25 Best Cities Where You Can Retire On $3500 A Month

Published on November 30, 2023 at 10:08 pm by Ghazal Ahmed in Lists, News, Retirement

This article takes a look at the 25 best cities where you can retire on $3500 a month. If you wish to skip our detailed analysis on navigating the post-pandemic housing boom, you may go to 5 Best Cities Where You Can Retire On $3500 A Month.

Navigating the Post-Pandemic Housing Boom: A Retiree’s Guide

Most of 2023 has been about the challenge of insufficient retirement savings and the relentless pursuit of attaining the magic $1.8 million mark. Despite remaining a crucial goal, retirees may lament over missed opportunities as they enter 2024 amidst a competitive real estate market. Apparently, there’s a sense of regret over not seizing the rock-bottom mortgage rates available back in 2021.

According to Redfin Corporation (NASDAQ:RDFN), a Seattle-based real-estate company, the total value of US homes was down 4.9% to $45.3 trillion at the end of 2022. Rising mortgage rates made purchasing a home more expensive, taking a big hit on the US real estate market.

“The housing market has shed some of its value, but most homeowners will still reap big rewards from the pandemic housing boom. The total value of U.S. homes remains roughly $13 trillion higher than it was in February 2020, the month before the coronavirus was declared a pandemic.”

-Redfin Corporation (NASDAQ:RDFN) Economics Research Lead Chen Zhao.

However, this trend was short-lived, and June 2023 saw the worth of US homes hitting a record $46.8 trillion mark, based on Redfin Corporation (NASDAQ:RDFN)’s analysis of over 90 million US residential properties. Zillow Group, Inc. (NASDAQ:Z) confirms this analysis, stating that the US housing market has witnessed an impressive rebound in 2023, and the housing market is 49% higher than before the start of the pandemic. This paints quite a unique picture of the US housing market, characterized by record-high home values amid sluggish demand.

“The dominance of the 30-year fixed rate mortgage in America is propping up home values. Tons of homeowners scored an incredible deal during the pandemic: a 3% mortgage rate for the remainder of their 30-year loan. Now they’re staying put because moving would mean taking on a rate that’s twice as high. This means buyers who are in the market now are duking it out for a very small pool of homes, preventing home values from plunging.”

Consequently, only 1% of homes have changed hands in 2023, and the number of houses up for sale in the US has also dropped to a record low. This means that many retirees who didn’t capitalize on the 3% mortgage rate back in 2021 might not be able to purchase a home at all. The National Association of Home Builders confirms this notion, stating that 70% of Americans cannot afford the median price of a new single-family home.

Those who are still moving, are relocating to destinations such as Sacramento, and even Nashville. According to Zillow Group, Inc. (NASDAQ:Z), the typical home value of homes in Nashville Tennessee is $428,715.

“Nashville has relatively low property taxes, insurance costs, and utility prices, along with no state income tax, all of which help if you’re looking for a lower cost of living.”

– Redfin Premier real estate agent Kristin Sanchez.

The primary reason people, especially retirees, are looking for cheaper areas to relocate to is that they simply can’t afford to stay in their current locations. According to the Bureau of Labor Statistics, the average American has less than $100,000 in savings. Yet, they still spend an average of $3,800 per month. Places like these enable retirees to live on $3,000 a month, or even less.

Other popular destinations that home buyers have been moving to include Las Vegas, Orlando, and Myrtle Beach. One thing these places have in common is that they all face intense climate risks. With home insurance buyers such as The Allstate Corporation (NYSE:ALL) pulling out of Sacramento and those such as Farmers Insurance Group moving out from Florida, home values have been on the decline for these places. Zillow Group, Inc. (NASDAQ:Z) notes that home prices in Sacramento have gone down by 3.7% over the past year, while those in Las Vegas have gone down by 5.2%.

As retirees navigate these challenges and opportunities, the key lies in strategic decision-making, considering not just the current market trends but also long-term sustainability and affordability. Whether opting for a more budget-friendly location or adapting to the dynamics of the current real estate market, retirees must weigh their options carefully to make informed choices.

Sean Pavone/Shutterstock.com

Methodology

To compile the list of best cities where you can retire on $3,500, we have used several sources such as US News & World Report, Nasdaq, and Forbes, amongst others. Next, we compiled a list of the best cities recommended, scoring them on their average monthly rent (1-bedroom apartment), median listing home price, and cost of living. We only selected cities that had a cost of living lower than 5% or more than the national average. Next, we summed all the scores and ranked the cities on our Insider Monkey Score. Places have been ranked in an ascending order from the lowest scores to the highest. Median home prices and average rents have been sourced from Zillow, Zumper, Redfin, and Realtor. The cost of living has been derived from Best Places. For places with the same scores, tie-breaking has been done based on their cost of living, and places with a lower cost of living have been placed higher on our list.

Here are the best cities where you can retire on $3,500:

25. Savannah, Georgia

Insider Monkey Score: 18

Median Listing Home Price: $338,000

Average Monthly Rent: $1,509

Cost of Living: 9.8% lower

Ideal weather, numerous outdoor activities, and a thriving arts and culture scene make retiring to Savannah worth it. Retiring to this coastal beauty is possible for $3,500 a month.

24. Winchester, Virginia

Insider Monkey Score: 23

Median Listing Home Price: $390,000

Average Monthly Rent: $1,300

Cost of Living: 8.4% lower

Winchester impresses retirees with its historic significance, scenic landscapes, and relaxing ambiance. The median home price is $390,000, with monthly rent averaging at $1,300.

23. Rochester, Minnesota

Insider Monkey Score: 30

Median Listing Home Price: $349,900

Average Monthly Rent: $1,399

Cost of Living: 5.8% lower

Rochester in Minnesota is known for its healthcare excellence, quality of life, and outdoor amenities. The cost of living is 5.8% lower than the US average.

22. Plymouth, Michigan

Insider Monkey Score: 31

Median Listing Home Price: $455,000

Average Monthly Rent: $1,193

Cost of Living: 8.2% lower

Plymouth is revered for its quaint small-town atmosphere and proximity to Detroit. The cost of living is 8.2% lower than the US average.

21. Lexington, Kentucky

Insider Monkey Score: 32

Median Listing Home Price: $325,000

Average Monthly Rent: $1,214

Cost of Living: 9.2% lower

Known as the “Horse Capital of the World”, living in Lexington is no less than a dream for horse enthusiasts. Retirees in the city like to keep busy with the city’s many cultural events, all while enjoying its scenic beauty and taking part in outdoor sports.

20. Fargo, North Dakota

Insider Monkey Score: 32

Median Listing Home Price: $341,000

Average Monthly Rent: $1,095

Cost of Living: 9.4% lower

Fargo keeps retirees interested and busy with lots of community events and outdoor activities. The cost of living is 9.4% lower than the national average.

19. Walla Walla, Washington

Insider Monkey Score: 36

Median Listing Home Price: $440,000

Average Monthly Rent: $1,146

Cost of Living: 6.8% lower

Another one of the best cities where you can retire at $3,500 a month is Walla Walla. Famous for its wine country charm and culinary delights, the city is a nice place to call home.

18. Jacksonville, Florida

Insider Monkey Score: 37

Median Listing Home Price: $315,000

Average Monthly Rent: $1,266

Cost of Living: 6% lower

Jacksonville, a nice place to retire in Florida, is famous for its coastal living, warm climate, and diverse recreational opportunities. $3,000 is good for retirement in the city.

17. Pittsburgh, Pennsylvania

Insider Monkey Score: 39

Median Listing Home Price: $248,000

Average Monthly Rent: $1,225

Cost of Living: 9.2% lower

Home to a rich cultural heritage and a thriving arts scene, Pittsburgh is one of the best cities where you can retire on $3,500 a month.

16. Scranton, Pennsylvania

Insider Monkey Score: 40

Median Listing Home Price: $166,000

Average Monthly Rent: $1,198

Cost of Living: 16.4% lower

Rich history, cultural events, and affordable living are the top three reasons retirees move to Scranton, Pennsylvania.

15. Reading, Pennsylvania

Insider Monkey Score: 41

Median Listing Home Price: $235,000

Average Monthly Rent: $1,410

Cost of Living: 6% lower

One of the best cities where you can retire on $3,500 a month is Reading. Known for its cultural diversity, historic architecture, and community engagement, it can be a good place to retire to.

14. Athens, Georgia

Insider Monkey Score: 42

Median Listing Home Price: $338,000

Average Monthly Rent: $1,260

Cost of Living: 14.4% lower

Athens is appealing to retirees for its college town vibe, vibrant arts scene, and mild climate. Rent averages at $1,260 and the cost of living is nearly 15% lower than the US average.

13. Gainesville, Florida

Insider Monkey Score: 43

Median Listing Home Price: $315,000

Average Monthly Rent: $1,155

Cost of Living: 7.8% lower

Gainesville is the perfect place for retirees who are looking for a wide range of outdoor activities amidst a relaxed atmosphere.

12. Waterloo, Iowa

Insider Monkey Score: 43

Median Listing Home Price: $135,521

Average Monthly Rent: $1075

Cost of Living: 24.3% lower

One of the best cities where you can retire at $3,500 a month is Waterloo, Iowa. Housing options are extremely affordable here, and so is the cost of living.

11. Frankfort, Kentucky

Insider Monkey Score: 44

Median Listing Home Price: $250,000

Average Monthly Rent: $775

Cost of Living: 20.2% lower

From its scenic landscapes and famous bourbon culture to the historical charm the city offers, Frankfort is a nice place to retire in Kentucky.

10. Green Valley, Arizona

Insider Monkey Score: 45

Median Listing Home Price: $310,000

Average Monthly Rent: $1,296

Cost of Living: 3% lower

Home to a beautiful desert landscape and a retirement-friendly environment, retiring to Green Valley can be a rewarding experience for retirees.

9. Augusta, Georgia

Insider Monkey Score: 45

Median Listing Home Price: $204,000

Average Monthly Rent: $1,014

Cost of Living: 20% lower

Augusta, Georgia is a favorite amongst retirees due to its Southern charm, golf culture, and access to healthcare.

8. San Antonio, Texas

Insider Monkey Score: 46

Median Listing Home Price: $300,000

Average Monthly Rent: $1,069

Cost of Living: 8.7% lower

Rich history, diverse culture, and a warm climate make San Antonio one of the best cities where you can retire on $3,500 a month.

7. Mishawaka, Indiana

Insider Monkey Score: 46

Median Listing Home Price: $171,000

Average Monthly Rent: $910

Cost of Living: 21% lower

Mishawaka is revered for its quaint charm, proximity to Notre Dame, and diverse recreation opportunities.

6. Daytona Beach, Florida

Insider Monkey Score: 47

Median Listing Home Price: $278,000

Average Monthly Rent: $1,250

Cost of Living: 5.1% lower

Daytona Beach is cherished for its coastal lifestyle, relaxed pace of life, and ample recreation opportunities. The cost of living is 5.1% lower than the national average, making it possible to retire on $3,500 a month.

Click to continue reading and see the 5 Best Cities Where You Can Retire On $3500 A Month.

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

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Where will all of that energy come from?

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25 Best Cities Where You Can Retire On $3500 A Month

Published on November 30, 2023 at 10:08 pm by Ghazal Ahmed in Lists, News, Retirement

Navigating the Post-Pandemic Housing Boom: A Retiree’s Guide

Methodology

25. Savannah, Georgia

24. Winchester, Virginia

23. Rochester, Minnesota

22. Plymouth, Michigan

21. Lexington, Kentucky

20. Fargo, North Dakota

19. Walla Walla, Washington

18. Jacksonville, Florida

17. Pittsburgh, Pennsylvania

16. Scranton, Pennsylvania

15. Reading, Pennsylvania

14. Athens, Georgia

13. Gainesville, Florida

12. Waterloo, Iowa

11. Frankfort, Kentucky

10. Green Valley, Arizona

9. Augusta, Georgia

8. San Antonio, Texas

7. Mishawaka, Indiana

6. Daytona Beach, Florida

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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25 Best Cities Where You Can Retire On $3500 A Month

Published on November 30, 2023 at 10:08 pm by Ghazal Ahmed in Lists, News, Retirement

Share

Navigating the Post-Pandemic Housing Boom: A Retiree’s Guide

Methodology

25. Savannah, Georgia

24. Winchester, Virginia

23. Rochester, Minnesota

22. Plymouth, Michigan

21. Lexington, Kentucky

20. Fargo, North Dakota

19. Walla Walla, Washington

18. Jacksonville, Florida

17. Pittsburgh, Pennsylvania

16. Scranton, Pennsylvania

15. Reading, Pennsylvania

14. Athens, Georgia

13. Gainesville, Florida

12. Waterloo, Iowa

11. Frankfort, Kentucky

10. Green Valley, Arizona

9. Augusta, Georgia

8. San Antonio, Texas

7. Mishawaka, Indiana

6. Daytona Beach, Florida

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff