Thinking about retiring soon? Or do you just want to imagine the day when you will be able to? Then it’s time to not just organize your money, but also consider strategies to save, such as moving to a different location where your retirement funds can go even further. And, according to a recent analysis from Insider Monkey, a website committed to providing the finest investment ideas, there’s one place in Texas that we should all think about retiring to.
The website announced its list of the top five southern places to retire in for less than $1,500, with Brownsville, Texas, ranking first.
“With a zoo, state and historical parks, and wildlife refuges, Brownsville offers a happening retirement period for nature enthusiasts,” the website said of the town on the western Gulf Coast. “The cherry on top is the cost of living – 25% lower than the national average – that leaves senior citizens with a spending budget for the nicer things in life.”
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As Insider Monkey has observed, the average monthly rent in town is $775, and the average monthly grocery bill for one person is $288, putting living expenditures considerably below the $1,500 mark. With almost 12% of the local population over the age of 65, you’ll be in good company.
To reach this conclusion, the team analyzed both its data and data from FinanceBuzz, Forbes, and others. Once a seed list was generated, the top options were selected based on the cost of living index and livability rankings obtained from Best Places and Area Vibes. Cities having a cost-of-living index of more than 90 and a livability score of less than 65 were eliminated from the list. It is also included in the average monthly rent cost from Zumper and the average grocery expenditure from the Economic Policy Institute. Finally, the top cities were sorted based on their cost of living, with the city with the lowest cost of living taking first place, and the livability score serving as a tiebreaker.
Two additional Texas communities join Brownsville on the list, with McAllen, Texas, in second place due to its 24 percent cheaper cost of living than the national average. There, the monthly average rent is only $735, while the average grocery bill is $287.
The third and fourth rankings are also in Virginia, with Lynchburg at little over $1,000 per month and Roanoke at $1,149. Lubbock, Texas, rounds out the top five, with an average monthly rent of $675. Despite being lower than the others, Lubbock loses points because of its lower livability score of 78.
Insidermonkey.com has all of the results and may help you locate your ideal retirement place.