Once you enter your golden years, you might be looking for somewhere to retire that has a reasonable cost of living. As it turns out, Pennsylvania could be that place. According to a new study, Pennsylvania has two of the best cities to retire on and live on a budget of $1,800 a month.
GOBankingRates has conducted a study to find the best places for retirees to live in America, if their monthly income is $1,800. “Finding space in your budget to save and invest isn’t easy for everyone,” they state in the article. “In fact, a GOBankingRates survey found that 40% of Americans have less than $300 in savings. As such, plenty of Americans are facing a retirement where their only source of funds is a monthly check from the Social Security Administration.” They add that living on a fixed income doesn’t mean the fun has to stop. “In the right place, you might discover that you can stretch your budget further and spend your golden years enjoying yourself,” they state.
As for methodology, the GOBankingRates study took the “cost-of-living index from Sperling’s Best Places and applied it to customer expenditure data from the Bureau of Labor Statistics to find the average cost of living in the given city.” They also sourced the average rent for a one-bedroom apartment in each city via ApartmentList.
So, which Pennsylvania cities made the cut? One of the cities is Greensburg, with total monthly expenditures of $1,791.69 and a livability score of 71. GOBankingRates states, “In Greensburg, retirees can expect to spend $880 on rent for a one-bedroom and $374.38 on groceries each month — the highest of any city on this list. But residents will see savings on monthly healthcare costs, which are the lowest on this list at $537.80.”
The other city is Johnstown, Pennsylvania, with total monthly expenditures of $1,740.67 and a livability score of 63. GOBankingRates states, “Nestled in the Laurel Mountains of Pennsylvania, Johnstown is the largest city in Cambria County. A one-bedroom here costs $799 a month, which is pretty much plop in the middle of this list in terms of affordability. Groceries cost $349.64, which is on the low side, and healthcare is $592.28 a month.” Find the full list here.