Forget Florida, if you’re looking for a cheap place to retire, one Midwestern city is the place to go, according to a new report. Lots of folks in their golden years are willing to relocate to a new city to make their dollar stretch and GoBankingRates has done the research to find the best places in the U.S. to do just that.
- They analyzed the 100 biggest cities in the country with a population of at least 150-thousand and at least 10% of residents ages 65 and over.
- Cities were ranked based on the annual retirement income needed to cover basics, like housing, healthcare, groceries, transportation and utilities.
- So, what is the most affordable place to retire in the U.S.? Akron, Ohio, tops the list.
- This Midwestern city has a large community of seniors, with 15.7% of the population 65 or older.
- Akron also has a livability score of 81, thanks to its low cost of living, access to parks and stores, easy commutes and the number of coffee shops and restaurants.
- It’s also budget-friendly, as retirees can expect to spend just under $17-hundred a month on basic living expenses, and it has some of the most affordable real estate nationwide.
- Three Ohio cities land in the top five overall, showing the Midwestern state may be the new retirement hotspot.
The Top 10 Most Affordable Places to Retire
- Akron, Ohio
- Albuquerque, New Mexico
- Spokane, Washington
- Cleveland, Ohio
- Toledo, Ohio
- Fort Wayne, Indiana
- Greensboro, North Carolina
- Amarillo, Texas
- Grand Rapids, Michigan
- Little Rock, Arkansas
Source: Travel and Leisure