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
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).
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).
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
Livability score: 87 (out of 100)
Cost of living for 20 years for a single person (with Social Security): $390,698
Annual cost of living: $43,564
Monthly cost of living: $3,630
Average monthly mortgage: $1,907
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2. Fairlawn, Ohio
Livability score: 86
Cost of living for 20 years for a single person (with Social Security): $378,267
Annual cost of living: $42,942
Monthly cost of living: $3,579
Average monthly mortgage: $1,815
3. North Canton, Ohio
Livability score: 84
Cost of living for 20 years for a single person (with Social Security): $307,579
Annual cost of living: $39,408
Monthly cost of living: $3,284
Average monthly mortgage: $1,591
4. Glendale, Wisconsin
Livability score: 84
Cost of living for 20 years for a single person (with Social Security): $415,966
Annual cost of living: $44,827
Monthly cost of living: $3,736
Average monthly mortgage: $1,938
5. Middleburg Heights, Ohio
Livability score: 84
Cost of living for 20 years for a single person (with Social Security): $443,160
Annual cost of living: $46,187
Monthly cost of living: $3,849
Average monthly mortgage: $1,997
6. Chesterland, Ohio
Livability score: 83
Cost of living for 20 years for a single person (with Social Security): $319,870
Annual cost of living: $40,022
Monthly cost of living: $3,335
Average monthly mortgage: $1,615
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7. Sebastian, Florida
Livability score: 83
Cost of living for 20 years for a single person (with Social Security): $451,856
Annual cost of living: $46,621
Monthly cost of living: $3,885
Average monthly mortgage: $2,086
8. Cape Canaveral, Florida
Livability score: 83
Cost of living for 20 years for a single person (with Social Security): $484,064
Annual cost of living: $48,232
Monthly cost of living: $4,019
Average monthly mortgage: $2,103
9. Cortland, Ohio
Livability score: 83
Cost of living for 20 years for a single person (with Social Security): $494,742
Annual cost of living: $48,766
Monthly cost of living: $4,064
Average monthly mortgage: $2,210
10. Ludington, Michigan
Livability score: 82
Cost of living for 20 years for a single person (with Social Security): $252,357
Annual cost of living: $36,647
Monthly cost of living: $3,054
Average monthly mortgage: $1,328
11. Princeton, Illinois
Livability score: 82
Cost of living for 20 years for a single person (with Social Security): $280,382
Annual cost of living: $38,048
Monthly cost of living: $3,171
Average monthly mortgage: $1,546
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12. Lyndhurst, Ohio
Livability score: 81
Cost of living for 20 years for a single person (with Social Security): $180,308
Annual cost of living: $33,044
Monthly cost of living: $2,754
Average monthly mortgage: $913
13. Geneseo, Illinois
Livability score: 81
Cost of living for 20 years for a single person (with Social Security): $249,203
Annual cost of living: $36,489
Monthly cost of living: $3,041
Average monthly mortgage: $1,315
14. Crestwood, Illinois
Livability score: 81
Cost of living for 20 years for a single person (with Social Security): $266,513
Annual cost of living: $37,354
Monthly cost of living: $3,113
Average monthly mortgage: $1,313
15. Kerrville, Texas
Livability score: 81
Cost of living for 20 years for a single person (with Social Security): $354,516
Annual cost of living: $41,754
Monthly cost of living: $3,480
Average monthly mortgage: $1,553
16. Kingman, Arizona
Livability score: 81
Cost of living for 20 years for a single person (with Social Security): $448,418
Annual cost of living: $46,450
Monthly cost of living: $3,871
Average monthly mortgage: $2,049
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17. Seven Hills, Ohio
Livability score: 80
Cost of living for 20 years for a single person (with Social Security): $332,890
Annual cost of living: $40,673
Monthly cost of living: $3,389
Average monthly mortgage: $1,579
18. Shrewsbury, Missouri
Livability score: 80
Cost of living for 20 years for a single person (with Social Security): $334,928
Annual cost of living: $40,775
Monthly cost of living: $3,398
Average monthly mortgage: $1,657
19. Clear Lake, Iowa
Livability score: 80
Cost of living for 20 years for a single person (with Social Security): $370,956
Annual cost of living: $42,576
Monthly cost of living: $3,548
Average monthly mortgage: $1,695
20. New Port Richey, Florida
Livability score: 80
Cost of living for 20 years for a single person (with Social Security): $380,506
Annual cost of living: $43,054
Monthly cost of living: $3,588
Average monthly mortgage: $1,834
21. Grand Haven, Michigan
Livability score: 80
Cost of living for 20 years for a single person (with Social Security): $439,412
Annual cost of living: $45,999
Monthly cost of living: $3,833
Average monthly mortgage: $1,897
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22. Westchester, Illinois
Livability score: 80
Cost of living for 20 years for a single person (with Social Security): $455,273
Annual cost of living: $46,792
Monthly cost of living: $3,899
Average monthly mortgage: $2,166
23. Cold Spring, Kentucky
Livability score: 80
Cost of living for 20 years for a single person (with Social Security): $472,067
Annual cost of living: $47,632
Monthly cost of living: $3,969
Average monthly mortgage: $2,225
24. Stroudsburg, Pennsylvania
Livability score: 79
Cost of living for 20 years for a single person (with Social Security): $458,590
Annual cost of living: $46,958
Monthly cost of living: $3,913
Average monthly mortgage: $1,968
25. Punxsutawney, Pennsylvania
Livability score: 78
Cost of living for 20 years for a single person (with Social Security): $428,633
Annual cost of living: $45,460
Monthly cost of living: $3,788
Average monthly mortgage: $1,901
26. Vermilion, Ohio
Livability score: 78
Cost of living for 20 years for a single person (with Social Security): $459,045
Annual cost of living: $46,981
Monthly cost of living: $3,915
Average monthly mortgage: $1,984
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27. Grand Rapids, Minnesota
Livability score: 77
Cost of living for 20 years for a single person (with Social Security): $112,415
Annual cost of living: $29,649
Monthly cost of living: $2,471
Average monthly mortgage: $641
28. Huron, Ohio
Livability score: 77
Cost of living for 20 years for a single person (with Social Security): $259,245
Annual cost of living: $36,991
Monthly cost of living: $3,083
Average monthly mortgage: $1,394
29. Sturgeon Bay, Wisconsin
Livability score: 77
Cost of living for 20 years for a single person (with Social Security): $264,198
Annual cost of living: $37,239
Monthly cost of living: $3,103
Average monthly mortgage: $1,490
30. International Falls, Minnesota
Livability score: 77
Cost of living for 20 years for a single person (with Social Security): $325,815
Annual cost of living: $40,319
Monthly cost of living: $3,360
Average monthly mortgage: $1,716
31. Fairfield, Iowa
Livability score: 77
Cost of living for 20 years for a single person (with Social Security): $437,916
Annual cost of living: $45,924
Monthly cost of living: $3,827
Average monthly mortgage: $2,147
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32. Baker City, Oregon
Livability score: 76
Cost of living for 20 years for a single person (with Social Security): $100,864
Annual cost of living: $29,072
Monthly cost of living: $2,423
Average monthly mortgage: $801
33. North Port, Florida
Livability score: 76
Cost of living for 20 years for a single person (with Social Security): $185,194
Annual cost of living: $33,288
Monthly cost of living: $2,774
Average monthly mortgage: $885
34. Tavares, Florida
Livability score: 76
Cost of living for 20 years for a single person (with Social Security): $306,900
Annual cost of living: $39,374
Monthly cost of living: $3,281
Average monthly mortgage: $1,498
35. Orange Park, Florida
Livability score: 76
Cost of living for 20 years for a single person (with Social Security): $437,281
Annual cost of living: $45,893
Monthly cost of living: $3,824
Average monthly mortgage: $1,885
36. South Boston, Virginia
Livability score: 76
Cost of living for 20 years for a single person (with Social Security): $443,767
Annual cost of living: $46,217
Monthly cost of living: $3,851
Average monthly mortgage: $1,917
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37. White Oak, Pennsylvania
Livability score: 76
Cost of living for 20 years for a single person (with Social Security): $444,809
Annual cost of living: $46,269
Monthly cost of living: $3,856
Average monthly mortgage: $1,936
38. Milford, Ohio
Livability score: 76
Cost of living for 20 years for a single person (with Social Security): $497,872
Annual cost of living: $48,922
Monthly cost of living: $4,077
Average monthly mortgage: $2,346
39. North Fort Myers, Florida
Livability score: 75
Cost of living for 20 years for a single person (with Social Security): $126,789
Annual cost of living: $30,368
Monthly cost of living: $2,531
Average monthly mortgage: $791
40. Caribou, Maine
Livability score: 75
Cost of living for 20 years for a single person (with Social Security): $232,895
Annual cost of living: $35,673
Monthly cost of living: $2,973
Average monthly mortgage: $1,079
41. Lower Burrell, Pennsylvania
Livability score: 75
Cost of living for 20 years for a single person (with Social Security): $416,095
Annual cost of living: $44,833
Monthly cost of living: $3,736
Average monthly mortgage: $1,949
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42. Port Clinton, Ohio
Livability score: 74
Cost of living for 20 years for a single person (with Social Security): $466,211
Annual cost of living: $47,339
Monthly cost of living: $3,945
Average monthly mortgage: $1,879
43. Zephyrhills, Florida
Livability score: 73
Cost of living for 20 years for a single person (with Social Security): $183,794
Annual cost of living: $33,218
Monthly cost of living: $2,768
Average monthly mortgage: $854
44. Laughlin, Nevada
Livability score: 73
Cost of living for 20 years for a single person (with Social Security): $225,871
Annual cost of living: $35,322
Monthly cost of living: $2,944
Average monthly mortgage: $1,139
45. Hudson, Florida
Livability score: 73
Cost of living for 20 years for a single person (with Social Security): $282,493
Annual cost of living: $38,153
Monthly cost of living: $3,179
Average monthly mortgage: $1,571
46. Dade City, Florida
Livability score: 73
Cost of living for 20 years for a single person (with Social Security): $407,256
Annual cost of living: $44,391
Monthly cost of living: $3,699
Average monthly mortgage: $1,837
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47. Murrysville, Pennsylvania
Livability score: 73
Cost of living for 20 years for a single person (with Social Security): $422,454
Annual cost of living: $45,151
Monthly cost of living: $3,763
Average monthly mortgage: $1,842
48. Palmetto, Florida
Livability score: 73
Cost of living for 20 years for a single person (with Social Security): $435,419
Annual cost of living: $45,800
Monthly cost of living: $3,817
Average monthly mortgage: $1,822
49. Metropolis, Illinois
Livability score: 73
Cost of living for 20 years for a single person (with Social Security): $443,310
Annual cost of living: $46,194
Monthly cost of living: $3,850
Average monthly mortgage: $1,898
50. Hermitage, Pennsylvania
Livability score: 73
Cost of living for 20 years for a single person (with Social Security): $449,505
Annual cost of living: $46,504
Monthly cost of living: $3,875
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
