Don’t think you can’t begin your retirement unless you have $1 million or more in savings. A new GOBankingRates study reveals there are 50 places across the United States where retirees can comfortably retire with $500,000 in savings and enjoy an excellent quality of life.
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GOBankingRates was able to determine the 50 “best” places by sourcing each city’s livability score and selecting cities with at least 1,000 residents ages 65 and older. We analyzed the Social Security Administration’s Monthly Statistical Snapshot for the average Social Security income for one person and a married couple filing jointly. The annual cost of living after Social Security income was calculated using the average Social Security income and the total cost of living, and the 20-year cost of retirement was calculated assuming a person retires at age 65 and lives in retirement for another 20 years.
Correction: This is an updated version as of Aug. 7, 2025. The original had incorrect calculations.
Key Findings
- Ohio swept the rankings with 12 cities named among the best places to retire with $500K in savings. Canfield took first place followed by Fairlawn (#2), North Canton (#5), Middleburg Heights (#7), Chesterland (#8), Cortland (#11), Lyndhurst (#15), Seven Hills (#24), Sheffield (#31), Vermilion (#40), Huron (#43) and Brookville (#49).
- There are 36 Midwestern cities where Americans can retire with $500K, the most out of any US region. Twelve of these cities are based in Ohio. Of the remaining 24, seven are in Iowa (Humboldt, Garner, Manchester, Clear Lake, Jefferson, Fairfield and Algona). Illinois (Princeton, Geneseo, Crestwood, Galena and Westchester) and Michigan (Lathrup Village, Frankenmuth, Ludington, Grand Haven and Grand Kingsford) each have five cities which ranked. Minnesota (Oak Park Heights, Grand Rapids and International Falls) has three cities while Wisconsin has two (Glendale and Sturgeon Bay) There is one city in Missouri (Shrewsbury) and Nebraska (Cozad) respectively.
- Three Florida cities ranked in the top 50. These include Sebastian (#9), Cape Canaveral (#10) New Port Richey (#28).
Ranked in order from highest quality of life, keep reading to discover the best places where you can retire with $500,000 in the United States.
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1. Canfield, Ohio
- Livability score: 87 (out of 100)
- Cost of living for 20 years for a single person (with Social Security): $410,679
- Annual cost of living: $44,563
- Monthly cost of living: $3,714
- Average monthly mortgage: $1,990
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2. Fairlawn, Ohio
- Livability score: 86
- Cost of living for 20 years for a single person (with Social Security): $399,890
- Annual cost of living: $44,023
- Monthly cost of living: $3,669
- Average monthly mortgage: $1,905
3. Lathrup Village, Michigan
- Livability score: 86
- Cost of living for 20 years for a single person (with Social Security): $435,147
- Annual cost of living: $45,786
- Monthly cost of living: $3,816
- Average monthly mortgage: $1,966
4. Frankenmuth, Michigan
- Livability score: 85
- Cost of living for 20 years for a single person (with Social Security): $413,188
- Annual cost of living: $44,688
- Monthly cost of living: $3,724
- Average monthly mortgage: $1,927
5. North Canton, Ohio
- Livability score: 84
- Cost of living for 20 years for a single person (with Social Security): $332,744
- Annual cost of living: $40,666
- Monthly cost of living: $3,389
- Average monthly mortgage: $1,696
6. Glendale, Wisconsin
- Livability score: 84
- Cost of living for 20 years for a single person (with Social Security): $479,010
- Annual cost of living: $47,979
- Monthly cost of living: $3,998
- Average monthly mortgage: $2,147
7. Middleburg Heights, Ohio
- Livability score: 83
- Cost of living for 20 years for a single person (with Social Security): $335,188
- Annual cost of living: $40,788
- Monthly cost of living: $3,399
- Average monthly mortgage: $1,679
8. Chesterland, Ohio
- Livability score: 83
- Cost of living for 20 years for a single person (with Social Security): $469,262
- Annual cost of living: $47,492
- Monthly cost of living: $3,958
- Average monthly mortgage: $2,159
9. Sebastian, Florida
- Livability score: 83
- Cost of living for 20 years for a single person (with Social Security): $470,593
- Annual cost of living: $47,558
- Monthly cost of living: $3,963
- Average monthly mortgage: $2,047
10. Cape Canaveral, Florida
- Livability score: 83
- Cost of living for 20 years for a single person (with Social Security): $482,480
- Annual cost of living: $48,153
- Monthly cost of living: $4,013
- Average monthly mortgage: $2,159
11. Cortland, Ohio
- Livability score: 82
- Cost of living for 20 years for a single person (with Social Security): $268,551
- Annual cost of living: $37,456
- Monthly cost of living: $3,121
- Average monthly mortgage: $1,395
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12. Ludington, Michigan
- Livability score: 82
- Cost of living for 20 years for a single person (with Social Security): $314,352
- Annual cost of living: $39,746
- Monthly cost of living: $3,312
- Average monthly mortgage: $1,688
13. Princeton, Illinois
- Livability score: 81
- Cost of living for 20 years for a single person (with Social Security): $195,842
- Annual cost of living: $33,821
- Monthly cost of living: $2,818
- Average monthly mortgage: $978
14. Humboldt, Iowa
- Livability score: 81
- Cost of living for 20 years for a single person (with Social Security): $230,460
- Annual cost of living: $35,552
- Monthly cost of living: $2,963
- Average monthly mortgage: $1,098
15. Lyndhurst, Ohio
- Livability score: 81
- Cost of living for 20 years for a single person (with Social Security): $263,688
- Annual cost of living: $37,213
- Monthly cost of living: $3,101
- Average monthly mortgage: $1,376
16. Geneseo, Illinois
- Livability score: 81
- Cost of living for 20 years for a single person (with Social Security): $279,102
- Annual cost of living: $37,984
- Monthly cost of living: $3,165
- Average monthly mortgage: $1,365
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17. Crestwood, Illinois
- Livability score: 81
- Cost of living for 20 years for a single person (with Social Security): $396,990
- Annual cost of living: $43,878
- Monthly cost of living: $3,657
- Average monthly mortgage: $1,730
18. Kerrville, Texas
- Livability score: 81
- Cost of living for 20 years for a single person (with Social Security): $445,002
- Annual cost of living: $46,279
- Monthly cost of living: $3,857
- Average monthly mortgage: $2,083
19. Boyertown, Pennsylvania
- Livability score: 81
- Cost of living for 20 years for a single person (with Social Security): $460,880
- Annual cost of living: $47,073
- Monthly cost of living: $3,923
- Average monthly mortgage: $1,909
20. Oak Park Heights, Minnesota
- Livability score: 81
- Cost of living for 20 years for a single person (with Social Security): $473,952
- Annual cost of living: $47,726
- Monthly cost of living: $3,977
- Average monthly mortgage: $2,160
21. Garner, Iowa
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $251,914
- Annual cost of living: $36,624
- Monthly cost of living: $3,052
- Average monthly mortgage: $1,322
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22. Cozad, Nebraska
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $253,589
- Annual cost of living: $36,708
- Monthly cost of living: $3,059
- Average monthly mortgage: $1,027
23. Manchester, Iowa
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $265,504
- Annual cost of living: $37,304
- Monthly cost of living: $3,109
- Average monthly mortgage: $1,353
24. Seven Hills, Ohio
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $357,060
- Annual cost of living: $41,882
- Monthly cost of living: $3,490
- Average monthly mortgage: $1,749
25. Kingman, Arizona
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $372,234
- Annual cost of living: $42,640
- Monthly cost of living: $3,553
- Average monthly mortgage: $1,579
26. Shrewsbury, Missouri
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $384,020
- Annual cost of living: $43,230
- Monthly cost of living: $3,602
- Average monthly mortgage: $1,750
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27. Clear Lake, Iowa
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $392,162
- Annual cost of living: $43,637
- Monthly cost of living: $3,636
- Average monthly mortgage: $1,883
28. New Port Richey, Florida
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $419,742
- Annual cost of living: $45,016
- Monthly cost of living: $3,751
- Average monthly mortgage: $1,815
29. Galena, Illinois
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $423,265
- Annual cost of living: $45,192
- Monthly cost of living: $3,766
- Average monthly mortgage: $1,851
30. Grand Haven, Michigan
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $486,899
- Annual cost of living: $48,374
- Monthly cost of living: $4,031
- Average monthly mortgage: $2,298
31. Sheffield, Ohio
- Livability score: 79
- Cost of living for 20 years for a single person (with Social Security): $328,424
- Annual cost of living: $40,450
- Monthly cost of living: $3,371
- Average monthly mortgage: $1,695
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32. Westchester, Illinois
- Livability score: 79
- Cost of living for 20 years for a single person (with Social Security): $479,345
- Annual cost of living: $47,996
- Monthly cost of living: $4,000
- Average monthly mortgage: $2,055
33. Jefferson, Iowa
- Livability score: 78
- Cost of living for 20 years for a single person (with Social Security): $189,497
- Annual cost of living: $33,504
- Monthly cost of living: $2,792
- Average monthly mortgage: $994
34. Alpine, Texas
- Livability score: 78
- Cost of living for 20 years for a single person (with Social Security): $305,054
- Annual cost of living: $39,281
- Monthly cost of living: $3,273
- Average monthly mortgage: $1,468
35. Colville, Washington
- Livability score: 78
- Cost of living for 20 years for a single person (with Social Security): $417,855
- Annual cost of living: $44,871
- Monthly cost of living: $3,739
- Average monthly mortgage: $2,001
36. Cold Spring, Kentucky
- Livability score: 78
- Cost of living for 20 years for a single person (with Social Security): $435,152
- Annual cost of living: $45,786
- Monthly cost of living: $3,816
- Average monthly mortgage: $1,928
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37. Stroudsburg, Pennsylvania
- Livability score: 78
- Cost of living for 20 years for a single person (with Social Security): $474,915
- Annual cost of living: $47,774
- Monthly cost of living: $3,981
- Average monthly mortgage: $2,050
38. Punxsutawney, Pennsylvania
- Livability score: 77
- Cost of living for 20 years for a single person (with Social Security): $119,853
- Annual cost of living: $30,021
- Monthly cost of living: $2,502
- Average monthly mortgage: $672
39. Kingsford, Michigan
- Livability score: 77
- Cost of living for 20 years for a single person (with Social Security): $196,293
- Annual cost of living: $33,843
- Monthly cost of living: $2,820
- Average monthly mortgage: $848
40. Vermilion, Ohio
- Livability score: 77
- Cost of living for 20 years for a single person (with Social Security): $274,124
- Annual cost of living: $37,735
- Monthly cost of living: $3,145
- Average monthly mortgage: $1,456
41. Grand Rapids, Minnesota
- Livability score: 77
- Cost of living for 20 years for a single person (with Social Security): $287,298
- Annual cost of living: $38,394
- Monthly cost of living: $3,199
- Average monthly mortgage: $1,587
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42. Ayden, North Carolina
- Livability score: 77
- Cost of living for 20 years for a single person (with Social Security): $309,405
- Annual cost of living: $39,499
- Monthly cost of living: $3,292
- Average monthly mortgage: $1,276
43. Huron, Ohio
- Livability score: 77
- Cost of living for 20 years for a single person (with Social Security): $332,333
- Annual cost of living: $40,645
- Monthly cost of living: $3,387
- Average monthly mortgage: $1,744
44. Sturgeon Bay, Wisconsin
- Livability score: 77
- Cost of living for 20 years for a single person (with Social Security): $464,828
- Annual cost of living: $47,270
- Monthly cost of living: $3,939
- Average monthly mortgage: $2,259
45. International Falls, Minnesota
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $116,599
- Annual cost of living: $29,859
- Monthly cost of living: $2,488
- Average monthly mortgage: $867
46. Fairfield, Iowa
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $194,954
- Annual cost of living: $33,776
- Monthly cost of living: $2,815
- Average monthly mortgage: $926
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47. Lebanon, Virginia
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $227,207
- Annual cost of living: $35,389
- Monthly cost of living: $2,949
- Average monthly mortgage: $1,120
48. Algona, Iowa
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $231,931
- Annual cost of living: $35,625
- Monthly cost of living: $2,969
- Average monthly mortgage: $1,977
49. Brookville, Ohio
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $319,532
- Annual cost of living: $40,005
- Monthly cost of living: $3,334
- Average monthly mortgage: $1,549
50. Baker City, Oregon
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $322,549
- Annual cost of living: $40,156
- Monthly cost of living: $3,346
- Average monthly mortgage: $1,563
Editor’s note: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: Data was sourced from the 2023 5-Year United States Census American Community Survey, Sperling’s BestPlaces, the Bureau of Labor Statistics Consumer Expenditure Survey, Zillow Home Value Index for June 2025, Federal Reserve Economic Data and the Social Security Administration’s Monthly Statistical Snapshot. All data was collected on and is up to date Aug. 7, 2025.
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This article originally appeared on GOBankingRates.com: 50 Best Places in America To Retire With $500K in Savings
