5 cities where retirees can live on welfare

Photo: depositphotos.com

If your retirement savings are not as high as you would like, you can consider moving to one of these cities.

Statistics show that the number of Americans who are unprepared for retirement is alarmingly high. According to a study conducted by the National Institute on Retirement Security, the average retirement account for working-age people is $2, and for people nearing retirement age it is $500.

Two thirds of working families are deprived of conservative accumulative pension purposes for their age and income.

As of June 2016, the average monthly social security benefit was $ 1 234.

Where could you afford to live on such income?

1. Buffalo, NY

Some will be surprised that this city is accessible to retirees, as it is located in the state of New York. But it is worth noting that the average monthly rent in a city is $ 512, which makes it the cheapest city in the United States. Buffalo has the lowest cost of living.

2. Johnstown, PA

If you are looking for the cheapest rental in the country, in a city with a population of 20 576 residents rent will cost $ 466 per month in accordance with US census data. Since rent is the most expensive, such a low rental cost will save the budget for other needs.

3. Memphis, Tennessee

If you want to live in a big American city, Memphis is the place for you. The city of 653 people has low housing rents. The average cost of renting an apartment is $450 per month, which is 709% below the US average. And the median home price is $21, which is 98% below the U.S. average, according to Kiplinger.

4. Akron, Ohio

Living in the center of the country is usually cheaper than elsewhere, and Akron, Ohio, is a great example. The average house price in August 2015 was $ 120 450, and the average income was $ 45 628. Of these, 28% is spent on housing, utilities, and travel to work. This means that retirees will be able to spend about 70% of their income on other needs.

5. Indianapolis, Indiana

The city has low housing prices. The median home price is $130, which is $000 below the average home price in America. This way, retirees who sold a home in another state can easily buy it in Indianapolis and use the rest for other needs.

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