6 Best Cities To Retire If You Have Just $250,000 Saved

According to a 2023 GOBankingRates survey, 22% of Americans believe that less than $250,000 will be enough to retire on, and 88% currently have $250,000 or less saved. If you retire at 62 and live for 30 years, that’s about $8,000 a year for retirement purposes. Combined with the average monthly Social Security retirement check of $1,862, you’ll have about $30,000 in annual retirement income to cover your expenses.

Where can you live as a retiree in the U.S. for $30,000 or less? Here’s a list of affordable options to choose from.

Do you picture spending your golden years in a small town with plenty of recreational options? Ashland, Montana might be for you. In Ashland, you’ll find the Ashland Ranger District, which offers nearly 40,000 acres of land suitable for horseback riding, hiking, camping and hunting. If you’re into fishing or biking, you can spend quiet mornings and afternoons at Castle Rock Lake. Plus, you can explore Native American history at the Cheyenne Indian Museum or Ten Bears Gallery.

• Minimum annual income to live comfortably: $27,200
• Median home price: $141,000
• Average two-bedroom apartment rent: $700 monthly

Known as The Catfish Capital of the World, Melville is a small town located northwest of Baton Rouge and New Orleans. It sits on the banks of the Atchafalaya River, and retirees who enjoy fishing will find abundant catfish. History buffs can explore some of the nearby historical landmarks, including Fort DeRussy State Historic Site, which contains Civil War remnants.

• Minimum annual income to live comfortably: $22,800
• Median home price: $119,900
• Average two-bedroom apartment rent: $681 monthly

Forrest City, Arkansas sits just off Interstate 40, about 45 minutes west of Memphis, Tennessee. It boasts plenty of recreational opportunities, including hiking, camping and fishing at the 7,000-acre Village Creek State Park. Downtown Forrest City includes a sports complex and a museum housing pre-historic artifacts. Retirees seeking a simple lifestyle with easy access to a major city will find what they’re looking for in Forrest.

• Minimum annual income to live comfortably: $21,200
• Median home price: $68,400
• Average two-bedroom apartment rent: $650 monthly

Retirees seeking an affordable mid-sized city with plenty of entertainment and dining options should check out Huntington, West Virginia. As the second-largest city in West Virginia, Huntington is a lovely mix of old-town charm and new amenities. You’ll find local coffee shops, bookstores, arcades and diners, plus an upscale market with lots of restaurants and retail shops. Outdoor aficionados can check out Ritter Park, which includes walking paths, gardens and tennis courts. 

• Minimum annual income to live comfortably: $30,000
• Median home price: $106,100
• Average two-bedroom apartment rent: $760 monthly

Located in the Big Bend region of northwest Florida, Steinhatchee is known as the Best-Kept Secret in Florida. It’s situated on the Steinhatchee River, which offers plenty of fishing and boating opportunities. Would-be anglers can fish for grouper, black sea trout and redfish. If fishing isn’t your thing, spend your days kayaking, hiking or soaking up the rays at nearby Hagens Cove Park or Keaton Beach. Steinhatchee boasts plenty of dining options, including Southern-style fare and seafood restaurants.

• Minimum annual income to live comfortably: $25,600
• Median home price: $258,700
• Average two-bedroom apartment rent: $694 monthly

Tulsa, Oklahoma is the quintessential small-big town. It has a unique small-town charm that’s difficult to find in other mid-sized cities. Retirees seeking all the amenities of a big city, including museums, top-tier restaurants, live music, sports and first-class shopping, will find what they’re looking for in Tulsa. Plus, there are plenty of opportunities for outdoor recreation, including horseback riding, skeet shooting, mountain biking and hiking. With an average of 227 sunny days each year, you won’t have to worry about vitamin D.

With a minimum comfortable annual income a little over $30,000 a year, Tulsa might be a bit more of a stretch to afford with $250,000 saved, but if your Social Security check is higher than average or you’re willing to pick up a part time job or side gig in retirement, Tulsa is worth a look.

• Minimum annual income to live comfortably: $32,400
• Median home price: $179,100
• Average two-bedroom apartment rent: $887 monthly

Finding an economical place to retire in the U.S. is possible, even if you don’t have extensive retirement savings. When deciding on a location, think about what matters most to you.

Do you want to live in a mid-sized city with lots of entertainment options? Or are you seeking a more laid-back, small-town atmosphere? Other factors important to most retirees include safety, access to medical facilities, weather and recreation. Use this list to inspire you as you plan for your golden years.

Survey methodology: GOBankingRates surveyed 1,037 Americans aged 18 and older from across the country between Sept. 5 and Sept. 7, 2023, asking fifteen different questions: (1) How much money do you currently have saved for retirement?; (2) How much money do you think you’ll need in retirement?; (3) How much do you spend or expect to spend monthly during your retirement?; (4) If you aren’t yet retired, how much do you expect to get from Social Security during your retirement?; (5) How much of your retirement do you plan to fund with Social Security?; (6) At what age did you or do you plan to claim Social Security benefits?; (7) Did you or do you think you will have to move to afford your retirement?; (8) Which of the following proposed Social Security solutions do you think would work best to prevent the trust fund from being depleted?; (9) What sources of income will you have in retirement? (Select all that apply); (10) How confident are you that you will have saved enough to afford retirement?; (11) If you retired early, at what age did you retire?; (12) Are you counting on help from your family (financial, housing, long-term care, etc.) to afford retirement?; (13) Do you think retiring around age 65 is financially possible for most Americans?; (14) What worries you financially about retirement? (Select all that apply); and (15) If you got a stimulus check in the last two years, how much of the money did you save for retirement?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

Minimum annual income to live comfortably, median home price and average monthly rent were sourced from BestPlaces.

Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.