Retirement should be a time of leisure and relaxation, but you won’t be doing too much relaxing in the shade if you’re constantly stressing about money. Most people retire on a limited budget, which means seeking new places to live where you can stretch your money further.
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To pinpoint the cheapest places to retire, GOBankingRates analyzed and ranked the 100 biggest U.S. cities based on the annual retirement income needed to cover basic costs, including housing, healthcare, groceries, transportation and utilities.
We also rated cities based on their livability, and considered only cities where the percentage of senior population was 10% or higher.
Take a look and see why these are the places where you don’t need to be a millionaire to retire.
50. Richmond, Virginia
Monthly expenditures: $1,858
Percent of population age 65 and older: 13.6%
Livability score: 84
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49. Macon, Georgia
Monthly expenditures: $1,857
Percent of population age 65 and older: 16.2%
Livability score: 75
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48. Lubbock, Texas
Monthly expenditures: $1,856
Percent of population age 65 and older: 12.5%
Livability score: 78
47. Kansas City, Kansas
Monthly expenditures: $1,856
Percent of population age 65 and older: 13.0%
Livability score: 75
46. Tulsa, Oklahoma
Monthly expenditures: $1,854
Percent of population age 65 and older: 15.0%
Livability score: 75
45. Madison, Wisconsin
Monthly expenditures: $1,853
Percent of population age 65 and older: 12.7%
Livability score: 82
44. Reno, Nevada
Monthly expenditures: $1,852
Percent of population age 65 and older: 16.3%
Livability score: 81
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43. Louisville, Kentucky
Monthly expenditures: $1,839
Percent of population age 65 and older: 15.9%
Livability score: 66
42. Durham, North Carolina
Monthly expenditures: $1,837
Percent of population age 65 and older: 13.0%
Livability score: 82
41. Raleigh, North Carolina
Monthly expenditures: $1,837
Percent of population age 65 and older: 11.7%
Livability score: 84
40. Cary, North Carolina
Monthly expenditures: $1,834
Percent of population age 65 and older: 13.9%
Livability score: 90
39. Aurora, Illinois
Monthly expenditures: $1,834
Percent of population age 65 and older: 10.5%
Livability score: 71
Read More: How Far $500,000 in Retirement Savings Plus Social Security Goes in Every State
38. Corpus Christi, Texas
Monthly expenditures: $1,833
Percent of population age 65 and older: 15.0%
Livability score: 80
37. San Antonio
Monthly expenditures: $1,826
Percent of population age 65 and older: 13.1%
Livability score: 80
36. Augusta, Georgia
Monthly expenditures: $1,826
Percent of population age 65 and older: 14.8%
Livability score: 64
35. Memphis, Tennessee
Monthly expenditures: $1,825
Percent of population age 65 and older: 14.1%
Livability score: 70
34. Minneapolis
Monthly expenditures: $1,823
Percent of population age 65 and older: 10.8%
Livability score: 78
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33. Tacoma, Washington
Monthly expenditures: $1,819
Percent of population age 65 and older: 14.6%
Livability score: 78
32. St. Louis
Monthly expenditures: $1,818
Percent of population age 65 and older: 14.9%
Livability score: 74
31. Columbus, Georgia
Monthly expenditures: $1,818
Percent of population age 65 and older: 14.4%
Livability score: 64
30. St. Paul, Minnesota
Monthly expenditures: $1,815
Percent of population age 65 and older: 12.2%
Livability score: 80
29. Indianapolis
Monthly expenditures: $1,815
Percent of population age 65 and older: 12.9%
Livability score: 76
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28. Lexington, Kentucky
Monthly expenditures: $1,813
Percent of population age 65 and older: 14.4%
Livability score: 87
27. Columbus, Ohio
Monthly expenditures: $1,809
Percent of population age 65 and older: 11.0%
Livability score: 81
26. Sioux Falls, South Dakota
Monthly expenditures: $1,809
Percent of population age 65 and older: 13.7%
Livability score: 85
25. Chattanooga, Tennessee
Monthly expenditures: $1,807
Percent of population age 65 and older: 17.2%
Livability score: 76
24. Cincinnati
Monthly expenditures: $1,804
Percent of population age 65 and older: 13.2%
Livability score: 80
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23. Springfield, Missouri
Monthly expenditures: $1,802
Percent of population age 65 and older: 15.8%
Livability score: 72
22. Fort Collins, Colorado
Monthly expenditures: $1,795
Percent of population age 65 and older: 12.2%
Livability score: 81
21. El Paso, Texas
Monthly expenditures: $1,794
Percent of population age 65 and older: 13.9%
Livability score: 81
20. Knoxville, Tennessee
Monthly expenditures: $1,794
Percent of population age 65 and older: 14.5%
Livability score: 73
19. Eugene, Oregon
Monthly expenditures: $1,794
Percent of population age 65 and older: 17.7%
Livability score: 78
See More: 50 Cheapest Places To Retire Across America
18. Boise, Idaho
Monthly expenditures: $1,784
Percent of population age 65 and older: 15.3%
Livability score: 83
17. Des Moines, Iowa
Monthly expenditures: $1,783
Percent of population age 65 and older: 12.5%
Livability score: 83
16. Tucson, Arizona
Monthly expenditures: $1,776
Percent of population age 65 and older: 15.8%
Livability score: 73
15. Shreveport, Louisiana
Monthly expenditures: $1,776
Percent of population age 65 and older: 17.4%
Livability score: 60
14. Salem, Oregon
Monthly expenditures: $1,775
Percent of population age 65 and older: 15.3%
Livability score: 79
13. Colorado Springs
Monthly expenditures: $1,768
Percent of population age 65 and older: 14.7%
Livability score: 79
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12. Winston-Salem, North Carolina
Monthly expenditures: $1,765
Percent of population age 65 and older: 14.8%
Livability score: 63
11. Brownsville, Texas
Monthly expenditures: $1,754
Percent of population age 65 and older: 12.6%
Livability score: 79
10. Little Rock, Arkansas
Monthly expenditures: $1,745
Percent of population age 65 and older: 15.2%
Livability score: 72
9. Grand Rapids, Michigan
Monthly expenditures: $1,745
Percent of population age 65 and older: 12.9%
Livability score: 83
8. Amarillo, Texas
Monthly expenditures: $1,745
Percent of population age 65 and older: 14.8%
Livability score: 66
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7. Greensboro, North Carolina
Monthly expenditures: $1,742
Percent of population age 65 and older: 13.9%
Livability score: 83
6. Fort Wayne, Indiana
Monthly expenditures: $1,741
Percent of population age 65 and older: 14.9%
Livability score: 84
5. Toledo, Ohio
Monthly expenditures: $1,738
Percent of population age 65 and older: 15.5%
Livability score: 66
4. Cleveland
Monthly expenditures: $1,723
Percent of population age 65 and older: 15%
Livability score: 72
3. Spokane, Washington
Monthly expenditures: $1,711
Percent of population age 65 and older: 16.4%
Livability score: 81
2. Albuquerque, New Mexico
Monthly expenditures: $1,710
Percent of population age 65 and older: 17.2%
Livability score: 72
1. Akron, Ohio
Monthly expenditures: $1,699
Percent of population age 65 and older: 15.7%
Livability score: 81
Methodology: For this study, GOBankingRates analyzed U.S. cities to find the cheapest places to retire. GOBankingRates identified cities with a population of at least 150,000 and a population percentage of residents aged 65 and over of at least 10%. For each location, GOBankingRates found total population, population ages 65 and over, total households and household median income, all sourced from the U.S. Census American Community Survey. Using this data, the percentage of the population ages 65 and over was calculated. The cost-of-living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost-of-living indexes. Using the indexes and the national average expenditure costs for retired households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for retired households, the average expenditure cost for each location was calculated. The livability index was sourced from AreaVibes for each location and included as supplemental information to help determine the quality of life. The average single-family home value was sourced from Zillow Home Value Index for December 2024. Using the average home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average cost of living was calculated. The cities were sorted to show the cheapest total cost of living as well as the cheapest total expenditure costs. All data was collected on and is up to date as of Feb. 18, 2025.
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This article originally appeared on GOBankingRates.com: 50 Cheapest Places To Retire Across America
