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But that can be difficult to actually achieve often for financial reasons.
Thats significantly more than the U.S. average of about $4,000.
The cost of living is high here because the average retiree has amonthly mortgage paymentof $8,796.
That means all other expenses average out to roughly $2,000 monthly.
Youll find this to be a recurring theme.
Most of these cities cost a lot to live in because of high mortgage payments.
And rent isnt exactly cheap either the average apartment costs more than $2,500 in Seal Beach.
But thats a lot less than themedian mortgage payment.
It could be enough to make your budget work.
Sunny Isles Beach, Florida
Sunny Isles Beach could be a dream retirement destination if youre interested in Florida.
Once again, the regions median mortgage payment drives the high cost of living here.
Residents pay a monthly average of $7,945.
Walnut Creek, California
Walnut Creek is a Northern California city with a population just under 70,000.
The citys median mortgage payment is a whopping $8,551.
However, you’re free to save a lot of money by renting.
Apartments in Walnut Creek cost an average of $2,595 per month.
If thats where you find yourself, consider expanding your search.
The expenditure and mortgage costs can be used to find the total cost of living for each city.
Using the Social Security Administration, the average Social Security Benefits can be calcualted.
Cities with a 15-year cost of living over $2 million were removed for this study.
All data was collected on and is up to date as of Aug. 13, 2024.
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