Finding an affordable place to live on a low budget may sound far-fetched. The matter is complicated in the midst of the current economic context of rising prices due to inflation. However, it is possible to achieve the golden dream of retirement.
The GoBankingRates site set out to find some cities where you can realistically live on a $1 budget,500 dollars per month.
For this, the ApartmentList data for February 2022 were used to locate the cities of the country with an average rent of $750 dollars per month for a one-bedroom apartment, they were correlated with the index of cost of living in each region and with the Survey of Consumer Expenditures of 2019 to know the levels of expenses in food and medical care.
one. Lansing, Michigan
In the capital of the state of Michigan, total monthly expenses are $1,485 dollars. Of this budget, $701 dollars are used for housing rental, the highest on the list. However, the price of groceries, $308 dollars, the second lowest on the list, balances the scale.
two. Lawton, Oklahoma
In this city, approximately 93,000 inhabitants, the monthly expense is $1,483 Dollars. The average monthly cost of medical care is $660.52 Dollars, figure higher than the rental expenses, of $519 Dollars. Average grocery spending is among the lowest on the list, at $304.73 Dollars.
3. Lake Charles, Louisiana
In this region, located between Houston and New Orleans, the total monthly expenses amount to $1, 404.59 Dollars. Of this budget, $600 dollars are used for rent, $500 dollars to medical care costs, and the rest to food.
4. St. Cloud, Minnesota
The monthly expenses in this area, located one hour from Minneapolis, is $1, 404 Dollars. Medical care costs are $404.71, the lowest in the list . In contrast, it has the highest grocery prices, at $328 dollars.
5. Fort Wayne, Indiana
People from 65 years or more constitute the 52% of the city’s population. The monthly expenses amount to $1,397 Dollars. Median rent is $634 dollares and health care costs are $453 dollars.
It may interest you: