Can you really retire in America and only spend $100 a day? Â Turns out it’s a lot more possible than you might think.
When I started this recent study with AARP, I’d expected only about 20 or 30 U.S. cities would be this affordable.  But I was surprised to discover that most U.S. metro areas have a low enough combination of housing prices and property taxes to meet this criteria.
So what are the best cities for a $100/day retirement?
Based on things like arts and culture, rich community and great restaurants, here’s the Top 10:
|
City |
State |
Population |
1 |
Spokane |
WA |
471,221 |
2 |
Las Cruces |
NM |
209,233 |
3 |
Eau Claire |
WI |
161,151 |
4 |
Roanoke |
VA |
308,707 |
5 |
Morgantown |
WV |
129,709 |
6 |
Pittsburgh |
PA |
2,356,285 |
7 |
San Antonio |
TX |
2,142,508 |
8 |
Omaha-Council Bluffs |
NE-IA |
865,350 |
9 |
Grand Junction |
CO |
146,723 |
10 |
Gainesville |
FL |
264,275 |
I’m assuming a 25% tax rate, which will reduce your yearly income of $36,500 to $27,375 spendable income. Â That’s $2,281 per month.
The Bureau of Labor Statistics uses a percentage of 31.5% for the housing component of the Consumer Price Index. Â That means that we have $719 per month for mortgage payments and property taxes.
I’m assuming a 20% down payment, which means that with current low interest rates, we can afford a house priced at $192,000. Â Of course, putting up the nearly $40,000 (20% of $192,000) for the down payment may be challenging.
Continue reading “Retiring on $100 a Day”