Best cities to retire on $2,500 per month: Akron in Ohio tops list of places to wind down on a budget, as Pampa, Robstown, and other Texas sunspots rank highly
The mid-sized city of Akron, Ohio, has been ranked as the best place for retirees on a budget of $2,500 a month, thanks to its low cost of living and good quality of life, researchers say.
a study from the personal finance site GOBankingRates also found that five Texas cities are also among the fifteen best places for bargain hunters to retire: Memphis, Amherst, Borger, Robstown and Pampa.
Researchers looked at how much money the average resident spends each month on mortgages and household expenses, and how ‘livable’ they are in terms of public transport and other amenities.
The survey comes after a tough year for the stock markets, and millions of Americans have seen their 401(k) plans and other savings fail just as they were getting ready for their golden handshake.
Many retirees have seen their 401(k) plans collapse and are eager to reduce their monthly expenses to less than $2,500
Cities in Ohio, Texas and Pennsylvania dominate the list of 15 cheap retirement destinations
Over the Thanksgiving Day weekend, internet users posted money-saving tips. Mary Frost, a California-based financial advisor, said many Americans were approaching retirement and “feared about the looming recession.”
She urged them to ensure their savings last for decades to come.
Another user, who goes by the name Florida Renegade, blamed President Joe Biden for an economy with “40 years of high inflation, massive losses in 401(k) pension plans and pension funds.”
According to GOBankingRates, those who fear going bankrupt in their golden years should consider moving to a cheaper city, where their savings will stretch much further.
“It’s important to know that your budget covers your expenses and gives you peace of mind,” they said in a report accompanying the study.
“When choosing a place to live, it is important to consider the costs of housing, groceries, health care and overall livability.”
Akron, Ohio, home of CSI actress Melina Kanakaredes, is ranked as the top retirement destination.
Retirees can expect to spend $2,361 each month on their mortgage and other expenses in this city of about 200,000, researchers said.
While not as cheap as some others in the survey, Akron scores well for its public transportation system, low crime rates, health care system and other amenities that improve daily life.
Akron, Ohio, topped the list of cities where retirement savings goes further
The skyline over Jackson, Mississippi, which made the top 15
Pampas, a small city in the Texas Panhandle area, comes in second.
Mortgages are cheap in this city of nearly 17,000 residents, in the oil-producing, wheat and cattle-raising region northeast of Amarillo, the report said.
Robstown, on the other side of the Lone Star State, came in third.
The bedroom community of about 10,000 people west of Corpus Christie has a low monthly mortgage of $553, and other monthly necessities that run as high as $1,791.
Other cities in the top 15 included Alliance, Steubenville and Cleveland in Ohio, and the cities of Altoona, New Castle and Johnstown in Pennsylvania.
Riverview, in Missouri, Freeport, in Illinois, and Jackson, in Mississippi, also made the cut.
Researchers used data from the US Census Bureau American Consumer Survey, the Federal Reserve, real estate website Zillow and the AreaVibes livability index for the study.
It comes after an investigation earlier this year said Florida had been officially usurped as America’s retirement capital after locals complained they had been priced out of the Sunshine State.
Research by financing company Wallet Hub found that Virginia is now the best state to retire in due to its relative affordability and accessible health care.
Florida has been officially usurped as America’s retirement capital by Virginia after locals complained they were being priced out of the Sunshine State
The survey still ranked Florida second, although it marked a decline from last year’s top ranking.
It was followed by Colorado, Wyoming, Delaware, New Hampshire, South Dakota, Minnesota, Idaho and North Dakota.
The study assessed affordability, quality of life and access to health care and ranked them across 50 states.
Researchers considered data from several agencies, including the US Census Bureau, the Centers for Disease Control and Prevention and the Council for Community and Economic Research.
Virginia came in average in all three areas – ranking 16th for affordability and 11th for both quality of life and health care.
But the consistency across all categories helped it win first place.
Meanwhile, Florida ranked 9th for affordability, 4th for quality of life – but was disappointed by its 28th ranking for health care.
The worst-scoring state was Kentucky, which scored poorly in every category.
It was followed by New Jersey and Mississippi; the latter ranked last for quality of life.