Ohio town ranked No. 1 Best City to Retire on $2,500 a Month; 3 more in Top 15

Akron, Ohio, is the best city to retire on $2,500 a month, according to a report from GoBankingRates.com. The Rubber Capital of the World was one of four Ohio cities to rank among the top 15, including Cleveland (No. 8), Steubenville (12) and Alliance

For retirees living on a budget, look no further than Ohio for a host of affordable options — including the best city to retire on $2,500 a month, according to a report.

Akron, Ohio, is the Best City to Retire on $2,500 a Month, with monthly living expenses averaging $2,361, according to GoBankingRates.com, an online finance, investing and retirement resource. The report used data from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey for people age 65 and older, Zillow’s Home Value Index, AreaVibes, and more, to compare U.S. cities based on population, monthly mortgage costs, monthly necessity expenses and overall livability.

In addition to ranking No. 1 overall on the list, Akron also ranked as the most-livable city to make the Top 15 in GoBankingRates’ report with a score of 81. The average monthly mortgage cost in Akron is $699 while monthly necessity expenses average $1,662, totaling $2,361, according to the report.

Akron, with a population of 191,483, is nicknamed “The Rubber Capital of the World” due to city’s history of manufacturing rubber and tire products, including being home to Goodyear Tire and Rubber Company.

In addition to Akron, three more Ohio cities ranked among the best 15 cities to retire on $2,500 a month. Cleveland, Ohio, ranked eighth on the list, while Steubenville and Alliance ranked 12th and 14th, respectively.

Cleveland — the largest city to rank in the Top 15 with a population of more than 374,000 — boasts a livability score of 70, compared to 76 for both Steubenville and Alliance. However, total monthly expenditures are lower living in Cleveland ($2,312) than Steubenville ($2,487) or Alliance ($2,488).

The Top 15 Best Cities to Retire on $2,500 a Month, according to GoBankingRates.com, are:

1. Akron, OH

2. Pampa, TX

3. Robstown, TX

4. Johnstown, PA

5. Borger, TX

6. Jackson, MS

7. New Castle, PA

8. Cleveland, OH

9. Freeport, IL

10. Amherst, TX

11. Riverview, MO

12. Steubenville, OH

13. Altoona, PA

14. Alliance, OH

15. Memphis, TX

The full report from GoBankingRates.com on the top 15 best places to retire on $2,500 a month can be found online.

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