17 Cities Where You Can Retire With Only $30K Plus Social Security

Retirement on a budget, even a strict one, doesn’t have to mean sacrificing your quality of life. Though Social Security benefits may not offer the financial buffer they once did, there still are many cities in the U.S. where they, along with your retirement savings, can provide enough for you to live out your golden years comfortably. With careful planning and a sense of adventure, your dream retirement could be more attainable than you think.

GOBankingRates recently conducted a study to find where (and if) you can still retire with just $30,000, plus your Social Security. The results were based on such factors as average home values, monthly expenditures and cost-of-living (CoL) adjustments after Social Security. Here are some key takeaways: 

• Eight out of the 17 cities found for this study are located in Arkansas. 
• Each city listed has an estimated monthly mortgage payment of less than $500.
• All cities listed also had an average annual cost of living under $25,000. 

Here are 17 cities you should consider if you have $30,000 in retirement savings and are expecting to earn Social Security benefits to help subsidize your fixed income.

• Total population: 60,048
• Percentage of retirement-aged population, 65 and older: 17.8%
• Median household income: $61,039
• Average monthly mortgage payment: $346
• Average monthly expenditure cost: $1,629
• Total annual cost of living: $23,702
• 15 years CoL after Social Security: $19,314

• Total population: 1,995
• Percentage of retirement-aged population, 65 and older: 24.1%
• Median household income: $68,199
• Average monthly mortgage payment: $387
• Average monthly expenditure cost: $1,613
• Total annual cost of living: $23,994
• 15 years CoL after Social Security: $23,705

• Total population: 13,926
• Percentage of retirement-aged population, 65 and older: 21.4%
• Median household income: $58,288
• Average monthly mortgage payment: $331
• Average monthly expenditure cost: $1,679
• Total annual cost of living: $24,109
• 15 years CoL after Social Security: $25,426

• Total population: 13,143
• Percentage of retirement-aged population, 65 and older: 19.3%
• Median household income: $65,415
• Average monthly mortgage payment: $371
• Average monthly expenditure cost: $1,642
• Total annual cost of living: $24,151
• 15 years CoL after Social Security: $26,049

• Total population: 2,390
• Percentage of retirement-aged population, 65 and older: 20.0%
• Median household income: $55,039
• Average monthly mortgage payment: $312
• Average monthly expenditure cost: $1,701
• Total annual cost of living: $24,163
• 15 years CoL after Social Security: $26,235

• Total population: 1,100
• Percentage of retirement-aged population, 65 and older: 25.5%
• Median household income: $53,548
• Average monthly mortgage payment: $304
• Average monthly expenditure cost: $1,593
• Total annual cost of living: $22,765
• 15 years CoL after Social Security: $5,273

• Total population: 13,276
• Percentage of retirement-aged population, 65 and older: 16.9%
• Median household income: $77,969
• Average monthly mortgage payment: $442
• Average monthly expenditure cost: $1,591
• Total annual cost of living: $24,392
• 15 years CoL after Social Security: $29,674

• Total population: 2,655
• Percentage of retirement-aged population, 65 and older: 18.5%
• Median household income: $57,164
• Average monthly mortgage payment: $324
• Average monthly expenditure cost: $1,636
• Total annual cost of living: $23,519
• 15 years CoL after Social Security: $16,576

• Total population: 2,161
• Percentage of retirement-aged population, 65 and older: 21.1%
• Median household income: $57,366
• Average monthly mortgage payment: $325
• Average monthly expenditure cost: $1,627
• Total annual cost of living: $23,431
• 15 years CoL after Social Security: $15,254

• Total population: 378
• Percentage of retirement-aged population, 65 and older: 41.3%
• Median household income: $43,026
• Average monthly mortgage payment: $244
• Average monthly expenditure cost: $1,596
• Total annual cost of living: $22,080
• 15 years CoL after Social Security: -$5,005

• Total population: 5,206
• Percentage of retirement-aged population, 65 and older: 15.4%
• Median household income: $80,384
• Average monthly mortgage payment: $456
• Average monthly expenditure cost: $1,576
• Total annual cost of living: $24,387
• 15 years CoL after Social Security: $29,601

• Total population: 4,280
• Percentage of retirement-aged population, 65 and older: 23.3%
• Median household income: $63,791
• Average monthly mortgage payment: $362
• Average monthly expenditure cost: $1,653
• Total annual cost of living: $24,173
• 15 years CoL after Social Security: $26,379

• Total population: 14,769
• Percentage of retirement-aged population, 65 and older: 16.8%
• Median household income: $47,766
• Average monthly mortgage payment: $271
• Average monthly expenditure cost: $1,671
• Total annual cost of living: $23,306
• 15 years CoL after Social Security: $13,383

• Total population: 3,812
• Percentage of retirement-aged population, 65 and older: 15.8%
• Median household income: $68,922
• Average monthly mortgage payment: $391
• Average monthly expenditure cost: $1,617
• Total annual cost of living: $24,091
• 15 years CoL after Social Security: $25,154

• Total population: 8,842
• Percentage of retirement-aged population, 65 and older: 19.0%
• Median household income: $58,193
• Average monthly mortgage payment: $330
• Average monthly expenditure cost: $1,678
• Total annual cost of living: $24,092
• 15 years CoL after Social Security: $25,169

• Total population: 13,010
• Percentage of retirement-aged population, 65 and older: 11.1%
• Median household income: $65,329
• Average monthly mortgage payment: $370
• Average monthly expenditure cost: $1,598
• Total annual cost of living: $23,618
• 15 years CoL after Social Security: $18,059

• Total population: 1,585
• Percentage of retirement-aged population, 65 and older: 13.8%
• Median household income: $45,063
• Average monthly mortgage payment: $256
• Average monthly expenditure cost: $1,766
• Total annual cost of living: $24,263
• 15 years CoL after Social Security: $27,738

Methodology: For this study, GOBankingRates analyzed cities across the United States to find places where $30,000 in savings is enough to cover the cost of living during retirement, assuming you retire at 65 and live to 80. First GOBankingRates found the cost of living indexes as sourced from Sperling’s BestPlaces. Using the cost of living indexes and using the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for retired residents, the average expenditure cost can be calculated. The average single-family home value is sourced from the Zillow Home Value Index for June 2024. Assuming a 10% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and expenditure costs, the cost of living can be calculated. Using the cost of living and the average Social Security benefits for one person, as sourced from the Social Security Administration, the total cost of living after Social Security benefits can be calculated. Assuming you retire at 65 and live to 80, 15 years of retirement can be calculated. All locations with a 15-year cost of living after Social Security Benefits of under $30,000 were kept for this study. For each remaining location, the livability index was sourced from AreaVibes. The livability index was scored and weighted at 2.00, and the percent of the population ages 65 and over was scored and weighted at 1.00. Both scores were summed and sorted to show the best places to retire with Social Security Benefits and with $30,000 in savings. All data was collected on and is up to date as of August 15th, 2024.