  • Senior Citizens: 11,8%
  • Vitality Rating: 65

The cost of living in this city is 16% lower than the national average. Memphis also has the lowest annual utility and housing costs. He holds the third place in the ranking of the least expensive homes with an average value of $ 80.

5. Greensboro, North Carolina

  • Total annual expense: $ 41
  • Senior Citizens: 13,3%
  • Fitness Rating: 69

This city in central North Carolina is a more affordable alternative to the other cities in the state on this list - Charlotte, Durham, and Winston-Salem. Greensboro has the most affordable groceries and health care of all the locations surveyed.

4. Fort Wayne, Indiana

  • Total annual expense: $ 41
  • Senior Citizens: 13,4%
  • Vitality Rating: 75

Fort Wayne's low cost of living makes it one of the best cities to retire. Here the cost of living is about 17% below the national average. It also ranks as the fifth cheapest utility among the most affordable retirement locations.

3. Buffalo, New York

  • Total annual expenses: $ 40 624
  • Senior Citizens: 12,2%
  • Life quality rating: 63

The cost of living in Buffalo is 18% lower than the national average. Health care costs are particularly low here, with the city in eighth place in the country and fourth in the lowest home prices, with an average home value of $ 86. But not everyone will enjoy the cold and snowy winter in this city.

2. Toledo Ohio

  • Total annual expenses: $ 38 643
  • Senior Citizens: 13,7%
  • Vitality Rating: 62

Retirees looking to buy a new home to spend their golden years there can head to Toledo. With an average home value of $ 69, the city ranks second for this indicator of all on the list. It is the city with the eighth largest percentage of seniors, which is good news for those who want to be surrounded by their peers after retirement.

1. Cleveland

  • Total annual expenses: $ 38 147
  • Senior Citizens: 13,3%
  • Life quality rating: 61

Cleveland is the cheapest place to retire, with the cheapest homes (average $ 55) and the lowest cost of living. It has the second most affordable annual health care costs and the lowest annual housing costs of any city on the list. If saving on retirement expenses is your priority, Cleveland tops the list of the best places to retire in the United States.

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