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?
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
- Monthly expenditures: $1,522.90
- Percent of population 65 and older: 18%
- Livability: 72
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
- Monthly expenditures: $1,410.36
- Percent of population 65 and older: 15%
- Livability: 70
With an average cost of $419.77 per month, Lake Charles has the second-lowest healthcare costs on the list. The cost of groceries in the city, which averages $382.59 per month, and the average rent for a one-bedroom apartment, which is $608, are both roughly in the middle.
2. McAllen, Texas
- Monthly expenditures: $1,363.34
- Percent of population 65 and older: 11%
- Livability: 81
You can enjoy living in McAllen and paying the least amount per month for both groceries (an average of $379.30) and medical care (an average of $391.29). A one-bedroom apartment costs an average of $592.75 per month in the second-lowest rent of the five cities.
1. Odessa, Texas
- Monthly expenditures: $1,336.86
- Percent of population 65 and older: 10%
- Livability: 62
With an average rent of $510.50 per month for a one-bedroom apartment, Odessa is the best Southern city to retire to if you have a $1,500 monthly budget. The average monthly cost of groceries is $385.89, and the average monthly cost of healthcare is $440.48, but this city still comes out on top.
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