New Report: This Is the Most Affordable U.S. City to Retire In

Unless you have your heart set on a specific location, retiring in one of the most affordable cities could make wise financial sense. If you’ve been living in one of the most expensive states, moving to a more affordable city for your retirement years could help you own your home outright and have extra money for travel and fun. And fun is what retirement is all about, right?

GOBankingRates identified the states where you can retire on less than $65,000 per year, and we’re using their analysis to tip you off to the most affordable U.S. city to retire in. Keep reading for the details on the most affordable city for retirees, GOBankingRates’s methodology and more.

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How was the most affordable city for retirees determined?

GOBankingRates determined the most affordable city for retirement by analyzing and ranking the 100 biggest U.S. cities with populations of at least 150,000, where seniors made up at least 10% of that population, per the U.S. Census.

The rankings are based on the annual retirement income needed to cover basic costs, and each city was assessed on the total cost of monthly expenditures, including housing, health care, groceries, transportation and utilities. GOBankingRates sourced data for cost-of-living from Sperling’s BestPlaces, the Bureau of Labor Statistics Consumer Expenditure Survey and AreaVibes.

Average mortgage rates were calculated using the Zillow Home Value Index for December 2024, and GOBankingRates’s analysts assumed a 10% down payment using the average 30-year fixed-mortgage rates sourced from the Federal Reserve Economic Data as of Feb. 18, 2025.

Which U.S. city is the most affordable for retirees?

Wide shot of Akron Ohio with bridge Photo by Mike Kline (notkalvin)/Getty Images

The most affordable city for retirees is Akron, Ohio, the 137th-most-populous city in the country. Akron, also known as the “Rubber City” and the “City of Invention,” is the fifth-most-populous city in Ohio. The U.S. Census Bureau estimates the city of Akron’s population at 188,701 as of July 2024, though the greater metro area has nearly 700,000 residents.

The metro area’s median income is $70,125, and the median value of single-family, owner-occupied homes is $216,000. About 13% of residents live below the poverty line, which is just slightly above the national average.

GOBankingRates gave Akron a livability score of 81. The average monthly expenditures in Akron are $1,699, and 15.7% of the population is aged 65 and older.

What makes Akron, Ohio, so affordable?

As the Rubber Capital of the World, Akron’s boom began around 1900 when all the big tire companies opened factories there. By the 1910s, Akron was the fastest-growing city in the U.S.— the population peaked in 1920 with 320,000 residents—but when Goodyear, Firestone and Goodrich started moving manufacturing overseas in the 1970s and 1980s, housing prices tanked. We discussed housing and more with Adam Coleman, an award-winning Re/Max realtor who is also a second-generation Akron resident raising a third.

Housing isn’t outrageous

One look at Zillow shows that Akron is affordable. At the bottom of the range, you can get a house for as low as $70,000, which is unheard of in most parts of the country. Keep in mind, though, that it will likely be a fixer-upper.

That said, you can get a very nice, move-in-ready home with great detail. Akron first boomed between 1910 and 1920, and there are plenty of historic homes on tree-lined streets in established neighborhoods.

Coleman says that right now it’s more affordable to buy than it is to rent in Akron.

There’s a neighborhood for everyone

Coleman outlined some of Akron’s neighborhoods, naming places like Firestone Park, which was originally built for Firestone Tire workers and features cute brick homes, and Highland Square, which is eclectic and international with a funky, artsy, LGBTQ-friendly vibe that’s walkable and also home to indie coffee shops, old theaters and bookstores.

“While there’s a bit of grit to Akron and it still feels like a manufacturing town, there’s a lot of old-fashioned community here too,” Coleman says.

Groceries are competitive

While Akron has national chain grocery stores, including Whole Foods, Aldi and Trader Joe’s, local grocers ensure prices stay competitive. Coleman says Akron has a “mom-and-pop local economy,” and residents are loyal and supportive of local businesses. Retirees moving from bigger cities will be happy to find an abundance of international specialty stores—we spied an Italian market that would be worth the drive from anywhere.

Utilities are reasonable

According to EnergySage, electric costs in Akron are 31% lower than the national average, which makes a huge difference for seniors living on a fixed income battling the rising cost of living.

Coleman says that utilities are reasonable in Akron, and that if energy companies try to raise rates, there’s pushback from the community. Plus, Akron has an aggregated electric market, which means residents and businesses can negotiate better electricity supply rates. While this does help keep costs competitive, Akron’s electricity costs could still see a jump due to tariffs from Canada.

Health care is top-quality

Akron’s Summa Health System is one of the city’s largest employers, and it offers a massive network of health-care providers. Summa is known for its cardiology, oncology, orthopedics and women’s health departments. Akron General has a Level I Trauma Center, and Akron Children’s Hospital is nationally ranked.

The renowned Cleveland Clinic is about a 30- to 60-minute drive from Akron, which also has a satellite campus in Akron. “I get a lot of clients moving to Akron so they can access care at Cleveland Clinic,” Coleman says. “It’s more affordable to live in Akron and drive [to Cleveland]; people say they can get care in this area that they can’t get anywhere else.”

Traffic is manageable, and public transportation is cheap

OK, traffic might not be nonexistent, but it’s minimal compared to most big cities. Most people will want a car, but there’s a great public bus system that’s affordable ($1.25 to $1.50 per ride), and there are also great bike paths throughout the city.

Akron will entertain you

Coleman raved about the Akron Art Museum and Akron Civic Theatre, a revived 2,600-seat theater that features everything from orchestra to rock concerts, plus ballet, comedy shows and more. The Cleveland Orchestra’s summer home is close to Akron, and its pavilion seats 5,700 people, with space for about 13,500 more on the lawn.

Basketball greats Stephen Curry and LeBron James were both born in Akron, and LeBron was also raised here. St. Vincent–St. Mary High School, LeBron’s high school, is legendary, and fans continue to pack the stands.

There are also some great college sports teams, and for folks who love the pros, Cleveland is basically right there.

Akron is close to Ohio’s only national park

Another fun fact is that Cuyahoga Valley National Park—Ohio’s only national park—is about 10 to 15 minutes from Akron. Cuyahoga features 33,000 acres of forest, rolling hills, waterfalls and wetlands. For retirees not up for strenuous hiking, there are trails for people with mobility disabilities, and there’s also a scenic train ride.

The restaurants are fantastic and affordable

Coleman’s list of favorite restaurants was a mile long, and after so many of them, he said, “You know exactly what you’re getting when you go in there.” He also told us about a burger place called Bob’s Hamburg that’s been in business since 1931 and ran a McDonald’s out of the neighborhood when it tried to move in.

Most cities have a beloved, local coffee shop, and Akron is no exception. “Everyone loves Artisan Coffee,” Coleman says, noting that on any given day, the place is full of everyone from Harley guys to bible-study groups. “If you want to talk about peace on earth, they nail it,” Coleman says.

What other cities rounded out the top 10 affordable cities?

Akron certainly offers a lot, but GOBankingRates compiled a list of 50 cheap places to retire. Not surprisingly, the majority are in the Midwest, and Ohio dominates the list. Here are the top 10 affordable cities for retirement, along with their average monthly expenditures:

Akron, Ohio: $1,699
Albuquerque, New Mexico: $1,710
Spokane, Washington: $1,711
Cleveland: $1,723
Toledo, Ohio: $1,738
Fort Wayne, Indiana: $1,741
Greensboro, North Carolina: $1,742
Amarillo, Texas: $1,745
Grand Rapids, Michigan: $1,745
Little Rock, Arkansas: $1,745

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About the expert

Adam Coleman of RE/MAX Edge is an Akron realtor and the leader of the Coleman Team. Coleman has more than 20 years of sales experience, and started his real estate career in 2019, when he won RE/MAX Rookie of the Year. Akron Beacon Journal voted him “best realtor” for 2022, 2023 and 2024.

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