Canada markets open in 5 hours 48 minutes
  • S&P/TSX

    18,307.91
    -19.13 (-0.10%)
     
  • S&P 500

    3,647.29
    -7.75 (-0.21%)
     
  • DOW

    29,134.99
    -125.82 (-0.43%)
     
  • CAD/USD

    0.7253
    -0.0035 (-0.48%)
     
  • CRUDE OIL

    76.92
    -1.58 (-2.01%)
     
  • BTC-CAD

    25,842.29
    -2,224.72 (-7.93%)
     
  • CMC Crypto 200

    428.67
    -30.47 (-6.64%)
     
  • GOLD FUTURES

    1,625.20
    -11.00 (-0.67%)
     
  • RUSSELL 2000

    1,662.51
    +6.63 (+0.40%)
     
  • 10-Yr Bond

    3.9640
    0.0000 (0.00%)
     
  • NASDAQ futures

    11,216.75
    -117.00 (-1.03%)
     
  • VOLATILITY

    34.22
    +1.96 (+6.08%)
     
  • FTSE

    6,854.36
    -130.23 (-1.86%)
     
  • NIKKEI 225

    26,173.98
    -397.89 (-1.50%)
     
  • CAD/EUR

    0.7581
    -0.0008 (-0.11%)
     

35 Best Cities To Retire on $3,000 per Month

·6 min read
Shutterstock.com
Shutterstock.com

Are you considering joining the approximately 47 million Americans who are retired? You're not alone. That's approximately 14% of the U.S. population that has closed the door on the working world.

Making the decision to retire is momentous, but it leads to many other decisions. One of the biggest is where to live.

Find: 20 Best Places To Live on Only a Social Security Check
Advice: 25 Things To Sell When You're Ready To Retire

GOBankingRates is here to help, giving you the best cities to retire on a monthly budget of $3,000 or less for a person 65 and older. In addition to looking at the cost of living for each city, GOBankingRates used only cities that scored well for livability and had at least 10% of the population over the age of 65.

The numbers vary widely for the cities in our top 35. A one-bedroom apartment in Lubbock, Texas, rents for $690 per month, while the same in Boise, Idaho, will cost $1,420 per month. The average of the cities on our list is $1,066 per month.

POLL: Do You Think States Should Suspend Their Gas Taxes?

Monthly grocery costs also show a wide range. The average is $399.14, while Las Vegas and Reno, Nevada, lead the way at $421.31. The lowest average on our list is Shreveport, Louisiana, at $374.77.

The last price GOBankingRates measured was monthly healthcare cost, which averaged $415.36 among the top 35 cities. The numbers ranged from $351.60 in Tucson, Arizona, to $537.11 in Lincoln, Nebraska.

See the best cities to retire on $3,000 a month.

christiannafzger / Getty Images/iStockphoto
christiannafzger / Getty Images/iStockphoto

35. Boise

Monthly expenses: $2,199.32

The largest city in Idaho kicks off this list, but it also scores highest in the AreaVibes livability ranking at 81. The monthly rent for a one-bedroom apart is high at $1,420, but the average monthly cost of groceries is on the low end of the spectrum at $386.30.

Sherry V Smith / Shutterstock.com
Sherry V Smith / Shutterstock.com

34. Virginia Beach, Virginia

Monthly expenses: $2,182.45

Healthcare costs are on the higher end here, at $469.38 per month, and this coastal town's grocery bill also comes in higher, at $413.07.

alacatr / iStock.com
alacatr / iStock.com

33. Reno, Nevada

Monthly expenses: $2,108.21

Reno's healthcare costs are a little lower, at $396.90, while the monthly cost of groceries is the highest on the list, at $421.31.

bluejayphoto / Getty Images/iStockphoto
bluejayphoto / Getty Images/iStockphoto

32. Las Vegas

Shutterstock.com
Shutterstock.com

31. Mesa, Arizona

Art Wager / Getty Images
Art Wager / Getty Images

30. Phoenix

TraceRouda / Getty Images/iStockphoto
TraceRouda / Getty Images/iStockphoto

29. Jacksonville, Florida

Monthly expenses: $2,057.44

The Sunshine State city has healthcare costs on the higher end, at $418.91.

Davel5957 / Getty Images/iStockphoto
Davel5957 / Getty Images/iStockphoto

28. Fort Worth, Texas

Monthly expenses: $2,051.19

The home of the Stockyards in Texas has one of the lower percentages of residents over 65 years old, at just 11%.

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

27. Houston

Kruck20 / Getty Images/iStockphoto
Kruck20 / Getty Images/iStockphoto

26. Raleigh, North Carolina

Monthly expenses: $2,006.38

At $414.30, the monthly cost for groceries in Raleigh is on the higher side, leading to a score of 100.6 on the grocery cost-of-living index (the average score of the cities ranked is 96.9).

f11photo / Shutterstock.com
f11photo / Shutterstock.com

25. Durham, North Carolina

Shutterstock.com
Shutterstock.com

24. Aurora, Colorado

Monthly expenses: $2,005.78

Aurora's grocery prices are higher than average at $408.95.

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

23. Norfolk, Virginia

Monthly expenses: $2,003.02

This town on Chesapeake Bay has some of the higher monthly healthcare costs, at $470.24.

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

22. Richmond, Virginia

Monthly expenses: $1,996.82

This is the first city on the list with monthly total expenses of less than $2,000, including monthly rent of $1,170.

Ultima_Gaina / Getty Images/iStockphoto
Ultima_Gaina / Getty Images/iStockphoto

21. Pittsburgh

Monthly expenses: $1,965.68

Pittsburgh ties for the oldest population on the list, with 20% of the population aged 65 or older. The monthly healthcare costs are quite low, at $369.72 (average is $415.36).

SeanPavonePhoto / Getty Images/iStockphoto
SeanPavonePhoto / Getty Images/iStockphoto

20. Chattanooga, Tennessee

Monthly expenses: $1,956.93

Chattanooga features below-average monthly grocery prices of $399.48, But healthcare tilts a little high, at $437.46.

SeanPavonePhoto / iStock.com
SeanPavonePhoto / iStock.com

19. Knoxville, Tennessee

Monthly expenses: $1,913.17

The home of the University of Tennessee isn't cheap, but the large retiree crowd (18%) has to appreciate that the monthly grocery bill ($400.30) is below average.

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

18. Colorado Springs, Colorado

Monthly expenses: $1,905.52

The population over 65 is only 13%, and the monthly grocery expenses are $405.24.

MarynaG / Shutterstock.com
MarynaG / Shutterstock.com

17. Madison, Wisconsin

Monthly expenses: $1,905.50

The monthly healthcare costs are quite low, at $372.31.

RiverNorthPhotography / Getty Images
RiverNorthPhotography / Getty Images

16. Lincoln, Nebraska

Monthly expenses: $1,878.24

The home of the Cornhuskers has the highest healthcare costs of the cities on the list, at $537.11. But average rent is just $940, which is why Lincoln sits in the middle of this list.

gregobagel / Getty Images
gregobagel / Getty Images

15. Spokane, Washington

Monthly expenses: $1,865.40

This inland Northwest city has the second-lowest monthly healthcare costs, at $358.51.

Steve Debenport / Getty Images
Steve Debenport / Getty Images

14. Arlington, Texas

Monthly expenses: $1,862.84

Arlington's costs are close to average, but the livability index is high at 77.

SeanPavonePhoto / Getty Images/iStockphoto
SeanPavonePhoto / Getty Images/iStockphoto

13. San Antonio

Monthly expenses: $1,838.93

San Antonio's monthly grocery costs are the second-lowest on the list, at $376.42.

Davel5957 / iStock.com
Davel5957 / iStock.com

12. Des Moines, Iowa

Monthly expenses: $1,820.63

Des Moines features relatively low rent ($930 per month) and monthly grocery costs ($395.36).

Davel5957 / Getty Images/iStockphoto
Davel5957 / Getty Images/iStockphoto

11. Greensboro, North Carolina

Monthly expenses: $1,779.02

Greensboro's healthcare costs are on the higher side, at $484.48. But rent is $900 and groceries are $394.54.

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

10. Oklahoma City

Monthly expenses: $1,725.63

Oklahoma City has the second-highest healthcare costs, at $505.62, which is 29.3% of the total cost of living for the city.

M_a_y_a / iStock.com
M_a_y_a / iStock.com

9. Corpus Christie, Texas

Monthly expenses: $1,718.34

The Texas coastal town has some of the lowest grocery costs, at $382.18.

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

8. Indianapolis

Monthly expenses: $1,709.95

Indianapolis has a good combination, with below-average costs for both groceries ($385.48) and healthcare ($374.47).

Checubus / Shutterstock.com
Checubus / Shutterstock.com

7. Columbus, Ohio

Monthly expenses: $1,680.50

The home of Ohio State University has higher grocery costs ($406.89) but below-average health-care expenses ($373.61).

dreamyguy1 / Getty Images/iStockphoto
dreamyguy1 / Getty Images/iStockphoto

6. Cincinnati

Monthly expenses: $1,640.38

The Queen City has the third-lowest healthcare costs, at $368.43 per month.

Not Home / Wikimedia Commons
Not Home / Wikimedia Commons

5. Laredo, Texas

Monthly expenses: $1,588.77

This Texas border town has the lowest percentage of population over 65 (9%).

constantgardener / Getty Images
constantgardener / Getty Images

4. Tucson, Arizona

Monthly expenses: $1,584.91

Tucson ties for the oldest population (20% at age 65 or older) but also has the lowest healthcare costs, at $351.60.

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

3. El Paso, Texas

Monthly expenses: $1,562.92

El Paso, another border town, features low healthcare ($374.04) and grocery ($378.79) costs.

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

2. Lubbock, Texas

Monthly expenses: $1,520.60

Lubbock sports the lowest rental costs for a one-bedroom apartment, at $690.

Shutterstock.com
Shutterstock.com

1. Shreveport, Louisiana

Monthly expenses: $1,498.65

Shreveport tops our list, with monthly expenses less than half of our target of $3,000.

More From GOBankingRates

Methodology: To find the best cities to retire on a monthly budget of $3,000 or less, GOBankingRates first used Zumper's March 2022 National Rent Report to find every city in the U.S. that has (1) an average monthly rent of $1,500 or less for a one-bedroom apartment. GOBankingRates then used Sperling's Best to find the cost of living index for each listed city, looking at (2) grocery and (3) healthcare index scores. Next, GOBankingRates used data from the Bureau of Labor Statistics 2020 Consumer Expenditure Survey to find the annual expenditure amount for both grocery ("food at home") and healthcare costs for people aged 65 and older in order to find how much they would spend on groceries and healthcare in each city on a monthly basis. GOBankingRates then added monthly housing, grocery and healthcare costs together to find where a person 65 or older could survive on $3,000 or less. In order for a city to be qualified for the study, it had to have a livabilty score of 65 or higher, as sourced from AreaVibes, and its population had to be 10% or more over the age of 65, according to the Census Bureau's 2020 American Community Survey. All data was collected on and up to date as of April 15, 2022.

This article originally appeared on GOBankingRates.com: 35 Best Cities To Retire on $3,000 per Month