Many people experience frugality throughout retirement because, except for Social Security and pension payments, they do not have much money coming in. If you are not tied to a certain location, you are free to relocate to a cheaper place to live, such as one of the ten tiny towns listed below.
Using ApartmentList data, you may retire in tiny towns with populations of less than 30,000 for $2,300 or less. We also used Sperling’s Best to determine the cost of living index for each location on the list, as well as data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey.
We then combined monthly housing, grocery, and healthcare bills to determine how a person 65 and older could get by on the $2,300 budget.Equally critical was a city’s livability score, which had to be 65 or above according to AreaVibes. When all was said and done, three states dominated the rankings. Continue reading to learn how little it costs to live in these little communities.
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1. Waite Park, Minnesota
- The average rent for one bedroom is $1,073.
- Monthly expenses: $2,204.
- Livability score: 66.
In Waite Park, about 21% of the population is 65 or older. And you’ll only pay $362.38 a month for groceries and $442.30 for healthcare, the latter being the lowest in the survey.
2. Winona, Minnesota
- The average rent for a one-bedroom is $934.
- Monthly expenses: $2,140.
- Livability score: 73.
Healthcare expenditures are not as cheap as Winona, but they are still around $60 per month less than the national average of $528.42. Expect to spend around $362 on groceries and $315 on utilities, which is around 3.5% less than the monthly national average.
3. Reading, Ohio
- The average rent for a one-bedroom is $1.036.
- Monthly expenses: $2,245.
- Livability score: 83.
In Reading, about 17% of the population is 65 years or older. Healthcare costs average $523.74 per month, which is on the low end of the research.
4. Carnegie, PA
- The average rent for one bedroom is $1,026.
- Monthly expenses: $2,256.
- Livability score: 80.
The cost of healthcare in Carnegie is $519.63, so your wages will not be stretched too thin. Utility prices are a little high at $337.53 a month, which exceeds the national average.
5. Austin, Minnesota.
- The average rent for a one-bedroom is $701.
- Monthly expenses: $1,887.
- Livability score: 71.
Austin rents are low, which helps to reduce monthly expenses to a manageable level. Groceries, healthcare, and utilities are all less expensive than the national average, with healthcare expenditures being more than 10% lower.
6. Steubenville, Ohio
- The average rent for one bedroom is $692.
- Monthly expenses: $1,964.
- Livability score: 70.
More than 19% of Steubenville’s population is 65 and older. Monthly utility bills average $330, which is more than the national average. Rents, on the other hand, average just $692, which is around one-third of the national average and one of three areas in the survey where a one-bedroom apartment costs less than $700 per month.
7. West Mifflin, PA
- The average rent for one bedroom is $1,119.
- Monthly expenses: $2,290.
In Seabrook, monthly expenses are over $400 lower than the national average. While healthcare accounts for a sizable portion of spending at $513.44, other expenses, such as monthly grocery costs of $352.09, are minimal.
8. Greensburg, Pa.
- The average rent for a one-bedroom is $872.
- Monthly expenses: $2,073.
- Livability score: 71.
Greensburg has the lowest monthly spending among the three Pennsylvania locations ranked in the study. Greensburg, located in the Pittsburgh metropolitan area, has 22.1% of its population over the age of 65.
9. Newton, Iowa
- The average rent for one bedroom is $650.
- Monthly expenses: $1,965.
- Livability score: 82.
Newton’s modest $650 average rent, the lowest in the research, helps to offset the high expenditures of healthcare and utilities, which are 4.6% and 6.4% more than the national average, respectively.
10. Weirton, WV
- The average rent for a one-bedroom is $889.
- Monthly expenses: $1,983.
Parma Heights, with the highest percentage of persons aged 65 and over (20%), has the lowest rent of any city on the list, and other expenses are equally fair. You’ll have to spend $457.87 a month for healthcare and $297.28 for utilities.
Final Words
Money management becomes very important in retirement. These eleven small communities provide economical living options, with monthly expenses under $2,300. With proper planning, retirees can stretch their budget while maintaining a good standard of living. From Minnesota to West Virginia, these communities offer not only financial assistance but also a warm environment for retirees. With affordable rentals, fair healthcare prices, and other expenses below the national average, these cities are a promising shelter for retirees seeking peace and financial stability in their golden years.