Are you wondering where you can retire on $3000 a month?
After spending a large portion of your life working, you’re ready to sail off into the sunset.
However, there’s a bit of a problem. If you retire somewhere expensive, you may spend your retirement savings too quickly.
Fortunately, moving to a city with a low cost of living can improve your retirement finances tremendously.
For example, if you sell your home and buy one in a less expensive city, you can give your retirement savings a massive boost or even retire early. You’ll also be able to stretch every dollar by reducing your living expenses.
That said, this article will provide a list of 30 places where you can retire on $3000 or less. For each place, we looked at the typical expenses for food, medical, housing, transportation, and more.
Can I Retire on $3000 per Month?
Generally speaking, you can retire on $3,000 per month. However, it will depend on several factors, such as where you retire, your living expenses, your retirement savings, your social security benefits, and so on.
For example, if you retire in Spokane, Washington, keep your cost of living low, supplement your income with a side hustle or have a generous pension, you should be able to retire on $3,000 per month without any problems.
On the other hand, if you retire somewhere expensive, have a high cost of living, and rely on nothing but social security benefits, it may still be possible but much more difficult.
Considering both these circumstances, whether or not you can comfortably retire on $3,000 per month largely depends on your unique situation.
Related Article: Can I Retire at 60 With 500k?
Where in the US Can I Live Comfortably on $3000 a Month?
To find places you can retire on $3,000 or less per month, we used the living wage calculator at livingwage.mit.edu.
After searching for a location, we looked at the typical expenses and required annual income after taxes for a person to support him or herself. We then broke down the required annual income by month. However, we do provide both.
Again, the required incomes provided below are what an adult without children would have to earn to provide themselves with basic necessities like shelter, food, transportation, and healthcare.
1. Houston County, Texas
Required income: $2,127 per month or $25,528 per year
With a required income of just $2,127 per month for adults without children, Houston takes the number one spot on our list.
2. El Paso County, Texas
Required income: $2,138 per month or $25,658 per year
The border town, El Paso County, has typical food expenses of just $279.25 per month for an adult without children.
3. Knoxville, Tennessee
Required income: $2,168 per month or $26,013 per year
The home of the University of Tennessee, Knoxville, has typical food costs of $279.25 per month for adults without children.
4. Chattanooga, Tennessee
Required income: $2,186 per month or $26,229 per year
Chattanooga features typical transportation costs of just $459 per month for adults without children.
5. Shreveport-Bossier City, Louisiana
Required income: $2,210 per month or $26,520 per year
With a required income of just $2,210 per month, Shreveport is one of the most affordable cities to retire in on our list.
6. Tucson, Arizona
Required income: $2,216 per month or $26,592 per year
Although Tucson has an older population, the typical monthly medical expense for adults without children is just $217.25.
7. Lincoln County, Nebraska
Required income: $2,225 per month or $26,700 per year
The home of the Cornhuskers, Lincoln, has high typical medical costs of $233 per month for adults without children.
8. Des Moines County, Iowa
Required income: $2,234 per month or $26,813 per year
Des Moines has typical transportation costs of just $442.08 per month for adults without children.
9. Lubbock County, Texas
Required income: $2,235 per month or $26,814 per year
The typical housing expense for an adult without children is a low of just $689.25 per month in Lubbock.
10. Oklahoma City, Oklahoma
Required income: $2,238 per month or $26,861 per year
Oklahoma City has typical medical expenses of $209.42 per month for adults without children.
11. Greensboro-High Point, North Carolina
Required income: $2,258 per month or $27,097 per year
Greensboro has below typical food costs of just $279.25 per month for adults without children.
12. Laredo, Texas
Required income: $2,275 per month or $27,303 per year
Laredo, another border town in Texas, has typical monthly transportation costs of just $459.08 for adults without children.
13. Spokane County, Washington
Required income: $2,277 per month or $27,218 per year
The inland northwest city, Spokane, has typical medical costs of just $181.50 for adults without children.
14. Indianapolis-Carmel-Anderson, Indiana
Required income: $2,282 per month or $27,387 per year
Indianapolis has below-average typical food costs of just $285 per month for adults without children.
15. San Antonio-New Braunfels, Texas
Required income: $2,302 per month or $27,622 per year
San Antonio has typical transportation costs of $459 per month for adults without children.
16. Pittsburgh, Pennsylvania
Required income: $2,305 per month or $27,658 per year
With one of the oldest populations on our list, Pittsburgh has low typical medical costs of just $201.42 per month for adults without children.
17. Jacksonville, Florida
Required income: $2,314 per month or $27,678 per year
The Sunshine State city, Jacksonville, has typical civic costs of just $208.58 per month for adults without children.
18. Columbus, Ohio
Required income: $2,322 per month or $27,869 per year
The home of Ohio State University has below-average typical medical expenses of just $219.75 per month for adults without children.
19. Corpus Christi, Texas
Required income: $2,368 per month or $28,419 per year
The Texas coastal town, Corpus Christi, has typical food costs of just $279.25 per month for adults without children.
20. Las Vegas-Henderson-Paradise, Nevada
Required income: $2,372 per month or $28,463 per year
Las Vegas has typical transportation costs of $411.50 per month for adults without children.
21. Colorado Springs, Colorado
Required income: $2,389 per month or $28,668 per year
Colorado Springs has typical housing costs of $796 per month for adults without children.
22. Madison, Wisconsin
Required income: $2,451 per month or $29,421 per year
Madison has typical civic expenses of $241 per month for adults without children.
23. Phoenix-Mesa-Scottsdale, Arizona
Required income: $2,516 per month or $30,192 per year
Phoenix has typical food cost of just $333.25 per month for adults without children.
24. Dallas-Forth Worth-Arlington, Texas
Required income: $2,540 per month or $30,483 per year
Arlington has close to average costs, but typical housing expenses of $995 per month for adults without children.
25. Raleigh, North Carolina
Required income: $2,575 per month or $30,859 per year
The typical medical expense for adults without children living in Raleigh is just $225.75 per month.
26. Virginia Beach City, Virginia
Required income: $2,599 per month or $31,194 per year
Virginia Beach has typical transportation costs of just $459.08 per month for adults without children.
27. Norfolk City, Virginia
Required income: $2,600 per month or $31,194 per year
The town on Chesapeake Bay, Norfolk, has typical food expenses of $279.25 per month for adults without children.
28. Durham County, North Carolina
Required income: $2,610 per month or $31,323 per year
The home of Duke University, Durham, has typical civic costs of $209 per month for adults without children.
29. Richmond City, Virginia
Required income: $2,635 per month or $31,622 per year
Richmond has typical transportation costs of just $459 per month for adults without children.
30. Denver-Aurora-Lakewood, Colorado
Required income: $2,772 per month or $33,266 per year
Aurora has typical medical expenses of just $227 per month for adults without children.
Frequently Asked Questions
Here are several frequently asked questions about retiring on a tight budget:
What Is the Least Expensive Place to Retire?
According to U.S. News, the top 5 least expensive places to retire are:
- Daytona Beach, Florida
- Pensacola, Florida
- Lakeland, Florida
- Asheville, North Carolina
- Ocala, Florida
Where Can You Retire on $2500 a Month?
According to GoBankingRates, the 5 best cities to retire on $2500 a month are:
- McAllen, Texas
- Little Rock, Arkansas
- Akron, Ohio
- Toledo, Ohio
- Sierra Vista, Arizona
Where Can I Retire for $2000 a Month?
According to GoBankingRates, the 5 best cities to retire for $2000 a month are:
- Fort Wayne, Indiana
- Fargo, North Dakota
- Abilene, Texas
- Baytown, Texas
- Parma Heights, Ohio
Where Is the Cheapest Warm Place to Retire?
According to BuilderOnline, the 5 cheapest warm places to retire are:
- Ely, Nevada
- Pueblo, Colorado
- Amarillo, Texas
- Lubbock, Texas
- Roswell, New Mexico
What State Is the Cheapest for Seniors to Live In?
According to MoneyWise, the 5 cheapest states for seniors to live in are:
- Mississippi
- Oklahoma
- Iowa
- Arkansas
- West Virginia
Where Is the Best Small Town to Retire?
According to U.S. News, the 5 best small towns to retire are:
- Georgetown, Texas
- Leander, Texas
- Queen Creek, Arizona
- New Braunfels, Texas
- Fort Myers, Florida
Final Thoughts on the Best Places to Retire on $3000 a month
As you can see, there are many places you can retire for only $3000 per month.
Regarding our list, the most expensive is in Aurora, Colorado, with a required income of $2,772 per month for adults without children to provide themselves with basic necessities.
On the other hand, the least expensive is in Houston, Texas, with a required income of just $2,127 per month.
However, no one’s situation is the same. When determining where you want to retire, you need to evaluate your own financial situation and lifestyle.
You should also consider nonfinancial factors such as weather, crime rate, accessibility to healthcare, etc.
