Most Cities With the Lowest Cost of Living for Retirees Are in the Midwest

December 6, 2017
Detroit
Photo: Pexels

Three of the top 10 best cities for retiree cost of living were in Ohio -- Columbus, Cleveland, and Toledo, and the number one city was Detroit.

Looking at the average costs for a 65-year-old for housing, utilities, groceries, and healthcare in the largest 100 cities in the country, GOBankingRates took the approximate median nest egg retirees saved, $150,000, and subtracted one year's worth of costs for each city to determine affordability. In the top ten cities, retiree cost of living ranged from $38,710 in Wichita to $33,356 in Detroit, with between $111,290 and $116,644 nest egg left over. 

If you want the best answer for "How long will my money last in retirement? — look no further than Detroit ... Housing is incredibly inexpensive in the city, with average costs of under $3,200, a mere 20 percent of the national average. Grocery costs of $3,400 also save 5 percent against the national average, but you won't see any savings in healthcare costs or utilities.

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