According to AARP, the Social Security retirement benefit in 2023 will average $1,827 a month. If you are planning to retire and move to another place, it is important to consider housing, food, and medical expenses.
According to GOBankingRates, the average cost of a one-bedroom apartment is $1,927 per month, the average monthly cost of groceries is $411.83, and health care expenses have a monthly average of $431.42. This budget would roughly total $2,770.25.
Five affordable Southern cities you can consider spending your retirement days. (Photo: Symphony Senior Living)
You can consider any of the following for your retirement plan:
- Odessa, Texas
The living expenses for Odessa have a monthly average of $510.50 for rent, $385.89 for groceries, and $440.48 for healthcare expenses. The monthly expenditure of this city is roughly $1,336.86.
- McAllen, Texas
This city will allow you to enjoy both the lowest monthly medical expenses – a monthly average of $389.29 – and grocery costs – a monthly average of $379.30. The rent for a one-bedroom apartment has a monthly average of $592.75.
- Lake Charles, Louisiana
This city’s living expenses have a monthly average of $382.59 for groceries, $419.77 for healthcare, and $608 for the average rent on a one-bedroom apartment.
- Midland, Texas
Among this list, Midland has the most expensive grocery expenses, with a monthly average of $400.30. The rent for a one-bedroom apartment has a monthly average of $716, while healthcare has a monthly average of $436.59.
- Lubbock, Texas
Lubbock has the lowest average cost of groceries on the list at $378.47 a month. The rent for a one-bedroom apartment is $746.90, and the monthly average for its healthcare is $452.12.
When planning to retire, you have to consider the cost, living expenses, and other factors. The cities listed above will surely help you plan to live a relatively stress-free life.
