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The 20 best cities for budget-conscious retired renters


The 20 best cities for budget-conscious retired renters

monkeybusinessimages / Getty Images/iStockphoto

monkeybusinessimages / Getty Images/iStockphoto

Whether they’re selling a home and moving to a smaller apartment or switching from one lease to the next, seniors on a budget looking to rent their retirement home must choose their city carefully.

To help them do that, GOBankingRates analyzed the places where the average monthly Social Security check — $1,907 in January — is enough to pay the average rent, Zillow reports. The study also considered AreaVibes’ quality of life ratings (higher scores, near 100, are better) to weed out the cheap cities with a lower quality of life.

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Additionally, the study used data from Sperling’s Best Places and the Bureau of Labor Statistics to include average monthly expenses and cost of living (excluding housing).

Here are 20 cities where retirees should consider renting if they want to keep their landlord in check with their Social Security payment alone and still have something left over.

Jub Job / Getty Images/iStockphotoJub Job / Getty Images/iStockphoto

Jub Job / Getty Images/iStockphoto

Why these cities stand out: A rental expert analyzes the data

As CEO of rental property management software platform TurboTenant, Seamus Nally analyzes rental markets for a living. When he examined the following list of rent-friendly cities for retirees on a budget, he immediately recognized their appeal.

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“Not every city is a bustling, densely populated metropolis,” Nally said. “That alone means the cost of living tends to be on the lower end. Generally speaking, the larger the population of a city, the more expensive it is to live there. So renters on a tight budget should consider cities that are less densely populated. Rent prices are lower there and people may be able to afford larger apartments or houses at lower prices, which is also quite beneficial. Retirees who want to stretch their fixed income as far as possible should consider cities like these.”

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Michael Tatman / Shutterstock.comMichael Tatman / Shutterstock.com

Michael Tatman / Shutterstock.com

Wausau, Wisconsin

  • Population: 39,906

  • Quality of life score: 89

  • Average rent: $910.44

  • Amount of remaining benefits: $949.79

  • Average monthly expenses: $1,720.33

Check out: I’m an economist: Here’s my prediction for Social Security if Kamala Harris wins the election

©Shutterstock.com©Shutterstock.com

©Shutterstock.com

Richmond, Indiana

  • Population: 35,642

  • Quality of life score: 81

  • Average rent: $792.44

  • Amount of remaining benefits: $1,067.79

  • Average monthly expenses: 1,611.93 €

knowledgegallery / iStock.comknowledgegallery / iStock.com

knowledgegallery / iStock.com

Chubbuck, Idaho

  • Population: 15,638

  • Quality of life score: 86

  • Average rent: $950

  • Amount of remaining benefits: $910.23

  • Average monthly expenses: $1,740.37

Bobak Ha'Eri / Wikimedia CommonsBobak Ha'Eri / Wikimedia Commons

Bobak Ha’Eri / Wikimedia Commons

Fergus Falls, Minnesota

  • Population: 14,108

  • Quality of life score: 80

  • Average rent: $880

  • Amount of remaining benefits: $980.23

  • Average monthly expenses: $1,544.38

Learn more: I’m a retired baby boomer: Here are 3 debts you absolutely need to pay off before retirement

cnicbc / Getty Imagescnicbc / Getty Images

cnicbc / Getty Images

Coralville, Iowa

  • Population: 22,494

  • Quality of life score: 88

  • Average rent: $1,097.75

  • Amount of remaining benefits: $762.48

  • Average monthly expenses: $1,758.41

James R. Martin / Shutterstock.comJames R. Martin / Shutterstock.com

James R. Martin / Shutterstock.com

Mount Pleasant, Michigan

  • Population: 21,826

  • Quality of life score: 82

  • Average rent: $911.67

  • Amount of remaining benefits: $948.56

  • Average monthly expenses: $1,671.13

CaptureLight / iStock.comCaptureLight / iStock.com

CaptureLight / iStock.com

Shorewood, Wisconsin

  • Population: 13,707

  • Quality of life score: 91

  • Average rent: $1,197.50

  • Amount of remaining benefits: $662.73

  • Average monthly expenses: $1,859.58

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Stevens Point, Wisconsin

  • Population: 25,549

  • Quality of life score: 84

  • Average rent: 1,016.67 USD

  • Amount of remaining benefits: $843.56

  • Average monthly expenses: 1,690.72 USD

Lynn Betts/USDA Natural Resources Conservation ServicesLynn Betts/USDA Natural Resources Conservation Services

Lynn Betts/USDA Natural Resources Conservation Services

Urbandale, Iowa

  • Population: 45,591

  • Quality of life score: 89

  • Average rent: $1,062.50

  • Amount of remaining benefits: $797.73

  • Average monthly expenses: 1,893.82 USD

Guy RD / Shutterstock.comGuy RD / Shutterstock.com

Guy RD / Shutterstock.com

Fargo, North Dakota

  • Population: 127,319

  • Quality of life score: 84

  • Average rent: $891.19

  • Amount of remaining benefits: $969.04

  • Average monthly expenses: $1,839.44

Discover more: America’s 50 Most Expensive Cities for Retirement

f11photo / Getty Images/iStockphotof11photo / Getty Images/iStockphoto

f11photo / Getty Images/iStockphoto

San Antonio, Texas

  • Population: 1,445,662

  • Quality of life score: 81

  • Average rent: 1,383.65 USD

  • Amount of remaining benefits: $476.58

  • Average monthly expenses: $1,802.65

Maplewood, Missouri

  • Population: 8,205

  • Quality of life score: 86

  • Average rent: $1,039.44

  • Amount of remaining benefits: $820.79

  • Average monthly expenses: 1,781.00 €

©iStock.com©iStock.com

©iStock.com

Ames, Iowa

  • Population: 66,265

  • Quality of life score: 91

  • Average rent: 1,045.78 USD

  • Amount of remaining benefits: $814.45

  • Average monthly expenses: $2,034.88

Read more: Trump wants to abolish the income tax: How would this affect you when you retire?

©Shutterstock.com©Shutterstock.com

©Shutterstock.com

Lynchburg, Virginia

  • Population: 79,166

  • Quality of life score: 90

  • Average rent: 1,158.81 USD

  • Amount of remaining benefits: $701.42

  • Average monthly expenses: $1,909.68

BD Images / Getty ImagesBD Images / Getty Images

BD Images / Getty Images

Normal, Illinois

  • Population: 52,920

  • Quality of life score: 87

  • Average rent: 1,154.61 USD

  • Amount of remaining benefits: $705.62

  • Average monthly expenses: $1,816.30

DenisTangneyJr / Getty Images/iStockphotoDenisTangneyJr / Getty Images/iStockphoto

DenisTangneyJr / Getty Images/iStockphoto

Fort Wayne, Indiana

  • Population: 264,514

  • Quality of life score: 83

  • Average rent: $1,107.50

  • Amount of remaining benefits: $752.73

  • Average monthly expenses: 1,748.08 USD

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Althom / Getty Images

Beaver, Pennsylvania

  • Population: 85

  • Quality of life score: 4,407

  • Average rent: $950

  • Amount of remaining benefits: $910.23

  • Average monthly expenses: $1,867.43

Ralph Navarro/Getty Images/iStockphotoRalph Navarro/Getty Images/iStockphoto

Ralph Navarro/Getty Images/iStockphoto

Cleveland Heights, Ohio

  • Population: 45,002

  • Quality of life score: 87

  • Average rent: 1,346.95 €

  • Amount of remaining benefits: $513.28

  • Average monthly expenses: $1,683.67

New / Wikimedia Commons Public DomainNew / Wikimedia Commons Public Domain

New / Wikimedia Commons Public Domain

Muncie, Indiana

  • Population: 65,167

  • Quality of life score: 81

  • Average rent: $925.57

  • Amount of remaining benefits: $934.66

  • Average monthly expenses: $1,745.17

Read more: These are America’s 50 fastest-growing retirement hotspots

Austin, Minnesota

  • Population: 26,156

  • Quality of life score: 77

  • Average rent: $858.33

  • Amount of remaining benefits: 1,001.90 USD

  • Average monthly expenses: $1,600.78

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This article originally appeared on GOBankingRates.com: 20 Best Cities for Retirees on a Budget

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