U.S. News analyzed recently released 2011 Census Bureau data. We took that data and honed it down to places that offered the lowest housing costs for people or retirement age.
Because housing is the most costly expense we looked at that portion of the budget first. We included mortgage payments for individuals who had one, other housing costs such as property taxes for people who have paid off their mortgage, and average rental costs in the areas to determine the best places to retire on incomes of $40,000 or less.
A combined retirement income of $40,000 is a realistic goal, even for the majority of seniors who aren’t lucky enough to have pensions.
The average monthly Social Security benefit in 2012 for a retired worker was about $1,230. A married couple each receiving that amount would have a retirement income just under $30,000 per year. That means you will have to have additional income that comes from another source. (However if one of you worked full time and the other stayed at home, the person who stayed at home would receive only one half of what their spouse receives in Social Security)
If you have a nest egg of $250,000 (assuming it is invested wisely), or an additional source of income say $850 a month net from a rental property, that could increase your retirement revenue to around $40,000 per year.
We didn’t stop there. Among the places where people age 60 and older spend the least on housing, we went through that list and chose cities with the best amenities seniors will need, including major medical facilities, services for seniors, colleges, and cultural and outdoor activities.
For the List of Cities with median home prices that are under $100K...click here
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