Don’t think you can’t begin your retirement unless you have $1 million or more in savings. A new GOBankingRates study reveals there are 50 places across the United States where retirees can comfortably retire with $500,000 in savings and enjoy an excellent quality of life.
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GOBankingRates was able to determine the 50 “best” places by sourcing each city’s livability score and selecting cities with at least 1,000 residents ages 65 and older. We analyzed the Social Security Administration’s Monthly Statistical Snapshot for the average Social Security income for one person and a married couple filing jointly. The annual cost of living after Social Security income was calculated using the average Social Security income and the total cost of living, and the 20-year cost of retirement was calculated assuming a person retires at age 65 and lives in retirement for another 20 years.
Key Findings
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Ohio swept the rankings with 12 of the top 50 cities among the best places to retire with $500,000 in savings. Canfield took first place followed by Fairlawn (#2), North Canton (#3), Middleburg Heights (#5), Chesterland (#6), Cortland (#9), Lyndhurst (#12), Seven Hills (#17), Vermilion (#26), Huron (#28), Milford (#38) and Port Clinton (#42).
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Florida came in a close second with 11 cities. These include Sebastian (#7), Cape Canaveral (#8), New Port Richey (#20), North Port (#33), Tavares (#34), Orange Park (#35), North Fort Myers (#39), Zephyrhills (#43), Hudson (#45), Dade City (#46) and Palmetto (#48).
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There are 26 Midwestern cities where Americans can retire with $500,000, the most out of any U.S. region. As mentioned, 12 are in Ohio. Of the remaining 14, five are in Illinois (Princeton, Geneseo, Crestwood, Westchester and Metropolis) and three are in Michigan (Ludington, Grand Haven and Grand Rapids).
Ranked in order from highest quality of life, keep reading to discover the best places where you can retire with $500,000 in the United States.
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1. Canfield, Ohio
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Livability score: 87 (out of 100)
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Cost of living for 20 years for a single person (with Social Security): $390,698
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Annual cost of living: $43,564
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Monthly cost of living: $3,630
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Average monthly mortgage: $1,907
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2. Fairlawn, Ohio
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Livability score: 86
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Cost of living for 20 years for a single person (with Social Security): $378,267
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Annual cost of living: $42,942
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Monthly cost of living: $3,579
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Average monthly mortgage: $1,815
3. North Canton, Ohio
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Livability score: 84
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Cost of living for 20 years for a single person (with Social Security): $307,579
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Annual cost of living: $39,408
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Monthly cost of living: $3,284
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Average monthly mortgage: $1,591
4. Glendale, Wisconsin
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Livability score: 84
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Cost of living for 20 years for a single person (with Social Security): $415,966
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Annual cost of living: $44,827
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Monthly cost of living: $3,736
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Average monthly mortgage: $1,938
5. Middleburg Heights, Ohio
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Livability score: 84
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Cost of living for 20 years for a single person (with Social Security): $443,160
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Annual cost of living: $46,187
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Monthly cost of living: $3,849
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Average monthly mortgage: $1,997
6. Chesterland, Ohio
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Livability score: 83
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Cost of living for 20 years for a single person (with Social Security): $319,870
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Annual cost of living: $40,022
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Monthly cost of living: $3,335
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Average monthly mortgage: $1,615
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7. Sebastian, Florida
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Livability score: 83
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Cost of living for 20 years for a single person (with Social Security): $451,856
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Annual cost of living: $46,621
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Monthly cost of living: $3,885
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Average monthly mortgage: $2,086
8. Cape Canaveral, Florida
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Livability score: 83
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Cost of living for 20 years for a single person (with Social Security): $484,064
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Annual cost of living: $48,232
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Monthly cost of living: $4,019
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Average monthly mortgage: $2,103
9. Cortland, Ohio
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Livability score: 83
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Cost of living for 20 years for a single person (with Social Security): $494,742
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Annual cost of living: $48,766
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Monthly cost of living: $4,064
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Average monthly mortgage: $2,210
10. Ludington, Michigan
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Livability score: 82
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Cost of living for 20 years for a single person (with Social Security): $252,357
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Annual cost of living: $36,647
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Monthly cost of living: $3,054
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Average monthly mortgage: $1,328
11. Princeton, Illinois
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Livability score: 82
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Cost of living for 20 years for a single person (with Social Security): $280,382
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Annual cost of living: $38,048
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Monthly cost of living: $3,171
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Average monthly mortgage: $1,546
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12. Lyndhurst, Ohio
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Livability score: 81
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Cost of living for 20 years for a single person (with Social Security): $180,308
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Annual cost of living: $33,044
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Monthly cost of living: $2,754
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Average monthly mortgage: $913
13. Geneseo, Illinois
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Livability score: 81
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Cost of living for 20 years for a single person (with Social Security): $249,203
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Annual cost of living: $36,489
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Monthly cost of living: $3,041
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Average monthly mortgage: $1,315
14. Crestwood, Illinois
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Livability score: 81
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Cost of living for 20 years for a single person (with Social Security): $266,513
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Annual cost of living: $37,354
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Monthly cost of living: $3,113
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Average monthly mortgage: $1,313
15. Kerrville, Texas
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Livability score: 81
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Cost of living for 20 years for a single person (with Social Security): $354,516
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Annual cost of living: $41,754
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Monthly cost of living: $3,480
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Average monthly mortgage: $1,553
16. Kingman, Arizona
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Livability score: 81
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Cost of living for 20 years for a single person (with Social Security): $448,418
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Annual cost of living: $46,450
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Monthly cost of living: $3,871
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Average monthly mortgage: $2,049
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17. Seven Hills, Ohio
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Livability score: 80
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Cost of living for 20 years for a single person (with Social Security): $332,890
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Annual cost of living: $40,673
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Monthly cost of living: $3,389
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Average monthly mortgage: $1,579
18. Shrewsbury, Missouri
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Livability score: 80
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Cost of living for 20 years for a single person (with Social Security): $334,928
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Annual cost of living: $40,775
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Monthly cost of living: $3,398
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Average monthly mortgage: $1,657
19. Clear Lake, Iowa
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Livability score: 80
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Cost of living for 20 years for a single person (with Social Security): $370,956
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Annual cost of living: $42,576
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Monthly cost of living: $3,548
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Average monthly mortgage: $1,695
20. New Port Richey, Florida
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Livability score: 80
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Cost of living for 20 years for a single person (with Social Security): $380,506
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Annual cost of living: $43,054
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Monthly cost of living: $3,588
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Average monthly mortgage: $1,834
21. Grand Haven, Michigan
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Livability score: 80
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Cost of living for 20 years for a single person (with Social Security): $439,412
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Annual cost of living: $45,999
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Monthly cost of living: $3,833
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Average monthly mortgage: $1,897
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22. Westchester, Illinois
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Livability score: 80
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Cost of living for 20 years for a single person (with Social Security): $455,273
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Annual cost of living: $46,792
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Monthly cost of living: $3,899
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Average monthly mortgage: $2,166
23. Cold Spring, Kentucky
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Livability score: 80
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Cost of living for 20 years for a single person (with Social Security): $472,067
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Annual cost of living: $47,632
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Monthly cost of living: $3,969
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Average monthly mortgage: $2,225
24. Stroudsburg, Pennsylvania
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Livability score: 79
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Cost of living for 20 years for a single person (with Social Security): $458,590
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Annual cost of living: $46,958
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Monthly cost of living: $3,913
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Average monthly mortgage: $1,968
25. Punxsutawney, Pennsylvania
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Livability score: 78
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Cost of living for 20 years for a single person (with Social Security): $428,633
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Annual cost of living: $45,460
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Monthly cost of living: $3,788
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Average monthly mortgage: $1,901
26. Vermilion, Ohio
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Livability score: 78
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Cost of living for 20 years for a single person (with Social Security): $459,045
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Annual cost of living: $46,981
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Monthly cost of living: $3,915
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Average monthly mortgage: $1,984
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27. Grand Rapids, Minnesota
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Livability score: 77
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Cost of living for 20 years for a single person (with Social Security): $112,415
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Annual cost of living: $29,649
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Monthly cost of living: $2,471
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Average monthly mortgage: $641
28. Huron, Ohio
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Livability score: 77
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Cost of living for 20 years for a single person (with Social Security): $259,245
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Annual cost of living: $36,991
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Monthly cost of living: $3,083
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Average monthly mortgage: $1,394
29. Sturgeon Bay, Wisconsin
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Livability score: 77
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Cost of living for 20 years for a single person (with Social Security): $264,198
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Annual cost of living: $37,239
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Monthly cost of living: $3,103
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Average monthly mortgage: $1,490
30. International Falls, Minnesota
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Livability score: 77
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Cost of living for 20 years for a single person (with Social Security): $325,815
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Annual cost of living: $40,319
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Monthly cost of living: $3,360
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Average monthly mortgage: $1,716
31. Fairfield, Iowa
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Livability score: 77
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Cost of living for 20 years for a single person (with Social Security): $437,916
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Annual cost of living: $45,924
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Monthly cost of living: $3,827
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Average monthly mortgage: $2,147
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32. Baker City, Oregon
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Livability score: 76
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Cost of living for 20 years for a single person (with Social Security): $100,864
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Annual cost of living: $29,072
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Monthly cost of living: $2,423
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Average monthly mortgage: $801
33. North Port, Florida
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Livability score: 76
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Cost of living for 20 years for a single person (with Social Security): $185,194
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Annual cost of living: $33,288
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Monthly cost of living: $2,774
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Average monthly mortgage: $885
34. Tavares, Florida
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Livability score: 76
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Cost of living for 20 years for a single person (with Social Security): $306,900
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Annual cost of living: $39,374
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Monthly cost of living: $3,281
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Average monthly mortgage: $1,498
35. Orange Park, Florida
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Livability score: 76
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Cost of living for 20 years for a single person (with Social Security): $437,281
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Annual cost of living: $45,893
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Monthly cost of living: $3,824
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Average monthly mortgage: $1,885
36. South Boston, Virginia
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Livability score: 76
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Cost of living for 20 years for a single person (with Social Security): $443,767
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Annual cost of living: $46,217
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Monthly cost of living: $3,851
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Average monthly mortgage: $1,917
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37. White Oak, Pennsylvania
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Livability score: 76
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Cost of living for 20 years for a single person (with Social Security): $444,809
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Annual cost of living: $46,269
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Monthly cost of living: $3,856
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Average monthly mortgage: $1,936
38. Milford, Ohio
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Livability score: 76
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Cost of living for 20 years for a single person (with Social Security): $497,872
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Annual cost of living: $48,922
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Monthly cost of living: $4,077
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Average monthly mortgage: $2,346
39. North Fort Myers, Florida
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Livability score: 75
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Cost of living for 20 years for a single person (with Social Security): $126,789
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Annual cost of living: $30,368
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Monthly cost of living: $2,531
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Average monthly mortgage: $791
40. Caribou, Maine
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Livability score: 75
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Cost of living for 20 years for a single person (with Social Security): $232,895
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Annual cost of living: $35,673
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Monthly cost of living: $2,973
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Average monthly mortgage: $1,079
41. Lower Burrell, Pennsylvania
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Livability score: 75
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Cost of living for 20 years for a single person (with Social Security): $416,095
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Annual cost of living: $44,833
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Monthly cost of living: $3,736
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Average monthly mortgage: $1,949
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42. Port Clinton, Ohio
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Livability score: 74
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Cost of living for 20 years for a single person (with Social Security): $466,211
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Annual cost of living: $47,339
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Monthly cost of living: $3,945
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Average monthly mortgage: $1,879
43. Zephyrhills, Florida
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Livability score: 73
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Cost of living for 20 years for a single person (with Social Security): $183,794
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Annual cost of living: $33,218
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Monthly cost of living: $2,768
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Average monthly mortgage: $854
44. Laughlin, Nevada
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Livability score: 73
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Cost of living for 20 years for a single person (with Social Security): $225,871
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Annual cost of living: $35,322
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Monthly cost of living: $2,944
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Average monthly mortgage: $1,139
45. Hudson, Florida
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Livability score: 73
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Cost of living for 20 years for a single person (with Social Security): $282,493
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Annual cost of living: $38,153
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Monthly cost of living: $3,179
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Average monthly mortgage: $1,571
46. Dade City, Florida
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Livability score: 73
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Cost of living for 20 years for a single person (with Social Security): $407,256
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Annual cost of living: $44,391
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Monthly cost of living: $3,699
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Average monthly mortgage: $1,837
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47. Murrysville, Pennsylvania
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Livability score: 73
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Cost of living for 20 years for a single person (with Social Security): $422,454
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Annual cost of living: $45,151
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Monthly cost of living: $3,763
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Average monthly mortgage: $1,842
48. Palmetto, Florida
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Livability score: 73
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Cost of living for 20 years for a single person (with Social Security): $435,419
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Annual cost of living: $45,800
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Monthly cost of living: $3,817
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Average monthly mortgage: $1,822
49. Metropolis, Illinois
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Livability score: 73
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Cost of living for 20 years for a single person (with Social Security): $443,310
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Annual cost of living: $46,194
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Monthly cost of living: $3,850
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Average monthly mortgage: $1,898
50. Hermitage, Pennsylvania
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Livability score: 73
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Cost of living for 20 years for a single person (with Social Security): $449,505
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Annual cost of living: $46,504
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Monthly cost of living: $3,875
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Average monthly mortgage: $2,006
Editor’s note: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this study, GOBankingRates analyzed cities across the United States to find the best places to retire with $500,000 in savings. Using the 2023 U.S. Census American Community Survey, cities with at least 1,000 residents ages 65 and over were identified. The cost of living was sourced from Sperling’s BestPlaces. National average expenditure costs for retired households were sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for retired consumer units. The average Social Security income was sourced from the Social Security Administration’s Monthly Statistical Snapshot. Using the average Social Security income and the total cost of living, the annual cost of living after Social Security income was calculated. The livability was sourced from AreaVibes and is used to determine the overall quality of life, representing the “best” places. All data was collected on and is up to date Jun. 16, 2025.
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This article originally appeared on GOBankingRates.com: 50 Best Places in America To Retire With $500K in Savings
