20 Best Cities for Retired Renters on Budgets
Whether they’re selling a house and downsizing or jumping from one lease to another, seniors on budgets who plan to rent their retirement homes have to choose their cities wisely.
To help them along, GOBankingRates analyzed the places where the average monthly Social Security check — $1,907 as of January — is enough to pay the average rent, as reported by Zillow. The study also factored in livability ratings from AreaVibes (higher scores closer to 100 are better) to weed out the cheap cities with a lower quality of life.
Additionally, the study used data from Sperling’s Best Places and the Bureau of Labor Statistics to include average monthly expenditures and non-housing living costs.
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Here are 20 cities where retirees should consider renting if they want to keep their landlord at bay with their Social Security check alone and still have a little left over.
Why These Cities Stand Out: A Rental Expert Analyzes the Data
As the CEO of investment rental property management software platform TurboTenant, Seamus Nally analyzes rental markets for a living. When he examined the following list of rent-friendly cities for retirees on a budget, he had no trouble recognizing their appeal.
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“Each city is not a busy, highly populated metropolitan location,” Nally said. “That alone means that the cost of living is going to be on the lower end. For the most part, the bigger a city’s population, the more expensive it will be to live there, so renters on a tight budget should consider cities that are less highly populated. Rent prices will be lower, and people may be able to afford larger apartments or homes for lower prices, which is also quite beneficial. Retirees looking to stretch their fixed income out as much as possible should consider cities like these.”
Wausau, Wisconsin
Population: 39,906
Livability score: 89
Average rent: $910.44
Amount of benefits left over: $949.79
Average monthly expenses: $1,720.33
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Richmond, Indiana
Population: 35,642
Livability score: 81
Average rent: $792.44
Amount of benefits left over: $1,067.79
Average monthly expenses: $1,611.93
Chubbuck, Idaho
Population: 15,638
Livability score: 86
Average rent: $950
Amount of benefits left over: $910.23
Average monthly expenses: $1,740.37
Fergus Falls, Minnesota
Population: 14,108
Livability score: 80
Average rent: $880
Amount of benefits left over: $980.23
Average monthly expenses: $1,544.38
Coralville, Iowa
Population: 22,494
Livability score: 88
Average rent: $1,097.75
Amount of benefits left over: $762.48
Average monthly expenses: $1,758.41
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Mount Pleasant, Michigan
Population: 21,826
Livability score: 82
Average rent: $911.67
Amount of benefits left over: $948.56
Average monthly expenses: $1,671.13
Shorewood, Wisconsin
Population: 13,707
Livability score: 91
Average rent: $1,197.50
Amount of benefits left over: $662.73
Average monthly expenses: $1,859.58
Stevens Point, Wisconsin
Population: 25,549
Livability score: 84
Average rent: $1,016.67
Amount of benefits left over: $843.56
Average monthly expenses: $1,690.72
Urbandale, Iowa
Population: 45,591
Livability score: 89
Average rent: $1,062.50
Amount of benefits left over: $797.73
Average monthly expenses: $1,893.82
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Fargo, North Dakota
Population: 127,319
Livability score: 84
Average rent: $891.19
Amount of benefits left over: $969.04
Average monthly expenses: $1,839.44
San Antonio, Texas
Population: 1,445,662
Livability score: 81
Average rent: $1,383.65
Amount of benefits left over: $476.58
Average monthly expenses: $1,802.65
Maplewood, Missouri
Population: 8,205
Livability score: 86
Average rent: $1,039.44
Amount of benefits left over: $820.79
Average monthly expenses: $1,781.00
Ames, Iowa
Population: 66,265
Livability score: 91
Average rent: $1,045.78
Amount of benefits left over: $814.45
Average monthly expenses: $2,034.88
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Lynchburg, Virginia
Population: 79,166
Livability score: 90
Average rent: $1,158.81
Amount of benefits left over: $701.42
Average monthly expenses: $1,909.68
Normal, Illinois
Population: 52,920
Livability score: 87
Average rent: $1,154.61
Amount of benefits left over: $705.62
Average monthly expenses: $1,816.30
Fort Wayne, Indiana
Population: 264,514
Livability score: 83
Average rent: $1,107.50
Amount of benefits left over: $752.73
Average monthly expenses: $1,748.08
Beaver, Pennsylvania
Population: 85
Livability score: 4,407
Average rent: $950
Amount of benefits left over: $910.23
Average monthly expenses: $1,867.43
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Cleveland Heights, Ohio
Population: 45,002
Livability score: 87
Average rent: $1,346.95
Amount of benefits left over: $513.28
Average monthly expenses: $1,683.67
Muncie, Indiana
Population: 65,167
Livability score: 81
Average rent: $925.57
Amount of benefits left over: $934.66
Average monthly expenses: $1,745.17
Austin, Minnesota
Population: 26,156
Livability score: 77
Average rent: $858.33
Amount of benefits left over: $1,001.90
Average monthly expenses: $1,600.78
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This article originally appeared on GOBankingRates.com: 20 Best Cities for Retired Renters on Budgets
