The Best Cities in the Northeast To Retire on $3,000 a Month

Many retirees are living on a tight fixed income, but this doesn’t mean you have to sacrifice quality of life or relocate to an area far away from friends and family. For those looking to live in the Northeast during their golden years, GOBankingRates has identified several cities where you can live well on a budget of $3,000 a month. For this study, only cities with a livability score of 65 out of 100 or higher and a population that was at least 10% comprised of those ages 65 and older were considered.

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Here’s a look at the 13 best cities in the Northeast to retire on $3,000 a month.

• Monthly expenditures: $2,874
• Percent of population 65 and older: 18.9%
• Livability score: 73

Although the average rent for a one-bedroom here will take up slightly more than half of a $3,000 monthly budget at $1,686, other monthly costs are on the lower end, which will keep retirees under budget. For those ages 65 and older living in Weymouth Town, the average monthly healthcare cost is particularly affordable at $466, significantly lower than the national average of $556.

• Monthly expenditures: $2,546
• Percent of population 65 and older: 14.9%
• Livability score: 73

Manchester has some of the most affordable rent and groceries among the cities on this list. The average rent for a one-bedroom in the area is $1,289, and the average person age 65 or older will spend $365 per month on groceries here.

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• Monthly expenditures: $2,958
• Percent of population 65 and older: 14.5%
• Livability score: 80

Although the average monthly combined costs of rent ($1,724), groceries ($393), healthcare ($463) and utilities ($377) hits pretty close to that $3,000 limit, retirees are rewarded with a high degree of livability in Waltham. The city is home to a number of museums and outdoor attractions, including the Rose Art Museum, Gore Place and Prospect Hill Park.

• Monthly expenditures: $2,825
• Percent of population 65 and older: 14.4%
• Livability score: 79

Healthcare is especially affordable in Medford. The average monthly cost for a person age 65 or older is $463 — the second-lowest average of all the cities included in this ranking.

• Monthly expenditures: $2,879
• Percent of population 65 and older: 16.1%
• Livability score: 78

Woburn is tied with Medford and Waltham for the second-lowest average healthcare costs among the cities on this list, with an average monthly cost of $463. Utilities are also on the lower end, with an average cost of $336 per month.

• Monthly expenditures: $2,986
• Percent of population 65 and older: 16.7%
• Livability score: 82

Norwood has the priciest rent among the cities ranked here, with the average rent for a one-bedroom at $1,786. However, it also has one of the highest livability scores. Local attractions include the Oak View Mansion, where Presidents William Howard Taft and Calvin Coolidge held social events, and the Norwood Memorial Municipal Building, which is home to the seventh-largest carillon in the United States.

Photo Disclaimer: Please note photo is of Norfolk County, which is the county Norwood is in.

• Monthly expenditures: $2,719
• Percent of population 65 and older: 22.6%
• Livability score: 72

If you retire in Peabody, you’ll be in good company. The city has the highest percentage of residents ages 65 and older of all of the places on this list. It also has the most affordable healthcare, with an average cost of $461 per month among residents in this age range.

• Monthly expenditures: $2,630
• Percent of population 65 and older: 16.5%
• Livability score: 78

Rent and groceries are both particularly affordable in Nashua — the only city in New Hampshire to make this ranking. The average rent for a one-bedroom is $1,392, and the average monthly grocery cost for those ages 65 and older is $372.

• Monthly expenditures: $2,725
• Percent of population 65 and older: 16.5%
• Livability score: 80

Expect to pay around $1,471 to rent a one-bedroom in King of Prussia. Utilities are also notably affordable here, with an average monthly cost of $337. And if you love to shop — or just go for mall walks — this might be an ideal place to retire, as the King of Prussia Mall is one of the largest in the U.S.

• Monthly expenditures: $2,151
• Percent of population 65 and older: 15%
• Livability score: 75

If affordability is your main priority, Pittsburgh is your best bet — the city has the lowest overall average monthly expenditures of the cities on this list. The average rent for a one-bedroom is $999, the average monthly cost of groceries is $354 and the average monthly cost of utilities is $323 — all the lowest amounts among the cities included in this ranking.

• Monthly expenditures: $2,516
• Percent of population 65 and older: 16.2%
• Livability score: 81

Lansdale has especially affordable rent, with the average one-bedroom going for $1,256. The Pennsylvania borough has a high livability score and an abundance of events and attractions to keep you entertained throughout your retirement. Local events include weekly concerts and farmers’ markets, as well as seasonal events like the International Festival, Oktoberfest, The Lansdale Beer Fest, Cars Under the Lights and Bike Night.

• Monthly expenditures: $2,517
• Percent of population 65 and older: 16.2%
• Livability score: 83

Rent and groceries are both on the low end in Middletown, with the rent for an average one-bedroom at $1,231 and the average monthly cost of groceries at $369. A high livability score is another highlight of living in Middletown, which is home to Wesleyan University as well as state parks, museums, historic attractions and a variety of restaurants.

• Monthly expenditures: $2,620
• Percent of population 65 and older: 20.3%
• Livability score: 84

On top of being affordable — the average one-bedroom in Saratoga Springs rents for $1,367 — the city has a relatively large population of seniors and the highest livability score of the places included in this ranking. Between the famous Saratoga Race Course, the namesake lake, wineries, breweries and numerous local restaurants, retirees will find plenty to do here.

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Methodology: For this study, GOBankingRates found the best Northeast coast cities to retire on a budget of $3,000 dollars or less. GOBankingRates used ApartmentList April 2022 data to find every northeast city in the U.S. that has an (1) average 2022 monthly rent of $1,500 dollars or less for a one-bedroom apartment. GOBankingRates then used Sperling’s Best to find the cost of living index for every city on the list, looking at (2) grocery, (3) utilities and (4) healthcare index scores. Next, GOBankingRates used data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey to find the annual expenditure amount for both grocery (“food at home”) and healthcare costs for people aged 65 and older in order to find how much a person 65 and over would spend on groceries and healthcare in each city on a monthly basis. GOBankingRates then added monthly housing, grocery and healthcare costs together to find where a person 65 and older could survive on $3,000 or less. In order for a city to be qualified for the study, it had to have a livabilty score of 65 or higher as sourced from AreaVibes, and its population had to be 10% or more over the age of 65 according to the Census Bureau’s 2020 American Community Survey. For final rankings, all qualified cities were ranked by (5) total monthly expenditures, (6) percentage of the population over age 65 and (7) livability, with the lowest score being best. Factor (7) was weighted 1.5 times. All data was collected on and up to date as of July 7, 2022. Due to lack of population and availability Maine, Vermont and Rhode Island were excluded.

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