For many retired Americans, living on a fixed income is a way of life.
“However, living on a fixed income doesn’t necessarily relegate you to a life of scrimping and penny-pinching. Many retirees live on a fixed income of some kind, and it’s definitely possible to live well on a fixed income — the key is careful financial planning and budgeting,” personal wealth management company Personal Capital said on its blog.
One of the best ways you can plan and budget is by living in a place that allows your retirement dollar to stretch further.
GoBankingRates has gathered a list of the best places to retire in every state.
To do so, it reviewed every city with Zillow home value data for January 2020, October 2020 and January 2021. It also used data from the U.S. Department of Housing and Urban Development to review the county fair market rent for 2020 and 2021. Then, it narrowed the list to include cities that met these criteria: a size rank of 2,000 or less, according to Zillow, and a January 2021 home value under $269,039, which is the national average.
After finding three factors, including the percent change in home value and rent, GoBankingRates tallied them up. The lowest score was the best and the city with the lowest score ended up in the final rankings.
In Georgia, the best place for living on your Social Security, pensions and inheritance is Statesboro.
Although the city is home to Georgia Southern University, it’s not simply a college town; it has advantages for retirees.
“Home prices in Statesboro are flat, increasing less than one-tenth of a percent year over year to $156,802. Rent prices grew about 1.5% in the same span but remain on the low side at $837 per month,” GoBankingRates said.
According to Explore Georgia, the unique city has plenty of things to do, too.
“If exploring great archeological finds or experiencing history of the world sounds like fun, you will not want to miss the Georgia Southern University Museum,” the tourism and travel site said. “The Garden of the Coastal Plain boasts unique features from woodland trails to original early 20th-century farmstead buildings, and a children’s vegetable garden. Statesboro’s eclectic downtown offers patrons a variety of retail and dining options.”
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