On a Monthly Budget of $1,500, Which Cities Are the Best Places to Retire?

It’s not easy to find money to save and invest in your budget. In fact, according to a recent survey, 40% of Americans had less than $300 in savings.

As a result, many Americans are facing a retirement where their only source of income will be a monthly Social Security payment.

Even if you live on a fixed income, you don’t have to forego a happy retirement. If you look in the correct places, you could find that you can stretch your budget even further and enjoy your senior years.

To assist you in your search, a study revealed American locations where you may retire on a $1,500 monthly budget.

The study used Sperling’s Best Places’ cost-of-living index and Bureau of Labor Statistics customer expenditure data to determine the average cost of living in a given city.

The apartment list was also used to determine the average rent for a one-bedroom apartment in each city.

Only the places with the best mix of costs under $1,500 and good livability for seniors remained after eliminating those that fell below a particular livability score on AreaVibes or had a below-average portion of the population over 65.

Take a look at which American communities allow you to retire even if you aren’t wealthy.

Michigan’s capital, Lansing

$1,485.48 in total monthly expenses

65 points for livability

Lansing, Michigan’s state capital, has the highest average monthly rent among the cities on the list at $701. However, with an average monthly grocery expenditure of $308.45, it is the second-lowest of the cities listed.

On a Monthly Budget of $1,500, Which Cities Are the Best Places to Retire?

Oklahoma City, Oklahoma

$1,483.75 in total monthly expenses

66 points for livability

Retirees in Lawton should expect to spend a lot of money on healthcare. The average monthly cost of $660.52 is greater than the affordable rent of $519.

With an average monthly food expenditure of $304.73, the city of around 93,000 inhabitants has the lowest grocery costs in the research.

Louisiana’s Lake Charles

$1,446.59 in total monthly expenses

69 points for livability

Lake Charles, located on Interstate 10 between Houston and New Orleans, has lots to offer retirees, from museums to water activities to wildlife encounters.

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It’s one of three cities on the list with an average monthly rent under $600 but healthcare expenditures exceeding $500.

Minnesota’s St. Cloud

$1,404.64 in total monthly expenses

68 points for livability

The cheapest monthly healthcare costs are in St. Cloud, about one hour northwest of Minneapolis, with an average of $444.71. The grocery bill, at $328.43, is the most expensive.

Indiana’s Fort Wayne

$1,397.29 in total monthly expenses

The score for livability: is 80

Fort Wayne would be a fantastic area for retirees to make friends and would be affordable. People aged 65 and up an account for 14% of the city’s population.

The average monthly rent is $634, yet the average monthly healthcare expense is $453.83, which is the second-lowest rate in the survey.

Texas’s Odessa

$1,385.63 in total monthly expenses

67 points for livability

Oil rigs, Friday night high school football, and a working re-creation of William Shakespeare’s Globe Theatre are all attractions in Odessa, Texas.

With the lowest average monthly rent on the list, $487, retirees should be able to afford a few dollars for football or theatre tickets.