This article takes a look at the 51 best cities to retire on $3,500 a month. If you wish to skip our detailed analysis of the struggle of American workers, you may go to 10 Best Cities to Retire on $3,500 a Month.
The Struggle of American Workers in an Unstable Financial Landscape
According to retirement expert Teresa Ghilarducci, the retirement system in the United States of America has left behind the bottom 90% of workers. Unable to support themselves on Social Security benefits and savings, these people often find themselves working into old age. Credit Karma, a financial services firm, reveals that an estimated 27% of people aged 59 or older have no retirement savings at all, further reinforcing the need to work post-retirement to support themselves. These findings are noteworthy considering the Social Security trust fund is all set to be depleted by 2034, resulting in a cut in benefits for the millions of Americans who depend on it.
Of the 67 million retirees depending on Social Security, a depleted trust fund implies that each beneficiary ought to receive only 77 cents for every $1 in benefits- with the poorest Americans being affected the most. However, it’s not that Americans don’t want to save for retirement, but rather that they don't have an option otherwise. As noted by a retirement survey by The Charles Schwab Corporation (NYSE:SCHW), a growing number of US workers are finding it hard to save for retirement altogether. As of 2022, 47% of the respondents in the The Charles Schwab Corporation (NYSE:SCHW) survey revealed that they believed they were "very likely" to reach their retirement goals. However, this percentage went down to 37% in a year.
The Goldman Sachs Group, Inc. (NYSE:GS) accurately captures this phenomenon in what they consider to be a “financial vortex”. Due to this financial vortex, The Goldman Sachs Group, Inc. (NYSE:GS) warns that workers fail to understand what to prioritize, and this is in turn pushing back their retirement by many years. This is true despite many Americans having improved their level of savings in the past year. However, the complex financial landscape, characterized by competing responsibilities like credit card debt, saving for college, and providing financial support to family members, has disrupted savings strategies. This has resulted in a delay in retirement plans by four or more years for 21% of respondents, according to a Goldman Sachs Asset Management (GSAM) retirement report.
"While retirement sentiment improved over last year, the financial vortex remains a huge problem for many workers and retirees. Its challenges are largely immune to improvement in markets and the economy and will continue to impact new generations of retirement savers”.
-Chris Ceder, senior retirement strategist at Goldman Sachs Asset Management, The Goldman Sachs Group, Inc. (NYSE:GS)
While the above scenario may be true for the bottom 90% of American workers, Empower, a financial services company, reveals that more than half of Americans may be in the job market post-retirement and open to work “indefinitely”. This report implies that while a majority of workers do work for the money after retirement, many more do so for reasons such as personal fulfillment \. Nevertheless, one reality for a large portion of retirees in the US is that they live on fixed incomes. For this reason, they must learn to live on either their social security benefits or an amount that includes their minimal savings. For a certain portion of retirees, this figure is near about $3,500. Having covered lists for the best places to retire on $3,000 a month, best places to retire on $2,000 a month, and even best places to retire on $1,500 a month, let’s see what the best places to retire on $3,500 a month are.
Copyright: sepavo / 123RF Stock Photo
Methodology
To compile the list of best cities to retire on $3,500 a month, we updated our previous list of best places to retire on $3,500 a month. Next, we added more cities from sources such as Nasdaq, US News Real Estate, and a few others. After compiling a list, we ranked the cities on their cost of living index, average rent, median home price, and livability scores. Livability scores have been taken from Area Vibes, the cost of living index is from Best Places, rents are from sources such as Zillow and Zumper, while the median home price is from Redfin, Realtor, etc. Scores were summed up for each place and places were ranked in an ascending order from the lowest to the highest scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the 51 best cities to retire on $3,500 a month:
51. Greenville, South Carolina
Insider Monkey Score: 30
Cost of Living Index: 91.3
Average Rent (1-bedroom): $1,383
Median Home Price: $401,000
Livability Score: 73
If you want to work, play, or simply retire, Greenville is the all-rounder destination to be. Seniors can spend the day hiking or enjoying a round of golf, attending live performances at the Peace Center, and ending the day enjoying the diverse culinary offerings downtown.
50. Knoxville, Tennessee
Insider Monkey Score: 32
Cost of Living Index: 91.8
Average Rent (1-bedroom): $1,346
Median Home Price: $327,000
Livability Score: 72
Retiring to Knoxville doesn’t only make sense financially, but it also provides the perfect opportunity to embrace the enchanting blend of country living with the dynamic vibrancy of city life. Seniors get to enjoy leisurely walks along the Tennessee River, explore the Great Smoky Mountains National Park, and even attend cultural events at the Knoxville Museum of Art.
49. Winchester, Virginia
Insider Monkey Score: 44
Cost of Living Index: 91.6
Average Rent (1-bedroom): $1,182
Median Home Price: $371,000
Livability Score: 73
Winchester has been stealing the limelight from other retirement locales with its historic charm, scenic beauty, and affordable cost of living. From exploring sites like Old Town Winchester, to hiking in Shenandoah National Park, and attending art exhibitions and theater performances; Winchester is one of the best cities to retire on $3,500 a month.
48. Albuquerque, New Mexico
Insider Monkey Score: 46
Cost of Living Index: 92
Average Rent (1-bedroom): $1,053
Median Home Price: $323,000
Livability Score: 71
Next on our roster of enticing retirement spots is Albuquerque, a beloved destination renowned for its abundant sunshine, averaging a stunning 310 sunny days per year. With such plentiful sunshine, seniors have ample opportunities to revel in the great outdoors. Whether it's hiking and biking amidst the breathtaking landscapes of the Sandia Mountains, indulging in peaceful bird-watching at the Rio Grande Nature Center, or embarking on an unforgettable hot-air balloon ride—given its title as the Hot Air Ballooning Capital of the World—Albuquerque offers retirees a wealth of memorable experiences amidst its radiant skies.
47. Walla Walla, Washington
Insider Monkey Score: 53
Cost of Living Index: 93.2
Average Rent (1-bedroom): $1,172
Median Home Price: $415,000
Livability Score: 80
A wine lover’s paradise, Walla Walla is an amazing retirement destination known for its scenic beauty and relaxed pace of life. Besides being home to more than a hundred wineries, Walla Walla has also established a name for itself for its culinary scene, arts and entertainment, and even abundant outdoor recreation.
46. Lakeland, Florida
Insider Monkey Score: 55
Cost of Living Index: 91.6
Average Rent (1-bedroom): $1,297
Median Home Price: $302,000
Livability Score: 76
Deemed as one of the best East Coast cities, many retirees in Lakeland also manage to retire under $3,000 a month. This haven is home to several lakes, stunning wildlife, and striking natural beauty.
45. Jacksonville, Florida
Insider Monkey Score: 57
Cost of Living Index: 95.7
Average Rent (1-bedroom): $1,277
Median Home Price: $313,000
Livability Score: 80
Another Florida pick, retiring to Jacksonville is not only easy on the pockets but also soothing for the soul. Retirees love its warm climate, abundant recreational opportunities, and the city's vibrant beaches.
44. Savannah, Georgia
Insider Monkey Score: 59
Cost of Living Index: 90.2
Average Rent (1-bedroom): $1,559
Median Home Price: $335,000
Livability Score: 79
A Georgia favorite for many, Savannah is one of the best cities to retire at $3,500 a month. Retirees love this city for its antebellum architecture, live music and theater, and traditional Southern cuisine.
43. Bentonville, Arkansas
Insider Monkey Score: 61
Cost of Living Index: 91.6
Average Rent (1-bedroom): $1,349
Median Home Price: $430,000
Livability Score: 83
Striking the ideal balance between a small-town atmosphere and modern amenities, Bentonville is another incredible destination to retire to. Known as the birthplace and world headquarters location of Walmart, the city's dedication to outdoor recreation shines through its expansive trail network, notably the acclaimed Razorback Regional Greenway. Additionally, it’s also known for its world-class Crystal Bridges Museum of American Art, offering retirees a cultural haven with access to a rich collection of artworks and exhibitions.
42. Athens, Georgia
Insider Monkey Score: 62
Cost of Living Index: 87.6
Average Rent (1-bedroom): $1,219
Median Home Price: $392,500
Livability Score: 78
Next up on our list of best cities to retire on $3,500 a month is Athens, Georgia. Often in the limelight for being home to the University of Georgia, Athens is celebrated for its vibrant cultural scene and lifelong learning opportunities.
41. Rochester, Minnesota
Insider Monkey Score: 68
Cost of Living Index: 94.2
Average Rent (1-bedroom): $1,301
Median Home Price: $399,000
Livability Score: 91
Folks at Rochester say there is more to the city than its award-winning Mayo Clinic. The Rochester Community and Technical College also offers courses for seniors, and overall retirees get to enjoy a high quality of life.
40. Gainesville, Florida
Insider Monkey Score: 70
Cost of Living Index: 92.2
Average Rent (1-bedroom): $1,249
Median Home Price: $300,000
Livability Score: 80
Boasting a moderate cost of living (7.8% lower than the national average) and a thriving community, Gainesville offers retirees a warm climate and plenty of outdoor activities to enjoy. Seniors can explore the nearby natural springs, enjoy cultural events at the Hippodrome Theatre, and even engage in scenic hikes and nature walks. Gainesville is truly one of the best cities to retire on $3,500 a month.
39. Holland, Michigan
Insider Monkey Score: 71
Cost of Living Index: 94.3
Average Rent (1-bedroom): $1,340
Median Home Price: $290,000
Livability Score: 82
Holland's serene lakeshore vistas and enchanting downtown area stand out as the highlights of this city, particularly for retirees seeking a tranquil lifestyle. Seniors can spend their days strolling along the scenic waterfront, visiting local art galleries, and even enjoying the lively Tulip Time Festival in spring.
38. Pensacola, Florida
Insider Monkey Score: 71
Cost of Living Index: 89
Average Rent (1-bedroom): $1,332
Median Home Price: $315,000
Livability Score: 79
From enjoying the city’s picturesque beaches to immersing themselves in rich history and even devouring the diverse culinary scene, Pensacola stands as one of the best cities to retire on $3,500 a month. Seniors can also enjoy leisurely activities such as sunbathing along the Gulf Coast beaches, while also savoring delicious seafood delicacies
37. Daytona Beach, Florida
Insider Monkey Score: 72
Cost of Living Index: 94.9
Average Rent (1-bedroom): $1,166
Median Home Price: $262,000
Livability Score: 79
Judging by the number of Florida picks, the sunshine state boasts some of the best cities to retire on $3,500 a month. Daytona Beach, our next pick, is best for those seeking a relaxed coastal lifestyle while making sure they don’t break the bank.
36. San Antonio, Texas
Insider Monkey Score: 77
Cost of Living Index: 91.3
Average Rent (1-bedroom): $1,599
Median Home Price: $299,000
Livability Score: 81
San Antonio is best described by its rich history, vibrant culture, and affordable living. If you decide to make San Antonio your home, you can explore the city's historic Missions, stroll along the scenic River Walk, or attend cultural events like the Fiesta San Antonio.
35. Huntsville, Alabama
Insider Monkey Score: 79
Cost of Living Index: 94.2
Average Rent (1-bedroom): $1,003
Median Home Price: $320,000
Livability Score: 81
From hiking in the nearby mountains to visiting the US Space & Rocket Center and even exploring its charming downtown, Huntsville is an amazing mountain town and one of the best cities to retire on $3,500 a month.
34. Columbus, Ohio
Insider Monkey Score: 81
Cost of Living Index: 91.4
Average Rent (1-bedroom): $1,211
Median Home Price: $270,000
Livability Score: 79
According to various sources, Columbus is the destination that boasts it all. Being home to The Ohio State University, this city is full of culture and life. From visiting world-class museums, enjoying performances at the Ohio Theatre, or strolling in one of the city's many parks and gardens, there is so much to see and do.
33. Plymouth, Michigan
Insider Monkey Score: 83
Cost of Living Index: 91.8
Average Rent (1-bedroom): $1,206
Median Home Price: $370,000
Livability Score: 85
Next up on our list of best cities to retire on $3,500 a month is Plymouth, Michigan. In this city, a picturesque downtown, scenic parks, and a vibrant arts scene contribute to an exceptional quality of life.
32. Pueblo, Colorado
Insider Monkey Score: 84
Cost of Living Index: 90.3
Average Rent (1-bedroom): $927
Median Home Price: $299,000
Livability Score: 75
Besides the mild climate and the affordable cost of living, retiring to Pueblo makes sense because it is an outdoor enthusiast’s dream. Retirees here love to go hiking and fishing in the nearby mountains, explore museums and galleries, and even try the city's famous green chile cuisine.
31. Columbia, South Carolina
Insider Monkey Score: 85
Cost of Living Index: 87.4
Average Rent (1-bedroom): $1,165
Median Home Price: $270,000
Livability Score: 76
Those who choose to retire in Columbia are promised a blend of southern charm, rich history, and affordable living. As a senior, you get to explore historic sites like the South Carolina State House, enjoy outdoor activities along the Congaree River, or attend cultural events.
30. Detroit Lakes, Minnesota
Insider Monkey Score: 87
Cost of Living Index: 87.2
Average Rent (1-bedroom): $833
Median Home Price: $390,000
Livability Score: 76
Besides its scenic lakes, Detroit Lakes is also famous for its recreational opportunities, and tight-knit community. For those looking for an ideal lakeside retreat, it doesn't get any better than here.
29. Lincoln, Nebraska
Insider Monkey Score: 90
Cost of Living Index: 92.6
Average Rent (1-bedroom): $931
Median Home Price: $370,000
Livability Score: 83
Lincoln's low cost of living, excellent healthcare facilities, and a strong sense of community make it one of the best cities to retire in $3,500 a month. Seniors can delve into a wealth of cultural experiences at the Lied Center for Performing Arts, wander through the enchanting Sunken Gardens, or partake in the excitement of sporting events held at the University of Nebraska.
28. Reading, Pennsylvania
Insider Monkey Score: 92
Cost of Living Index: 94
Average Rent (1-bedroom): $913
Median Home Price: $210,000
Livability Score:78
Previously making it to our list of best cities to retire on $3,500 a month, Reading makes a comeback owing to its rich history, access to scenic outdoor destinations, and affordable living. With rent under $1,000, there's ample income to spend on food, utilities, and some nice dinner dates every once in a while.
27. Roanoke, Virginia
Insider Monkey Score: 96
Cost of Living Index: 80.9
Average Rent (1-bedroom): $1,045
Median Home Price: $270,000
Livability Score: 75
Roanoke is truly a nature lover's dream. Nestled in the Blue Ridge Mountains, seniors can relish its stunning natural scenery, outdoor recreational opportunities, and thriving arts scene. With a cost of living almost 20% lower than the national average, Roanoke is one of the best cities to retire on $3,500 a month.
26. Lexington, Kentucky
Insider Monkey Score: 101
Cost of Living Index: 90.8
Average Rent (1-bedroom): $1,007
Median Home Price: $389,250
Livability Score: 86
Owing to its horse country charm, vibrant downtown, and affordable living costs, Lexington is easily one of the best cities to retire on $3,500 a month. Active adults can retire here and visit the many horse farms and bourbon distilleries, explore the city's historic architecture, or attend cultural events.
25. Verona, Pennsylvania
Insider Monkey Score: 109
Cost of Living Index: 91.8
Average Rent (1-bedroom): $900
Median Home Price: $161,000
Livability Score: 78
Verona presents retirees with a tranquil suburban environment, conveniently located near Pittsburgh's outdoor adventures and attractions. From hiking and biking along the picturesque Allegheny River Trail to exploring museums and galleries in the city, there is much to do to keep one entertained.
24. Grand Forks, North Dakota
Insider Monkey Score: 110
Cost of Living Index: 85
Average Rent (1-bedroom): $761
Median Home Price: $316,000
Livability Score: 78
Considered one of the best places to retire in North Dakota, Grand Forks speaks to retirees owing to its affordable living, and access to outdoor activities like fishing, hunting, and cross-country skiing.
23. Lawrence, Kansas
Insider Monkey Score: 110
Cost of Living Index: 93
Average Rent (1-bedroom): $917
Median Home Price: $303,000
Livability Score: 88
Lawrence's vibrant arts scene, affordable living, and strong sense of community make it one of the best cities to retire on $3,500 a month. Retirees can explore galleries and studios in the historic Warehouse Arts District, attend performances at the Lied Center of Kansas, or cheer on the Jayhawks at sporting events.
22. Sioux Falls, South Dakota
Insider Monkey Score: 110
Cost of Living Index: 90.7
Average Rent (1-bedroom): $988
Median Home Price: $315,000
Livability Score: 84
Previously making it to our list of best places to retire in the US, Sioux Falls boasts excellent healthcare facilities and abundant recreational opportunities. Seniors can hike in Falls Park, explore the Sculpture Walk downtown, and even attend cultural events at the Washington Pavilion.
21. Sierra Vista, Arizona
Insider Monkey Score: 114
Cost of Living Index: 84.8
Average Rent (1-bedroom): $922
Median Home Price: $255,000
Livability Score: 78
Considered one of Arizona's best, Sierra Vista allures retirees with its mild climate, stunning desert landscapes, and a range of outdoor recreational opportunities. Seniors can explore hiking trails in the nearby Huachuca Mountains, visit historical sites like Fort Huachuca, or simply relax in parks or gardens.
20. Robstown, Texas
Insider Monkey Score: 115
Cost of Living Index: 83.5
Average Rent (1-bedroom): $999
Median Home Price: $283,000
Livability Score: 80
Robstown is appreciated for its laid-back lifestyle, reasonable living costs, and affordable housing. Known as the birthplace of Texas hold 'em poker, this city holds particular appeal for retirees who relish a spirited game.
19. Fond du Lac, Wisconsin
Insider Monkey Score: 118
Cost of Living Index: 80.3
Average Rent (1-bedroom): $845
Median Home Price: $224,000
Livability Score: 72
From fishing and boating on Lake Winnebago to exploring the local parks and trails, and even participating in community events and festivals, there are a million ways to keep busy in the budget-friendly Fond du Lac.
18. Racine, Wisconsin
Insider Monkey Score: 119
Cost of Living Index: 86.2
Average Rent (1-bedroom): $951
Median Home Price: $175,000
Livability Score: 79
Besides its low cost of living and affordable housing prices, Racine is known to be one of the best cities to retire for its scenic Lake Michigan shoreline, many art galleries and museums, and also its cultural events and performances.
17. Davenport, Iowa
Insider Monkey Score: 121
Cost of Living Index: 82.9
Average Rent (1-bedroom): $893
Median Home Price: $176,000
Livability Score: 76
Besides catering to retirees' budgetary needs, Davenport is also a classic retirement destination because of its many historic sites and landmarks, dining and entertainment venues, and the vast array of recreational activities available.
16. Mishawaka, Indiana
Insider Monkey Score: 121
Cost of Living Index: 79
Average Rent (1-bedroom): $1,033
Median Home Price: $165,000
Livability Score: 75
Featuring dozens of parks, a river walk, and numerous recreational facilities, Mishawaka is another one of the best cities to retire on $3,500 a month.
15. Scranton, Pennsylvania
Insider Monkey Score: 127
Cost of Living Index: 83.6
Average Rent (1-bedroom): $1,320
Median Home Price: $170,500
Livability Score: 84
Besides the below-average cost of living, Scranton appeals to retirees because of its vibrant cultural scene and peaceful lifestyle. Seniors can explore the city's rich history at places like Lackawanna County Courthouse, enjoy outdoor activities in nearby parks and nature reserves, and attend theatrical performances and concerts.
14. Neenah, Wisconsin
Insider Monkey Score: 128
Cost of Living Index: 85.5
Average Rent (1-bedroom): $1,142
Median Home Price: $235,000
Livability Score: 84
Another Wisconsin pick, retirees in Neenah can relax in the picturesque Riverside Park, explore the scenic Fox River Trail, and even participate in community events and recreational programs.
13. Frankfort, Kentucky
Insider Monkey Score: 130
Cost of Living Index: 79.8
Average Rent (1-bedroom): $687
Median Home Price: $215,000
Livability Score: 71
Next up on our list of best cities to retire on $3,500 a month is Frankfort, Kentucky. Low cost of living, affordable housing, and a decent livability score have earned the city a spot on our list.
12. Fergus Falls, Minnesota
Insider Monkey Score: 140
Cost of Living Index: 87.8
Average Rent (1-bedroom): $775
Median Home Price: $169,000
Livability Score: 80
From relishing the city's scenic parks and nature reserves to engaging in outdoor recreational activities and participating in community events and gatherings, retiring to Fergus Falls is also a good option for those on a budget.
11. Belleville, Illinois
Insider Monkey Score: 141
Cost of Living Index: 80.8
Average Rent (1-bedroom): $823
Median Home Price: $159,000
Livability Score: 76
Noted for its beautiful fountains and historic architecture, retiring to Belleville can be a dream for retirees. Retiring to this tax-friendly state is already a plus, and Belleville in particular makes it all the more pleasing.
Click to continue reading and see the 10 Best Cities to Retire on $3,500 a Month.
Suggested Articles:
15 Best Cities to Retire in the Midwest
15 Money Mistakes to Avoid in Your 30s
20 Countries with the Oldest Populations in the World
Disclosure: none.51 Best Cities to Retire on $3,500 a Month is originally published on Insider Monkey.
