Budgeting $2,500 for your retirement budget is possible in the right location. Across the U.S., boomtowns or smaller fast growing cities, might be the solution if you’re looking to find more affordable housing and access lower cost healthcare and amenities that can make your retirement feel full.
These areas have lower than average transportation and grocery costs, in addition to housing costs where a retiree can make their dollars stretch further. Here are places where you can probably retire comfortably on $2,500 a month.
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Leesburg, Florida
Leesburg is quickly becoming one of Florida’s retirement hotspots, considering the city’s population has grown by more than 50% since 2018, according to Census data. About a third of the city’s population is over the age of 65.
Known as “The Lakefront City,” Leesburg has dozens of lakes, offering boating, fishing, walking trails and parks that don’t cost a lot to enjoy. There are frequent community events and festivals in the downtown area. Plus it’s close to The Villages, which gives residents access to a large healthcare network.
According to Zillow, the median home price is about $271,667 and rents are around $1,574. Also, Florida’s lack of state income tax helps retirees can stretch Social Security and retirement income.
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Meridian, Idaho
Meridian is Idaho’s fastest-growing city, possibly because of nearby Boise’s expanding economy and consistent migration to the area.
Housing costs here are a bit higher, but this boomtown could be fine for retirees. The median rent, according to Redfin, is $1,694 and median home prices hover around $522,920. Still, the cost of living for basics tends to be lower and Idaho doesn’t tax Social Security benefits.
Lake Havasu City, Arizona
Lake Havasu City is best known for its lakefront setting and the London Bridge. It’s also one of the most affordable places in the U.S. Investopedia recently highlighted the city as a retirement-friendly option in Arizona with moderate living costs and a beautiful lakefront location. There’s also decent healthcare access for the size of the cities, as well as other amenities.
Average rent is $1,576 monthly and the median home price is $435,000, per Zillow. While housing prices hover around the national median, you can still live comfortably here if you budget carefully, going to activities like attending local festivals and hiking.
Conroe, Texas
Conroe is one of the fastest-growing cities in the U.S., which could be because of its proximity to Houston. As in, you probably get the benefit of suburban comfort with the higher prices. While rent hovers around $1,524 per month, you can purchase a home for about $338,629, according to Zillow. Which is still lower than the median home price in the U.S. at $410,800.
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This article originally appeared on GOBankingRates.com: 4 Boomtowns Where You Can Retire Comfortably on $2.5K a Month
