You want to retire in a warm climate and have that location in mind. You want to move to the South specifically, but you need to find a new hometown that you can afford on a fixed income.
The average monthly Social Security benefit as of December 2022 is $1,688.35, according to the Social Security Administration. According to a GOBankingRates study from June 2022, this is actually less expensive than the $1,927 monthly national average for a one-bedroom apartment.
Housing is obviously not the only expense you should consider. The average cost of groceries in the US is $4,942 annually, or $411.83 per month, while the average cost of healthcare is $5,177 annually, or $431.42 per month. Additionally, you should keep in mind that the average monthly expense is $2,770.25 when establishing your budget.
Aside from affordability, it is critical to select a Southern town with a sizable 65 and older population. Remember that the average in the United States is 16%, as this will be important in your social life. Are you ready to investigate the findings of GOBankingRates?
Top 5 Ideal Cities With Lowest Housing Rates You Should Retire On Starting at $1,500 Per Month(Photo: https://money.usnews.com/)
Here are the top five Southern cities for a $1,500-per-month.
5. Lubbock, Texas
- Monthly expenditures: $1,577.10
- Percent of population 65 and older: 13%
- Livability: 68
A significant plus is that Lubbock has the lowest average monthly cost of groceries on the list, at $378.47. The average cost of a one-bedroom apartment is $746.50 per month, which is still considerably less than the $1,927 per month national average, and the average healthcare cost is $452.12 per month, which is more than the $431.42 monthly average. However, of all five cities, these two figures are the most expensive.
4. Midland, Texas
Midland has the highest average monthly grocery cost of any city on this list, coming in at $400.30, just under the $411.83 monthly national average. In terms of monthly rent, a one-bedroom apartment costs an average of $716. The average monthly cost of healthcare, on the other hand, is $436.59.
3. Lake Charles, Louisiana
