Don’t think you can’t begin your retirement unless you have $1 million or more in savings. A new GOBankingRates study reveals there are 50 places across the United States where retirees can comfortably retire with $500,000 in savings and enjoy an excellent quality of life.
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GOBankingRates was able to determine the 50 “best” places by sourcing each city’s livability score and selecting cities with at least 1,000 residents ages 65 and older. We analyzed the Social Security Administration’s Monthly Statistical Snapshot for the average Social Security income for one person and a married couple filing jointly. The annual cost of living after Social Security income was calculated using the average Social Security income and the total cost of living, and the 20-year cost of retirement was calculated assuming a person retires at age 65 and lives in retirement for another 20 years.
Correction: This is an updated version as of Aug. 7, 2025. The original had incorrect calculations.
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Key Findings
Ohio swept the rankings with 12 cities named among the best places to retire with $500K in savings. Canfield took first place followed by Fairlawn (#2), North Canton (#5), Middleburg Heights (#7), Chesterland (#8), Cortland (#11), Lyndhurst (#15), Seven Hills (#24), Sheffield (#31), Vermilion (#40), Huron (#43) and Brookville (#49).
There are 36 Midwestern cities where Americans can retire with $500K, the most out of any US region. Twelve of these cities are based in Ohio. Of the remaining 24, seven are in Iowa (Humboldt, Garner, Manchester, Clear Lake, Jefferson, Fairfield and Algona). Illinois (Princeton, Geneseo, Crestwood, Galena and Westchester) and Michigan (Lathrup Village, Frankenmuth, Ludington, Grand Haven and Grand Kingsford) each have five cities which ranked. Minnesota (Oak Park Heights, Grand Rapids and International Falls) has three cities while Wisconsin has two (Glendale and Sturgeon Bay) There is one city in Missouri (Shrewsbury) and Nebraska (Cozad) respectively.
Three Florida cities ranked in the top 50. These include Sebastian (#9), Cape Canaveral (#10) New Port Richey (#28).
Ranked in order from highest quality of life, keep reading to discover the best places where you can retire with $500,000 in the United States.
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1. Canfield, Ohio
Livability score: 87 (out of 100)
Cost of living for 20 years for a single person (with Social Security): $410,679
Annual cost of living: $44,563
Monthly cost of living: $3,714
Average monthly mortgage: $1,990
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2. Fairlawn, Ohio
Cost of living for 20 years for a single person (with Social Security): $399,890
Annual cost of living: $44,023
Monthly cost of living: $3,669
Average monthly mortgage: $1,905
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3. Lathrup Village, Michigan
Cost of living for 20 years for a single person (with Social Security): $435,147
Annual cost of living: $45,786
Monthly cost of living: $3,816
Average monthly mortgage: $1,966
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4. Frankenmuth, Michigan
Cost of living for 20 years for a single person (with Social Security): $413,188
Annual cost of living: $44,688
Monthly cost of living: $3,724
Average monthly mortgage: $1,927
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5. North Canton, Ohio
Cost of living for 20 years for a single person (with Social Security): $332,744
Annual cost of living: $40,666
Monthly cost of living: $3,389
Average monthly mortgage: $1,696
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6. Glendale, Wisconsin
Cost of living for 20 years for a single person (with Social Security): $479,010
Annual cost of living: $47,979
Monthly cost of living: $3,998
Average monthly mortgage: $2,147
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7. Middleburg Heights, Ohio
Cost of living for 20 years for a single person (with Social Security): $335,188
Annual cost of living: $40,788
Monthly cost of living: $3,399
Average monthly mortgage: $1,679
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8. Chesterland, Ohio
Cost of living for 20 years for a single person (with Social Security): $469,262
Annual cost of living: $47,492
Monthly cost of living: $3,958
Average monthly mortgage: $2,159
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9. Sebastian, Florida
Cost of living for 20 years for a single person (with Social Security): $470,593
Annual cost of living: $47,558
Monthly cost of living: $3,963
Average monthly mortgage: $2,047
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10. Cape Canaveral, Florida
Cost of living for 20 years for a single person (with Social Security): $482,480
Annual cost of living: $48,153
Monthly cost of living: $4,013
Average monthly mortgage: $2,159
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11. Cortland, Ohio
Cost of living for 20 years for a single person (with Social Security): $268,551
Annual cost of living: $37,456
Monthly cost of living: $3,121
Average monthly mortgage: $1,395
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12. Ludington, Michigan
Cost of living for 20 years for a single person (with Social Security): $314,352
Annual cost of living: $39,746
Monthly cost of living: $3,312
Average monthly mortgage: $1,688
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13. Princeton, Illinois
Cost of living for 20 years for a single person (with Social Security): $195,842
Annual cost of living: $33,821
Monthly cost of living: $2,818
Average monthly mortgage: $978
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14. Humboldt, Iowa
Cost of living for 20 years for a single person (with Social Security): $230,460
Annual cost of living: $35,552
Monthly cost of living: $2,963
Average monthly mortgage: $1,098
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15. Lyndhurst, Ohio
Cost of living for 20 years for a single person (with Social Security): $263,688
Annual cost of living: $37,213
Monthly cost of living: $3,101
Average monthly mortgage: $1,376
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16. Geneseo, Illinois
Cost of living for 20 years for a single person (with Social Security): $279,102
Annual cost of living: $37,984
Monthly cost of living: $3,165
Average monthly mortgage: $1,365
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17. Crestwood, Illinois
Cost of living for 20 years for a single person (with Social Security): $396,990
Annual cost of living: $43,878
Monthly cost of living: $3,657
Average monthly mortgage: $1,730
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18. Kerrville, Texas
Cost of living for 20 years for a single person (with Social Security): $445,002
Annual cost of living: $46,279
Monthly cost of living: $3,857
Average monthly mortgage: $2,083
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19. Boyertown, Pennsylvania
Cost of living for 20 years for a single person (with Social Security): $460,880
Annual cost of living: $47,073
Monthly cost of living: $3,923
Average monthly mortgage: $1,909
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20. Oak Park Heights, Minnesota
Cost of living for 20 years for a single person (with Social Security): $473,952
Annual cost of living: $47,726
Monthly cost of living: $3,977
Average monthly mortgage: $2,160
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21. Garner, Iowa
Cost of living for 20 years for a single person (with Social Security): $251,914
Annual cost of living: $36,624
Monthly cost of living: $3,052
Average monthly mortgage: $1,322
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22. Cozad, Nebraska
Cost of living for 20 years for a single person (with Social Security): $253,589
Annual cost of living: $36,708
Monthly cost of living: $3,059
Average monthly mortgage: $1,027
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23. Manchester, Iowa
Cost of living for 20 years for a single person (with Social Security): $265,504
Annual cost of living: $37,304
Monthly cost of living: $3,109
Average monthly mortgage: $1,353
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24. Seven Hills, Ohio
Cost of living for 20 years for a single person (with Social Security): $357,060
Annual cost of living: $41,882
Monthly cost of living: $3,490
Average monthly mortgage: $1,749
25. Kingman, Arizona
Cost of living for 20 years for a single person (with Social Security): $372,234
Annual cost of living: $42,640
Monthly cost of living: $3,553
Average monthly mortgage: $1,579
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26. Shrewsbury, Missouri
Cost of living for 20 years for a single person (with Social Security): $384,020
Annual cost of living: $43,230
Monthly cost of living: $3,602
Average monthly mortgage: $1,750
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27. Clear Lake, Iowa
Cost of living for 20 years for a single person (with Social Security): $392,162
Annual cost of living: $43,637
Monthly cost of living: $3,636
Average monthly mortgage: $1,883
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28. New Port Richey, Florida
Cost of living for 20 years for a single person (with Social Security): $419,742
Annual cost of living: $45,016
Monthly cost of living: $3,751
Average monthly mortgage: $1,815
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29. Galena, Illinois
Cost of living for 20 years for a single person (with Social Security): $423,265
Annual cost of living: $45,192
Monthly cost of living: $3,766
Average monthly mortgage: $1,851
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30. Grand Haven, Michigan
Cost of living for 20 years for a single person (with Social Security): $486,899
Annual cost of living: $48,374
Monthly cost of living: $4,031
Average monthly mortgage: $2,298
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31. Sheffield, Ohio
Cost of living for 20 years for a single person (with Social Security): $328,424
Annual cost of living: $40,450
Monthly cost of living: $3,371
Average monthly mortgage: $1,695
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32. Westchester, Illinois
Cost of living for 20 years for a single person (with Social Security): $479,345
Annual cost of living: $47,996
Monthly cost of living: $4,000
Average monthly mortgage: $2,055
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33. Jefferson, Iowa
Cost of living for 20 years for a single person (with Social Security): $189,497
Annual cost of living: $33,504
Monthly cost of living: $2,792
Average monthly mortgage: $994
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34. Alpine, Texas
Cost of living for 20 years for a single person (with Social Security): $305,054
Annual cost of living: $39,281
Monthly cost of living: $3,273
Average monthly mortgage: $1,468
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35. Colville, Washington
Cost of living for 20 years for a single person (with Social Security): $417,855
Annual cost of living: $44,871
Monthly cost of living: $3,739
Average monthly mortgage: $2,001
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36. Cold Spring, Kentucky
Cost of living for 20 years for a single person (with Social Security): $435,152
Annual cost of living: $45,786
Monthly cost of living: $3,816
Average monthly mortgage: $1,928
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37. Stroudsburg, Pennsylvania
Cost of living for 20 years for a single person (with Social Security): $474,915
Annual cost of living: $47,774
Monthly cost of living: $3,981
Average monthly mortgage: $2,050
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38. Punxsutawney, Pennsylvania
Cost of living for 20 years for a single person (with Social Security): $119,853
Annual cost of living: $30,021
Monthly cost of living: $2,502
Average monthly mortgage: $672
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39. Kingsford, Michigan
Cost of living for 20 years for a single person (with Social Security): $196,293
Annual cost of living: $33,843
Monthly cost of living: $2,820
Average monthly mortgage: $848
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40. Vermilion, Ohio
Cost of living for 20 years for a single person (with Social Security): $274,124
Annual cost of living: $37,735
Monthly cost of living: $3,145
Average monthly mortgage: $1,456
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41. Grand Rapids, Minnesota
Cost of living for 20 years for a single person (with Social Security): $287,298
Annual cost of living: $38,394
Monthly cost of living: $3,199
Average monthly mortgage: $1,587
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42. Ayden, North Carolina
Cost of living for 20 years for a single person (with Social Security): $309,405
Annual cost of living: $39,499
Monthly cost of living: $3,292
Average monthly mortgage: $1,276
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43. Huron, Ohio
Cost of living for 20 years for a single person (with Social Security): $332,333
Annual cost of living: $40,645
Monthly cost of living: $3,387
Average monthly mortgage: $1,744
Kimberly Vlies / Wikimedia Commons
44. Sturgeon Bay, Wisconsin
Cost of living for 20 years for a single person (with Social Security): $464,828
Annual cost of living: $47,270
Monthly cost of living: $3,939
Average monthly mortgage: $2,259
45. International Falls, Minnesota
Cost of living for 20 years for a single person (with Social Security): $116,599
Annual cost of living: $29,859
Monthly cost of living: $2,488
Average monthly mortgage: $867
Jacob Boomsma / Getty Images/iStockphoto
46. Fairfield, Iowa
Cost of living for 20 years for a single person (with Social Security): $194,954
Annual cost of living: $33,776
Monthly cost of living: $2,815
Average monthly mortgage: $926
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47. Lebanon, Virginia
Cost of living for 20 years for a single person (with Social Security): $227,207
Annual cost of living: $35,389
Monthly cost of living: $2,949
Average monthly mortgage: $1,120
DenisTangneyJr / Getty Images/iStockphoto
48. Algona, Iowa
Cost of living for 20 years for a single person (with Social Security): $231,931
Annual cost of living: $35,625
Monthly cost of living: $2,969
Average monthly mortgage: $1,977
Ron and Patty Thomas / Getty Images/iStockphoto
49. Brookville, Ohio
Cost of living for 20 years for a single person (with Social Security): $319,532
Annual cost of living: $40,005
Monthly cost of living: $3,334
Average monthly mortgage: $1,549
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50. Baker City, Oregon
Cost of living for 20 years for a single person (with Social Security): $322,549
Annual cost of living: $40,156
Monthly cost of living: $3,346
Average monthly mortgage: $1,563
Editor’s note: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: Data was sourced from the 2023 5-Year United States Census American Community Survey, Sperling’s BestPlaces, the Bureau of Labor Statistics Consumer Expenditure Survey, Zillow Home Value Index for June 2025, Federal Reserve Economic Data and the Social Security Administration’s Monthly Statistical Snapshot. All data was collected on and is up to date Aug. 7, 2025.
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This article originally appeared on GOBankingRates.com: 50 Best Places in America To Retire With $500K in Savings