22 US Cities Where You Can Retire on $5,000 a Month

By Bob Haegele

November 29, 2021

Michael Warren / Getty Images/iStockphoto

One of the most common worries people have when approaching retirement is whether they’ll have enough to retire comfortably, especially with many people living longer. Kiplinger calls this the longevity risk; the life expectancy for American men has increased more than 15 years since 1950. For women, the increase is nearly 15 years.

See: Jaw-Dropping Stats About the State of Retirement in America
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That presents a challenge for soon-to-be retirees who will likely earn less after leaving the workforce. To add to this problem, many people fall victim to lifestyle inflation as their earnings increase, and it can be difficult to reverse that trend. However, keeping your expenses under control is key to having a financially secure retirement. So, how do you make that happen? The answer will inevitably vary depending upon your own expenses. In other words, we all spend different amounts on different things; some prefer only buying organic produce or luxury vehicles. In general, though, some cities are better than others in terms of affordability. Thus, this list will take a look at some of the winners by total monthly expenditures.

Learn: 50 Best (and Worst) Cities for an Early Retirement

First, we’ll take a look at U.S. averages and then go from the highest total monthly expenses to the lowest total monthly expenses. The list will also break down the cost by rent, groceries, healthcare and transportation. These are the biggest costs for most Americans; thus, they are the most important categories to consider.

US Averages

Monthly expenditures: $2,183.00

• 2020 Average 1 bedroom rent: $1,277.00
• % of population 65 and older: 16.5%
• Annual grocery cost: $4,204
• Monthly grocery cost: $350.33
• Annual healthcare cost: $6,668
• Monthly healthcare cost: $555.67

22. Walnut Creek, California

Monthly expenditures: $3,076

• 2020 average 1 bedroom rent: $2,077
• % of population 65 and older: 29.6%
• Livability: 78
• Annual grocery cost: $4,708.48
• Monthly grocery cost: $392.37
• Annual healthcare cost: $7,288.12
• Monthly healthcare cost: $607.34

21. Palm Beach Gardens, Florida

Monthly expenditures: $3,048

• 2020 average 1 bedroom rent: $2,120
• % of population 65 and older: 29.9%
• Livability: 81
• Annual grocery cost: $4,594.97
• Monthly grocery cost: $382.91
• Annual healthcare cost: $6,541.31
• Monthly healthcare cost: $545.11

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20. Aventura, Florida

Monthly expenditures: $2,901

• 2020 average 1 bedroom rent: $1,972
• % of population 65 and older:28.8%
• Livability: 72
• Annual grocery cost: $4,557.14
• Monthly grocery cost: $379.76
• Annual healthcare cost: $6,587.98
• Monthly healthcare cost: $549.00

19. Boca Raton, Florida

Monthly expenditures: $2,850

• 2020 average 1 bedroom rent: $1,919
• % of population 65 and older: 26.8%
• Livability: 80
• Annual grocery cost: $4,632.81
• Monthly grocery cost: $386.07
• Annual healthcare cost: $6,541.31
• Monthly healthcare cost: $545.11

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18. Beachwood, Ohio

Monthly expenditures: $2,628

• 2020 average 1 bedroom rent: $1,813
• % of population 65 and older: 32.4%
• Livability: 84
• Annual grocery cost: $4,288.08
• Monthly grocery cost: $357.34
• Annual healthcare cost: $5,494.43
• Monthly healthcare cost: $457.87

17. Delray Beach, Florida

Monthly expenditures: $2,561

• 2020 average 1 bedroom rent: $1,645
• % of population 65 and older: 26%
• Livability: 71
• Annual grocery cost: $4,452.04
• Monthly grocery cost: $371.00
• Annual healthcare cost: $6,541.31
• Monthly healthcare cost: $545.11

16. Naples, Florida

Monthly expenditures: $2,543

• 2020 average 1 bedroom rent: $1,572
• % of population 65 and older: 52.5%
• Livability: 78
• Annual grocery cost: $4,918.68
• Monthly grocery cost: $409.89
• Annual healthcare cost: $6,734.68
• Monthly healthcare cost: $561.22

15. Palm Harbor, Florida

Monthly expenditures: $2,533

• 2020 average 1 bedroom rent: $1,598
• % of population 65 and older: 28.4%
• Livability: 85
• Annual grocery cost: $4,460.44
• Monthly grocery cost: $371.70
• Annual healthcare cost: $6,761.35
• Monthly healthcare cost: $563.45

Learn: The Best Place To Retire in America Are All College Towns
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14. Bonita Springs, Florida

Monthly expenditures: $2,516

• 2020 average 1 bedroom rent: $1,488
• % of population 65 and older: 41.8%
• Livability: 80
• Annual grocery cost: $4,519.30
• Monthly grocery cost: $376.61
• Annual healthcare cost: $7,821.56
• Monthly healthcare cost: $651.80

13. Wilton Manors, Florida

Monthly expenditures: $2,435

• 2020 average 1 bedroom rent: $1,520
• % of population 65 and older: 25.1%
• Livability: 71
• Annual grocery cost: $4,527.71
• Monthly grocery cost: $377.31
• Annual healthcare cost: $6,454.62
• Monthly healthcare cost: $537.89

12. Tamarac, Florida

Monthly expenditures: $2,248

• 2020 average 1 bedroom rent: $1,347
• % of population 65 and older: 25.6%
• Livability: 79
• Annual grocery cost: $4,359.55
• Monthly grocery cost: $363.30
• Annual healthcare cost: $6,454.62
• Monthly healthcare cost: $537.89

11. Fairview, Texas

Monthly expenditures: $2,227

• 2020 average 1 bedroom rent: $1,337
• % of population 65 and older: 27.8%
• Livability: 78
• Annual grocery cost: $4,258.65
• Monthly grocery cost: $354.89
• Annual healthcare cost: $6,427.95
• Monthly healthcare cost: $535.66

10. Bradenton, Florida

Monthly expenditures: $2,207

• 2020 average 1 bedroom rent: $1,329
• % of population 65 and older: 25.4%
• Livability: 72
• Annual grocery cost: $4,363.75
• Monthly grocery cost: $363.65
• Annual healthcare cost: $6,174.57
• Monthly healthcare cost: $514.55

9. Largo, Florida

Monthly expenditures: $2,156

• 2020 average 1 bedroom rent: $1,227
• % of population 65 and older: 25.9%
• Livability: 82
• Annual grocery cost: $4,388.98
• Monthly grocery cost: $365.75
• Annual healthcare cost: $6,761.35
• Monthly healthcare cost: $563.45

8. Sarasota, Florida

Monthly expenditures: $2,138

• 2020 average 1 bedroom rent: $1,222
• % of population 65 and older: 27.3%
• Livability: 71
• Annual grocery cost: $4,477.26
• Monthly grocery cost: $373.11
• Annual healthcare cost: $6,507.97
• Monthly healthcare cost: $542.33

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Budget: Best Cities To Retire on a Budget of $1,500 a Month

7. Estero, Florida

Monthly expenditures: $2,132

• 2020 average 1 bedroom rent: $1,105
• % of population 65 and older: 48.2%
• Livability: 84
• Annual grocery cost: $4,502.48
• Monthly grocery cost: $375.21
• Annual healthcare cost: $7,821.56
• Monthly healthcare cost: $651.80

6. Dunedin, Florida

Monthly expenditures: $2,108

• 2020 average 1 bedroom rent: $1,175
• % of population 65 and older: 32.6%
• Livability: 88
• Annual grocery cost: $4,431.02
• Monthly grocery cost: $369.25
• Annual healthcare cost: $6,761.35
• Monthly healthcare cost: $563.45

5. Oro Valley, Arizona

Monthly expenditures: $2,065

• 2020 average 1 bedroom rent: $1,268
• % of population 65 and older: 33.9%
• Livability: 83
• Annual grocery cost: $4,132.53
• Monthly grocery cost: $344.38
• Annual healthcare cost: $5,434.42
• Monthly healthcare cost: $452.87

4. Georgetown, Texas

Monthly expenditures: $1,979

• 2020 average 1 bedroom rent: $1,131
• % of population 65 and older: 29.1%
• Livability: 87
• Annual grocery cost: $3,998.00
• Monthly grocery cost: $333.17
• Annual healthcare cost: $6,181.24
• Monthly healthcare cost: $515.10

3. Palm Coast, Florida

Monthly expenditures: $1,974

• 2020 average 1 bedroom rent: $1,071
• % of population 65 and older: 28.2%
• Livability: 73
• Annual grocery cost: $4,233.43
• Monthly grocery cost: $352.79
• Annual healthcare cost: $6,601.32
• Monthly healthcare cost: $550.11

2. Catalina Foothills, Arizona

Monthly expenditures: $1,888

• 2020 average 1 bedroom rent: $1,079
• % of population 65 and older: 31.5%
• Livability: 77
• Annual grocery cost: $4,275.47
• Monthly grocery cost: $356.29
• Annual healthcare cost: $5,434.42
• Monthly healthcare cost: $452.87

1. Winter Haven, Florida

Monthly expenditures: $1,838

• 2020 average 1 bedroom rent: $943
• % of population 65 and older: 25.3
• Livability: 77
• Annual grocery cost: $4,313.30
• Monthly grocery cost: $359.44
• Annual healthcare cost: $6,427.95
• Monthly healthcare cost: $535.66

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About the Author

Bob Haegele

Bob Haegele is a personal finance writer who specializes in topics such as investing, banking and credit cards. He left his day job in 2019 to pursue his passion for helping people get out of debt and build wealth. You can find his work at outlets such as Business Insider, Forbes Advisor and SoFi.