5 US Cities Where You Can Retire on $1500 a Month

Many people believe that a decent retirement requires a substantial capital. But some US cities prove otherwise: with an income of around $1500 per month, you can enjoy an excellent quality of life. Learn about these cities. Yahoo! with a link to GoBankingRates.

Linda Ta Yonemoto, a financial wellness consultant and founder of Good For You Money, noted, "Retiring on $1500 per month per person and still enjoying all four seasons is challenging, but it's possible—you'll have to make some compromises. You'll need to choose a smaller home, split the cost with a partner or roommate, and live farther from major medical centers, hospitals, and other amenities."

But if you're willing to change your lifestyle a bit, these cities offer a smart combination of affordability and year-round activities.

On the subject: Pension in the USA: a complete guide on how to secure a decent old age in America

Mesquite, Nevada

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If you're looking for an active, outdoor lifestyle, Mesquite is an affordable retirement community. According to Apartments.com, the average rent is around $950. You can enjoy year-round golf, hiking, and exploring nearby Red Rock Canyon.

"Located just an hour from Las Vegas, Mesquite attracts retirees with its 55+ communities and active lifestyle," Yonemoto said. "Summer temperatures can exceed 40°C (104°F), spring and fall are pleasant, and winters are mild, with occasional frosts and snow. The city is home to Mesa View Hospital, and its proximity to Las Vegas provides access to more comprehensive medical services."

Toledo Ohio

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Toledo combines affordability, cultural diversity, and excellent healthcare. The average rent here is around $804, making it one of the most affordable cities for retirement living on a budget of $1500 per month.

"Retirees can enjoy snowy winters, vibrant fall weather, and warm summer days perfect for trips to Lake Erie," Yonemoto said.

According to her, "the city has cultural attractions, such as the Toledo Museum of Art. The city's Metroparks system received the 2020 National Gold Medal, the industry's most prestigious award."

Erie, PA

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If you dream of living by the water without overpaying for coastal housing, Erie is a perfect choice. Studio apartments typically rent for under $923. Situated on the shores of Lake Erie, you can enjoy sun-drenched beaches, golden autumn foliage, snowy winters, and fresh spring breezes.

"You get all four true seasons, plenty of opportunities for outdoor recreation, and a friendly community. It's proof that you can live by the water without breaking your retirement budget," argued Trevor Houston, founder of ClearPath Wealth Strategies.

Fort Wayne, Indiana

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Fort Wayne is another city with a low cost of living. A one-bedroom apartment here costs around $960, while still providing access to excellent healthcare and plenty of recreational opportunities.

"The Parkview Health and Lutheran Hospital systems serve this region, and the Rivergreenway Trail, offering scenic walking and biking routes, stretches for over 30 kilometers," Yonemoto listed the city's advantages. "Winters are snowy, summers are warm, and fall brings a vibrant color palette to the city. Seniors can participate in community programs to stay active and socially engaged."

Youngstown, Ohio

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"Youngstown is one of the cities with the lowest average rent in the country, with a studio apartment often costing under $800," Houston emphasized. "This price allows you to leave room in your budget for groceries, medical expenses, and other necessities. This region offers fall foliage, snowy winters, and a vibrant community at a very affordable price."

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