12 Best East Coast Cities To Retire on $2K/Month Plus Social Security
New York, Boston and other high-cost cities give the East Coast a reputation as an expensive place to live.
But that's not the case for 12 cities MoneyLion identified as being both desirable retirement destinations and affordable for retired couples living on Social Security plus $2,000 in additional income.
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12 Best East Coast Cities To Retire on $2K Plus Social Security
These cities offer retirees excellent quality of life on on a budget. They're organized alphabetically, by state.
1. Huntsville, Alabama
Typical home price: $201,296
Cost of living before housing: $2,014
Mortgage payment: $881
Total monthly costs: $2,895
Niche Score: B+
2. Mobile, Alabama
Typical home price: $116,275
Mortgage payment: $509
Cost of living before housing: $2,040
Total monthly costs: $2,549
Niche Score: B
3. Gainesville, Florida
Typical home price: $190,234
Cost of living before housing: $2,342
Mortgage payment: $834
Total monthly costs: $3,176
Niche Score: B
4. Orlando, Florida
Typical home price: $233,033
Cost of living before housing: $2,422
Mortgage payment: $1,020
Total monthly costs: $3,442
Niche Score: B
5. Tampa, Florida
Typical home price: $251,295
Cost of living before housing: $2,362
Mortgage payment: $1,100
Total monthly costs: $3,462
Niche Score: B
6. Atlanta
Typical home price: $262,274
Cost of living before housing: $2,632
Mortgage payment: $1,148
Total monthly costs: $3,780
Niche Score: B
7. Charlotte, North Carolina
Typical home price: $256,534
Cost of living before housing: $2,446
Mortgage payment: $1,123
Total monthly costs: $3,569
Niche Score: B
8. Greensboro, North Carolina
Typical home price: $171,124
Cost of living before housing: $2,190
Mortgage payment: $749
Total monthly costs: $2,939
Niche Score: B
9. Raleigh, North Carolina
Typical home price: $274,909
Cost of living before housing: $2,278
Mortgage payment: $1,204
Total monthly costs: $3,482
Niche Score: B
10. Columbia, South Carolina
Typical home price: $164,718
Cost of living before housing: $2,154
Mortgage payment: $721
Total monthly costs: $2,875
Niche Score: B
11. Richmond, Virginia
Typical home price: $262,343
Cost of living before housing: $2,440
Mortgage payment: $1,149
Total monthly costs: $3,589
Niche Score: B
12. Virginia Beach, Virginia
Typical home price: $241,104.22
Cost of living before housing: $2,352
Mortgage payment: $1,055.68
Total monthly costs: $3,407.68
Niche Score: B
5 More Cities To Consider
Cost-of-living data was unavailable for the following cities, but affordable housing and high Niche Grades make them worth considering.
1. Cape Coral, Florida
Typical home price: 254,138
Mortgage payment: $1,113
Niche Score: A-
2. Lakeland, Florida
Typical home price: 196,013
Mortgage payment: $858
Niche Score: B+
3. Port St. Lucie, Florida
Typical home price: 274,602
Mortgage payment: $1,202
Niche Score: B+
4. Athens, Georgia
Typical home price: 247,162
Mortgage payment: $1,082
Niche Score: B
5. Wilmington, North Carolina
Typical home price: 288,233
Mortgage payment: $1,262
Niche Score: B
Methodology: MoneyLion used the most recent data from the Social Security Administration to calculate a combined benefit of $3.067, based on the average retirement benefit plus the average spousal benefit. That plus $2,000 equals a total monthly income of $5,067, rounded to $5,100 ($61,200 per year). We then selected cities with a typical two-bedroom home price of $305,000[5x income] or less, per the Zillow Home Value Index, in keeping with Fidelity guidelines for affordability. The mortgage payments assume a 30% down payment and a mortgage rate of 6.4% . We narrowed the cities to those that received a "Good for Retirees" Niche Score of B or better, based on factors like weather, safety, access to amenities and healthcare, and had a cost of living (per Numbeo) that, combined with the mortgage payment, kept total living costs below $5,100 per month.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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