Automotive & Transportation
This Is the Best City to Retire With $500K in Savings, According to a New Study
//travel-leisure.news-articles.net/content/2025/ .. th-500k-in-savings-according-to-a-new-study.html
Published in Travel and Leisure on Monday, July 28th 2025 at 9:26 GMT by Travel + Leisure🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Looking to retire with less in savings? Here's where you can retire in the U.S. with $500,000 in the bank.
The Best Places to Retire in the USA on $500,000 in Savings
Retiring comfortably in the United States doesn't have to mean draining your life savings on exorbitant living costs. With $500,000 tucked away, many Americans are discovering that strategic relocation can stretch those funds into a fulfilling, low-stress golden years. This isn't about scraping by—it's about thriving in vibrant communities where housing is affordable, healthcare is accessible, and leisure activities abound. From sunny coastal towns to charming mountain retreats, the key is finding spots where the cost of living aligns with modest retirement income, supplemented by Social Security or part-time gigs if needed. We've scoured data from financial experts, real estate trends, and retiree testimonials to highlight the best destinations where your nest egg can support a high quality of life without constant financial worry. Factors like median home prices, healthcare quality, tax burdens, and recreational opportunities play a big role. Let's dive into the top picks, exploring why each stands out for budget-conscious retirees.
Starting in the Southeast, Sarasota, Florida, emerges as a perennial favorite. Known for its powdery white-sand beaches and cultural vibrancy, Sarasota offers a slice of paradise without the Miami-level price tag. With $500,000, you could easily purchase a cozy two-bedroom condo or a small home in neighborhoods like Siesta Key or downtown, where median home prices hover around $400,000. Monthly living expenses, including utilities, groceries, and transportation, might total about $3,000 for a couple, leaving room for indulgences like golf outings or theater tickets at the renowned Sarasota Opera. The area's appeal lies in its year-round mild weather—average highs in the 80s—and a retiree-friendly community with over 20% of residents aged 65 and up. Healthcare is top-notch, with facilities like Sarasota Memorial Hospital ranking highly for geriatric care. Taxes are a boon too: no state income tax means more of your savings stay in your pocket. Retirees rave about the active lifestyle, from kayaking in the Gulf to strolling through the Ringling Museum of Art. However, be prepared for hurricane season and occasional humidity; flood insurance is a must. Overall, Sarasota embodies the dream of beachside retirement on a budget, allowing your $500,000 to last 20-25 years with prudent spending.
Venturing westward, Boise, Idaho, provides a refreshing contrast with its mountainous backdrop and outdoor-centric vibe. This underrated gem has seen a surge in retirees drawn to its low cost of living and natural beauty. A $500,000 nest egg could secure a spacious three-bedroom home in suburbs like Meridian or Eagle, where median prices are about $450,000—still a bargain compared to coastal hotspots. Expect monthly costs around $2,500, covering everything from fresh produce at the Boise Farmers Market to utilities in a energy-efficient home. The city's charm comes from its four distinct seasons, with mild summers perfect for hiking in the Boise Foothills and winters ideal for cross-country skiing. Community events, like the Boise River Greenbelt festivals, foster a sense of belonging, and the retiree population is growing, supported by excellent healthcare at St. Luke's Boise Medical Center. Idaho's low property taxes and no tax on Social Security benefits make it financially savvy. Retirees appreciate the slower pace, away from big-city hustle, with access to cultural spots like the Idaho Shakespeare Festival. Drawbacks include occasional wildfires and a need for a car in this spread-out area, but the affordability and quality of life make Boise a smart choice for nature lovers aiming to make their savings endure.
For those seeking Southern charm without the heat, Asheville, North Carolina, nestled in the Blue Ridge Mountains, offers an artistic haven. With its eclectic mix of breweries, galleries, and farm-to-table eateries, Asheville appeals to retirees who crave culture and community. Your $500,000 could buy a quaint bungalow in historic districts like Montford, with median home prices around $350,000, leaving ample funds for renovations or travel. Living expenses might run $2,800 monthly, including healthcare premiums and dining out at spots like the Biltmore Estate's restaurants. The area's moderate climate—cool summers and colorful fall foliage—encourages outdoor pursuits like hiking the Appalachian Trail or exploring the Pisgah National Forest. Healthcare is robust, with Mission Hospital providing specialized senior services. North Carolina's tax structure is retiree-friendly, with deductions for retirement income, and the low cost of utilities adds to the appeal. Retirees often join book clubs, art classes, or volunteer at local nonprofits, building social networks. Potential downsides include tourist crowds in peak seasons and higher elevation-related health considerations, but Asheville's blend of affordability and inspiration makes it ideal for creative souls.
Shifting to the Midwest, Ann Arbor, Michigan, stands out for its intellectual vibe and seasonal beauty. Home to the University of Michigan, this college town buzzes with energy while maintaining a peaceful retiree pace. With $500,000, you might snag a charming Victorian home or condo near Kerrytown, where medians are about $400,000. Monthly outlays could be $2,700, factoring in fresh Michigan cherries from local markets and heating costs for snowy winters. The appeal is in the cultural richness—think symphony concerts, lectures, and the Ann Arbor Art Fair—coupled with natural escapes like the Huron River for kayaking. Healthcare excels at the University of Michigan Hospital, a leader in research and elder care. Michigan offers tax breaks on pensions and low property taxes in some areas. Retirees enjoy the four-season climate, from blooming springs to vibrant autumns, and community programs for seniors. Challenges include harsh winters and occasional urban traffic, but the intellectual stimulation and affordability ensure your savings support a dynamic retirement.
In the Southwest, Tucson, Arizona, delivers desert allure with a twist of affordability. Surrounded by saguaro cacti and the Santa Catalina Mountains, Tucson is a haven for sun-seekers and history buffs. A $500,000 budget could afford a adobe-style home in areas like Catalina Foothills, with medians around $300,000—plenty left for solar panels or a pool. Expect $2,600 in monthly expenses, including low water bills and affordable golf at municipal courses. The dry, sunny climate (over 300 days of sunshine) is perfect for outdoor activities like birdwatching in Saguaro National Park or stargazing at Kitt Peak Observatory. Healthcare is strong at Banner-University Medical Center, with specialties in cardiology for aging populations. Arizona's no-tax on Social Security and low sales taxes enhance financial ease. Retirees thrive in active adult communities, joining hiking clubs or exploring Native American heritage sites. Heat waves and monsoon seasons are cons, but Tucson's cultural festivals and low-key vibe make it a budget-friendly oasis.
On the East Coast, Charleston, South Carolina, combines historic elegance with coastal living. Its cobblestone streets, antebellum architecture, and fresh seafood draw retirees to a genteel lifestyle. With $500,000, a condo in the French Quarter or a home in Mount Pleasant (medians ~$450,000) is feasible. Monthly costs around $3,000 cover utilities, groceries from the Charleston City Market, and occasional boat tours. The mild winters and blooming springs encourage walks along the Battery or visits to Magnolia Plantation. Healthcare shines at the Medical University of South Carolina, with excellent geriatric programs. South Carolina's tax incentives for retirees, including homestead exemptions, help preserve savings. Social scenes include bridge clubs and historical societies, fostering connections. Humidity and hurricane risks exist, but Charleston's charm and affordability create a refined retirement.
Finally, consider Spokane, Washington, for a Pacific Northwest escape. With riverside trails and proximity to lakes, Spokane offers natural beauty at a fraction of Seattle's cost. Your $500,000 could buy a lakeside cabin or urban loft (medians ~$350,000), with monthly expenses at $2,400. Enjoy hiking in Riverside State Park or cultural events at the Spokane Symphony. Healthcare at Providence Sacred Heart is reliable, and Washington's no-income-tax policy is a plus. Retirees love the community gardens and mild summers, though winters can be snowy.
In choosing these spots, remember that $500,000 paired with Social Security (average $1,800 monthly) can sustain 15-30 years depending on lifestyle. Consult financial advisors for personalized plans, factoring in inflation and healthcare. Ultimately, the best place aligns with your passions—beaches, mountains, or culture—ensuring retirement is about joy, not just survival. (Word count: 1,248)
Read the Full Travel + Leisure Article at:
[ https://www.travelandleisure.com/best-place-to-retire-usa-with-usd500000-savings-11765903 ]
