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3 Finest Northeast Cities to Retire on a ,000 a Month Price range

3 Finest Northeast Cities to Retire on a $2,000 a Month Price range


Pittsburgh downtown skyline at dusk panorama.

f11photo/Getty Photographs/iStockphoto

Retirement is a singular time in life when one can deal with the burden of labor and reside at a extra leisurely tempo. In case you like pastoral magnificence and a slower tempo of life, the northeastern states of the US supply a number of stunning cities that may match the price range you probably have on a set earnings.

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As of June 2022, the typical Social Safety profit was $1,542.22 per 30 days, in line with the Social Safety Administration. A GOBankingRates examine from the time discovered that this value is definitely decrease than the typical value of a one-bedroom house in the US – $1,927 per 30 days. This alone makes it troublesome to search out cities the place you’ll be able to reside on a month-to-month price range of $2,000, particularly since there are different bills to think about.

For this examine, GOBankingRates discovered that the typical annual value of groceries in the US is $4,942 – $411.83 per 30 days – whereas healthcare bills common $5,177 per yr – 431 $.42 per 30 days – to find out three cities the place complete month-to-month bills had been lower than $2,000.

Along with being reasonably priced, these northeastern cities have a big inhabitants aged 65 and over. The American common is 16%, and having individuals of the identical age could make a metropolis immediately extra snug.

To seek out the very best Northeastern cities to retire on a month-to-month price range of $2,000 or much less, GOBankingRates gathered information from ApartmentList, Sperling’s Finest, the Bureau of Labor Statistics’ client spending survey for know the annual bills for a one-bedroom house, groceries and month-to-month well being care. For a metropolis to qualify for the examine, its inhabitants needed to be 10% or extra over the age of 65, in line with the Census Bureau’s 2020 American Group Survey; and should have a habitability rating of 65 or larger, from AreaVibes.

Listed here are the three greatest cities within the Northeast to retire on a $2,000 price range.

Lowell, Mass.

  • Month-to-month bills: $1,927.00
  • Hire 2022 1 bed room: $1,129.83
  • Habitability rating: 67

The city of Lowell, Massachusetts is named the “birthplace of author Jack Kerouac and the Industrial Revolution,” in line with the College of Massachusetts web site. Folks trying to retire right here will admire its deep historic connections, cultural richness and exquisite surroundings, together with outdated mill buildings and cobbled streets.

Though it’s a college city and solely round 12% of the inhabitants is aged 65 or over, it is a perfect place for retirees, given the low value of residing. Right here, your annual grocery prices might be lower than $5,300 per yr and your annual healthcare prices might be barely larger at $4,300 per yr. All advised, you’ll be able to comfortably get by on $2,000 a month.

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Allentown, Pennsylvania

  • Month-to-month bills: $1,968.52
  • Hire 2022 1 bed room: $1,094.83
  • Habitability rating: 66

Retirees in love with the Northeast will wish to contemplate making Allentown, Pennsylvania’s third-largest metropolis, their dwelling. Right here, 18% of the inhabitants is 65 or older, most likely as a result of it is an extremely reasonably priced place to reside. The annual value of groceries is just below $5,000 and the annual value of well being care can be lower than $5,000 per yr.

Furthermore, it’s a metropolis that has rather a lot to supply. In accordance with Allentown.gov, there are extra parks per capita than some other metropolis of comparable measurement in the US. Allentown can be made up of a number of distinctive neighborhoods with their very own taste, the place residents can discover many facilities, locations to eat, hearken to music. , watch sports activities and extra.

Pittsburgh, Pennsylvania

  • Month-to-month bills: $1,784.51
  • Hire 2022 1 bed room: $998.83
  • Habitability rating: 75

Topping the checklist of the very best cities within the Northeast to retire is Pittsburgh, Pennsylvania, the place 20% of the inhabitants is 65 or older. Right here, your annual grocery value is lower than $5,000 and your annual healthcare prices are lower than $4,500 per yr. House of famed philanthropist Andrew Carnegie – in addition to being the birthplace of the metal business and a coal mining hub – Pittsburg is a metropolis steeped in historical past and artwork, with many museums and venues cultural significance.

It’s also bodily stunning, with rivers and paths, parks and gardens obtainable for strolling, horse using. or experience a motorbike. Lastly, Pittsburgh has points of interest such because the Phipps Conservatory and Botanical Gardens, the Andy Warhol Museum and the Carnegie Museum of Pure Historical past.

Extra from GOBankingRates

Methodology: To seek out the very best cities within the Northeast to retire with a month-to-month price range of $2,000 or much less, GOBankingRates first used information from ApartmentList to search out (1) the typical 2022 lease in cities from the North East. GOBankingRates then used Sperling’s Finest to search out the price of residing index for every chosen metropolis, taking a look at (2) grocery and (3) healthcare index scores. Subsequent, GOBankingRates used information from the Bureau of Labor Statistics 2020 Client Expenditure Survey to search out the quantity of annual bills for groceries (“meals at dwelling”) and healthcare prices for seniors of 65 and older to find out how a lot an individual 65 and older would spend month-to-month on groceries and well being care in every metropolis. GOBankingRates then added month-to-month housing, grocery and healthcare prices to search out the place within the Northeast somebody 65 and older may survive on $1,500 or much less. For a metropolis to qualify for the examine, its inhabitants needed to be 10% or extra over the age of 65, (4) in line with the Census Bureau’s 2020 American Group Survey; and (5) should have a habitability rating of 65 or larger, from AreaVibes. All information was collected and up to date as of July 25, 2022.

In regards to the Creator

Jordan Rosenfeld is a contract author and creator of 9 books. She holds a BA from Sonoma State College and an MFA from Bennington Faculty. His articles and essays on finance and different matters have appeared in a variety of publications and shoppers together with The Atlantic, The Billfold, Good Journal, GoBanking Charges, Each day Value, Quartz, Medical Economics, The New York Instances , Ozy, Paypal, The Washington Publish and for a lot of business clients. As somebody who needed to be taught lots of her cash classes the onerous means, she enjoys writing about private finance to empower and educate individuals on find out how to benefit from what they’ve and find out how to reside. a greater high quality of life.

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