50 Best Cities To Retire on $3,500 a Month (2024)

Table of Contents
50. Verona, Pennsylvania 49. Racine, Wisconsin 48. Davenport, Iowa 47. Urbana, Illinois 46. Washington, Pennsylvania 45. Marietta, Ohio 44. Manitowoc, Wisconsin 43. Oshkosh, Wisconsin 42. Belleville, Illinois 41. Ambridge, Pennsylvania 40. Bloomington, Illinois 39. Champaign, Illinois 38. Des Moines, Iowa 37. Dumas, Texas 36. Athens, Ohio 35. Kaukauna, Wisconsin 34. Normal, Illinois 33. Stevens Point, Wisconsin 32. Fort Wayne, Indiana 31. Altoona, Pennsylvania 30. DuBois, Pennsylvania 29. Owensboro, Kentucky 28. Alliance, Ohio 27. Leon, Iowa 26. Clawson, Michigan 25. Austin, Minnesota 24. Mount Pleasant, Michigan 23. Steubenville, Ohio 22. Highland Heights, Kentucky 21. Hutchison, Kansas 20. Dubuque, Iowa 19. Charleston, West Virginia 18. Clarksburg, West Virginia 17. Bowling Green, Ohio 16. Huntington, West Virginia 15. New Castle, Pennsylvania 14. University Heights, Ohio 13. Fergus Falls, Minnesota 12. Pampa, Texas 11. Erie, Pennsylvania 10. Johnstown, Pennsylvania 9. Waterloo, Iowa 8. Robstown, Texas 7. Tiffin, Ohio 6. Kent, Ohio 5. Wausau, Wisconsin 4. Akron, Ohio 3. Frostburg, Maryland 2. Millville, Pennsylvania 1. Frankfort, Kentucky

50 Best Cities To Retire on $3,500 a Month (1)

You’re planning to retire in the not-so-distant future, which means you’ll be living on a fixed income. Therefore, you’re looking for a new hometown where you can enjoy life while stretching your dollar to the max.

According to a new GOBankingRates study, 136 U.S. cities were analyzed by combining the average mortgage and average expenditure costs, as well as average home values. The monthly total cost calculated narrowed down the cities where the average monthly cost was equal to or less than $3,500 a month. Looking at the cost of living expenditures for people ages 65 and older each month — e.g., rent, groceries, healthcare costs — you might see that your personal budget can’t handle passing the $3,500-per-month mark, so you want to make a strategic move.

Thankfully, there are plenty of options around the country to choose from. Whether you’re hoping to move to a city with warmer weather, want to be closer to family or are looking for a tight community with a lot to do now that you have more free time, we found 50 places that will meet your needs.

Ready to start searching for a new place to enjoy your golden years? Keep reading to discover these cities where you can retire for cheap.

50 Best Cities To Retire on $3,500 a Month (2)

50. Verona, Pennsylvania

  • Livability Score: 77
  • Jan 2024 Avg Home Value: $149,236
  • Jan 2024 Avg Mortgage: $885
  • Total Expenditures Cost: $1,831

50 Best Cities To Retire on $3,500 a Month (3)

49. Racine, Wisconsin

  • Livability Score: 79
  • Jan 2024 Avg Home Value: $172,7923
  • Jan 2024 Avg Mortgage: $1,024
  • Total Expenditures Cost: $1,808

50 Best Cities To Retire on $3,500 a Month (4)

48. Davenport, Iowa

  • Livability Score: 78
  • Jan 2024 Avg Home Value: $166,915
  • Jan 2024 Avg Mortgage: $989
  • Total Expenditures Cost: $1,768

50 Best Cities To Retire on $3,500 a Month (5)

47. Urbana, Illinois

  • Livability Score: 79
  • Jan 2024 Avg Home Value: $170,438
  • Jan 2024 Avg Mortgage: $1,010
  • Total Expenditures Cost: $1,809

50 Best Cities To Retire on $3,500 a Month (6)

46. Washington, Pennsylvania

  • Livability Score: 82
  • Jan 2024 Avg Home Value: $206,658
  • Jan 2024 Avg Mortgage: $1,225
  • Total Expenditures Cost: $1,763

Are You Retirement Ready?

50 Best Cities To Retire on $3,500 a Month (7)

45. Marietta, Ohio

  • Livability Score: 79
  • Jan 2024 Avg Home Value: $174,780
  • Jan 2024 Avg Mortgage: $1,036
  • Total Expenditures Cost: $1,760

50 Best Cities To Retire on $3,500 a Month (8)

44. Manitowoc, Wisconsin

  • Livability Score: 78
  • Jan 2024 Avg Home Value: $189,907
  • Jan 2024 Avg Mortgage: $1,126
  • Total Expenditures Cost: $1,594

50 Best Cities To Retire on $3,500 a Month (9)

43. Oshkosh, Wisconsin

  • Livability Score: 82
  • Jan 2024 Avg Home Value: $212,403
  • Jan 2024 Avg Mortgage: $1,259
  • Total Expenditures Cost: $1,703

50 Best Cities To Retire on $3,500 a Month (10)

42. Belleville, Illinois

  • Livability Score: 76
  • Jan 2024 Avg Home Value: $131,609
  • Jan 2024 Avg Mortgage: $780
  • Total Expenditures Cost: $1,812

50 Best Cities To Retire on $3,500 a Month (11)

41. Ambridge, Pennsylvania

  • Livability Score: 76
  • Jan 2024 Avg Home Value: $124,582
  • Jan 2024 Avg Mortgage: $738
  • Total Expenditures Cost: $1,853

50 Best Cities To Retire on $3,500 a Month (12)

40. Bloomington, Illinois

  • Livability Score: 86
  • Jan 2024 Avg Home Value: $233,742
  • Jan 2024 Avg Mortgage: $1,385
  • Total Expenditures Cost: $1,800

50 Best Cities To Retire on $3,500 a Month (13)

39. Champaign, Illinois

  • Livability Score: 83
  • Jan 2024 Avg Home Value: $201,204
  • Jan 2024 Avg Mortgage: $1,193
  • Total Expenditures Cost: $1,808
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50 Best Cities To Retire on $3,500 a Month (14)

38. Des Moines, Iowa

  • Livability Score: 81
  • Jan 2024 Avg Home Value: $191,161
  • Jan 2024 Avg Mortgage: $1,133
  • Total Expenditures Cost: $1,739

50 Best Cities To Retire on $3,500 a Month (15)

37. Dumas, Texas

  • Livability Score: 79
  • Jan 2024 Avg Home Value: $164,574
  • Jan 2024 Avg Mortgage: $976
  • Total Expenditures Cost: $1,766

50 Best Cities To Retire on $3,500 a Month (16)

36. Athens, Ohio

  • Livability Score: 82
  • Jan 2024 Avg Home Value: $211,665
  • Jan 2024 Avg Mortgage: $1,255
  • Total Expenditures Cost: $1,668

50 Best Cities To Retire on $3,500 a Month (17)

35. Kaukauna, Wisconsin

  • Livability Score: 88
  • Jan 2024 Avg Home Value: $262,005
  • Jan 2024 Avg Mortgage: $1,553
  • Total Expenditures Cost: $1,734

50 Best Cities To Retire on $3,500 a Month (18)

34. Normal, Illinois

  • Livability Score: 87
  • Jan 2024 Avg Home Value: $231,578
  • Jan 2024 Avg Mortgage: $1,373
  • Total Expenditures Cost: $1,816

50 Best Cities To Retire on $3,500 a Month (19)

33. Stevens Point, Wisconsin

  • Livability Score: 85
  • Jan 2024 Avg Home Value: $231,199
  • Jan 2024 Avg Mortgage: $1,370
  • Total Expenditures Cost: $1,691

50 Best Cities To Retire on $3,500 a Month (20)

32. Fort Wayne, Indiana

  • Livability Score: 84
  • Jan 2024 Avg Home Value: $217,659
  • Jan 2024 Avg Mortgage: $1,290
  • Total Expenditures Cost: $1,703

Are You Retirement Ready?

50 Best Cities To Retire on $3,500 a Month (21)

31. Altoona, Pennsylvania

  • Livability Score: 76
  • Jan 2024 Avg Home Value: $130,807
  • Jan 2024 Avg Mortgage: $775
  • Total Expenditures Cost: $1,702

50 Best Cities To Retire on $3,500 a Month (22)

30. DuBois, Pennsylvania

  • Livability Score: 80
  • Jan 2024 Avg Home Value: $152,758
  • Jan 2024 Avg Mortgage: $905
  • Total Expenditures Cost: $1,813

50 Best Cities To Retire on $3,500 a Month (23)

29. Owensboro, Kentucky

  • Livability Score: 84
  • Jan 2024 Avg Home Value: $183,622
  • Jan 2024 Avg Mortgage: $1,088
  • Total Expenditures Cost: $1,854

50 Best Cities To Retire on $3,500 a Month (24)

28. Alliance, Ohio

  • Livability Score: 76
  • Jan 2024 Avg Home Value: $138,802
  • Jan 2024 Avg Mortgage: $823
  • Total Expenditures Cost: $1,624

50 Best Cities To Retire on $3,500 a Month (25)

27. Leon, Iowa

  • Livability Score: 77
  • Jan 2024 Avg Home Value: $106,168
  • Jan 2024 Avg Mortgage: $629
  • Total Expenditures Cost: $1,875

26. Clawson, Michigan

  • Livability Score: 91
  • Jan 2024 Avg Home Value: $263,378
  • Jan 2024 Avg Mortgage: $1,561
  • Total Expenditures Cost: $1,788

50 Best Cities To Retire on $3,500 a Month (27)

25. Austin, Minnesota

  • Livability Score: 78
  • Jan 2024 Avg Home Value: $159,639
  • Jan 2024 Avg Mortgage: $946
  • Total Expenditures Cost: $1,601

50 Best Cities To Retire on $3,500 a Month (28)

24. Mount Pleasant, Michigan

  • Livability Score: 82
  • Jan 2024 Avg Home Value: $189,178
  • Jan 2024 Avg Mortgage: $1,121
  • Total Expenditures Cost: $1,671

50 Best Cities To Retire on $3,500 a Month (29)

23. Steubenville, Ohio

  • Livability Score: 76
  • Jan 2024 Avg Home Value: $111,876
  • Jan 2024 Avg Mortgage: $663
  • Total Expenditures Cost: $1,733

50 Best Cities To Retire on $3,500 a Month (30)

22. Highland Heights, Kentucky

  • Livability Score: 87
  • Jan 2024 Avg Home Value: $201,204
  • Jan 2024 Avg Mortgage: $1,193
  • Total Expenditures Cost: $1,852

50 Best Cities To Retire on $3,500 a Month (31)

21. Hutchison, Kansas

  • Livability Score: 78
  • Jan 2024 Avg Home Value: $125,942
  • Jan 2024 Avg Mortgage: $747
  • Total Expenditures Cost: $1,739

50 Best Cities To Retire on $3,500 a Month (32)

20. Dubuque, Iowa

  • Livability Score: 87
  • Jan 2024 Avg Home Value: $213,041
  • Jan 2024 Avg Mortgage: $1,263
  • Total Expenditures Cost: $1,772

50 Best Cities To Retire on $3,500 a Month (33)

19. Charleston, West Virginia

  • Livability Score: 84
  • Jan 2024 Avg Home Value: $141,826
  • Jan 2024 Avg Mortgage: $841
  • Total Expenditures Cost: $1,996

50 Best Cities To Retire on $3,500 a Month (34)

18. Clarksburg, West Virginia

  • Livability Score: 79
  • Jan 2024 Avg Home Value: $103,893
  • Jan 2024 Avg Mortgage: $616
  • Total Expenditures Cost: $1,897

50 Best Cities To Retire on $3,500 a Month (35)

17. Bowling Green, Ohio

  • Livability Score: 88
  • Jan 2024 Avg Home Value: $233,473
  • Jan 2024 Avg Mortgage: $1,384
  • Total Expenditures Cost: $1,678

Are You Retirement Ready?

50 Best Cities To Retire on $3,500 a Month (36)

16. Huntington, West Virginia

  • Livability Score: 81
  • Jan 2024 Avg Home Value: $112,482
  • Jan 2024 Avg Mortgage: $667
  • Total Expenditures Cost: $1,951

50 Best Cities To Retire on $3,500 a Month (37)

15. New Castle, Pennsylvania

  • Livability Score: 78
  • Jan 2024 Avg Home Value: $128,409
  • Jan 2024 Avg Mortgage: $761
  • Total Expenditures Cost: $1,656

50 Best Cities To Retire on $3,500 a Month (38)

14. University Heights, Ohio

  • Livability Score: 89
  • Jan 2024 Avg Home Value: $236,733
  • Jan 2024 Avg Mortgage: $1,403
  • Total Expenditures Cost: $1,682

50 Best Cities To Retire on $3,500 a Month (39)

13. Fergus Falls, Minnesota

  • Livability Score: 81
  • Jan 2024 Avg Home Value: $176,633
  • Jan 2024 Avg Mortgage: $1,047
  • Total Expenditures Cost: $1,544

50 Best Cities To Retire on $3,500 a Month (40)

12. Pampa, Texas

  • Livability Score: 76
  • Jan 2024 Avg Home Value: $82,516
  • Jan 2024 Avg Mortgage: $489
  • Total Expenditures Cost: $1,762

50 Best Cities To Retire on $3,500 a Month (41)

11. Erie, Pennsylvania

  • Livability Score: 83
  • Jan 2024 Avg Home Value: $164,241
  • Jan 2024 Avg Mortgage: $974
  • Total Expenditures Cost: $1,707

50 Best Cities To Retire on $3,500 a Month (42)

10. Johnstown, Pennsylvania

  • Livability Score: 78
  • Jan 2024 Avg Home Value: $93,483
  • Jan 2024 Avg Mortgage: $554
  • Total Expenditures Cost: $1,778

50 Best Cities To Retire on $3,500 a Month (43)

9. Waterloo, Iowa

  • Livability Score: 81
  • Jan 2024 Avg Home Value: $136,709
  • Jan 2024 Avg Mortgage: $810
  • Total Expenditures Cost: $1,697

50 Best Cities To Retire on $3,500 a Month (44)

8. Robstown, Texas

  • Livability Score: 78
  • Jan 2024 Avg Home Value: $84,982
  • Jan 2024 Avg Mortgage: $504
  • Total Expenditures Cost: $1,791

50 Best Cities To Retire on $3,500 a Month (45)

7. Tiffin, Ohio

  • Livability Score: 82
  • Jan 2024 Avg Home Value: $162,320
  • Jan 2024 Avg Mortgage: $962
  • Total Expenditures Cost: $1,550

50 Best Cities To Retire on $3,500 a Month (46)

6. Kent, Ohio

  • Livability Score: 89
  • Jan 2024 Avg Home Value: $210,890
  • Jan 2024 Avg Mortgage: $1,250.
  • Total Expenditures Cost: $1,669

50 Best Cities To Retire on $3,500 a Month (47)

5. Wausau, Wisconsin

  • Livability Score: 89
  • Jan 2024 Avg Home Value: $198,575
  • Jan 2024 Avg Mortgage: $1,177
  • Total Expenditures Cost: $1,720

50 Best Cities To Retire on $3,500 a Month (48)

4. Akron, Ohio

  • Livability Score: 81
  • Jan 2024 Avg Home Value: $118,273
  • Jan 2024 Avg Mortgage: $701
  • Total Expenditures Cost: $1,662

50 Best Cities To Retire on $3,500 a Month (49)

3. Frostburg, Maryland

  • Livability Score: 85
  • Jan 2024 Avg Home Value: $160,742
  • Jan 2024 Avg Mortgage: $953
  • Total Expenditures Cost: $1,642

50 Best Cities To Retire on $3,500 a Month (50)

2. Millville, Pennsylvania

  • Livability Score: 84
  • Jan 2024 Avg Home Value: $115,511
  • Jan 2024 Avg Mortgage: $685
  • Total Expenditures Cost: $1,838

50 Best Cities To Retire on $3,500 a Month (51)

1. Frankfort, Kentucky

  • Livability Score: 91
  • Jan 2024 Avg Home Value: $208,073
  • Jan 2024 Avg Mortgage: $1,233
  • Total Expenditures Cost: $1,694

Jennifer Taylor contributed to the reporting of this article.

Methodology: To find the best cities to retire on $3,500 a month, GOBankingRates analyzed cities cost of living indexes across multiple expenditure categories including; [1] Grocery cost of living index, [2] Healthcare cost of living index, [3] Utilities cost of living index, [4] Transportation cost of living index, [5] Miscellaneous cost of living index all sourced from Sperlings BestPlaces. Each cost of living index was multiplied by it’s [6] national average expenditure category cost for people aged 65 and over as sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey. The total of these expenditures gives the average monthly total expenditure cost for each city. The [7] average single family home value was sourced from Zillow Home Value Index and using the [8] National average 30-year Fixed Rate Mortgage, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated for each city. Combining the average mortgage and average expenditure costs, the monthly total cost can be calculated and only the cities where the monthly total cost was equal to or less than $3,500 a month were kept. The livability index was found for each city as sourced from AreaVibes. All the places with a livability index below 75 were removed as they represent places with a poor quality of life and do not qualify for this study. All remaining cities are within the affordability for the retirement age range and have a high quality of life. The livability index was scored and weighted at 1.00, the monthly total cost with was scored and weighted at 1.25. The scores were combined and sorted to show the best cities to retire on $3,500 a month. All data was collected and is up to date as of Feb. 28, 2024.

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50 Best Cities To Retire on $3,500 a Month (2024)
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