Cleveland, OH
3 Ohio cities among top 5 most affordable retirement spots in US
When it comes to retirement, many people often picture warmer climates such as Florida or Arizona.
But how about Ohio? The Buckeye State boasts three of the top five best cities for affordable retirement in the U.S., according to a report from GoBankingRates.com.
Akron, Ohio, the most affordable cities for retirees in the U.S., according to the report, “50 Cheapest Places to Retire Across America.” Monthly expenditures in Akron average out to $1,699, and 15.7% of the city’s population is aged 65 or older, per GoBankingRates.com. Overall, Akron has a livability score of 81, according to the report.
While Akron tops the list of affordable retirement cities, Cleveland and Toledo aren’t far behind at No. 4 and No. 5, respectively.
Cleveland, on Lake Erie north of Akron, has average monthly expenditures of $1,723, about 15% of its population is aged 65 or older, and an overall livability score of 72.
Toledo, located in northwest Ohio, has average monthly expenditures of $1,738, about 15.5% of its population is 65 or older, and an overall livability score of 66.
Other Ohio cities to make the list include Cincinnati at 24th and Columbus at 27th.
The top 10 most affordable U.S. cities for retirement, according to GoBankingRates.com, are:
- Akron, OH
- Albuquerque, NM
- Spokane, WA
- Cleveland, OH
- Toledo, OH
- Fort Wayne, IN
- Greensboro, NC
- Amarillo, TX
- Grand Rapids, MI
- Little Rock, AR
For its report, GoBankingRates.com compared U.S. cities with a population of at least 150,000 and at least 10% of its residents aged 65 or older. Each city was also compared by total households, median household income, average single-family home cost, and cost of living such as housing, utilities, groceries and transportation, and more.
The full report from GoBankingRates.com ranking the top 50 cheapest cities to retire in the U.S. can be found online.