10 Best (and Worst) Places To Retire If You Have No Savings

When it comes to saving for retirement, Americans are finding out more and more that they have a lot of catching up to do. A GOBankingRates survey found that 40% of adults have less than $300 saved, which isn’t enough to live comfortably for even one year in retirement. Or is it?

If you have little to no savings and will likely have to rely on Social Security benefits, don’t assume that you won’t be able to have a comfortable retirement. There are places in the U.S. where you can get by without much in retirement savings.

To identify those places, GOBankingRates analyzed the 100 largest cities in the U.S. with a large population of adults ages 65 and older. These cities were then ranked based on the following factors:

• Average 2023 home value and property tax, sourced from Zillow
• Whether the state taxes Social Security benefits, sourced from the AARP
• Annual homemaker services costs
• Annual home health aide costs
• Annual grocery costs
• Annual healthcare costs
• Annual utilities cost
• Annual transportation costs
• Annual necessity costs

From that list we pulled the 10 best places to retire and the 10 worst places to retire. On the whole, the best places to retire with no savings tend to be more affordable and relatively safe, and they have larger populations of older adults. The worst places for retirement tend to have a more expensive cost of living or other strikes against them, such as high crime rates.

Affordability is the key reason that these cities are the top 10 places to retire if you have no savings. Almost all have an average home price under $200,000. Plus, retirees can hang on to more of their income in these places because, with the exception of two cities in West Virginia and one in New Mexico, Social Security income isn’t taxed.

• Percentage of population 65 and older: 50.4%
• Average 2023 home value: $432,973
• Average 2023 property tax: 0.91%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $57,200
• Annual home health aide costs: $57,200
• Annual grocery costs: $4,861.26
• Annual healthcare costs: $6,727.71
• Annual utilities cost: $3,811.21
• Annual transportation costs: $3,368.56
• Annual necessity costs: $18,768.74

• Percentage of population 65 and older: 31.7%
• Average 2023 home value: $538,817
• Average 2023 property tax: 1.66%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $54,912
• Annual home health aide costs: $54,912
• Annual grocery costs: $4,303.63
• Annual healthcare costs: $7,191.69
• Annual utilities cost: $3,987.66
• Annual transportation costs: $2,593.10
• Annual necessity costs: $18,076.07

• Percentage of population 65 and older: 37.6%
• Average 2023 home value: $493,070
• Average 2023 property tax: 0.56%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $53,196
• Annual home health aide costs: $53,768
• Annual grocery costs: $4,550.96
• Annual healthcare costs: $6,889.40
• Annual utilities cost: $3,795.53
• Annual transportation costs: $3,549.10
• Annual necessity costs: $18,784.99

• Percentage of population 65 and older: 80%
• Average 2023 home value: $315,908
• Average 2023 property tax: 0.65%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $64,064
• Annual home health aide costs: $65,208
• Annual grocery costs: $4,317.12
• Annual healthcare costs: $6,003.62
• Annual utilities cost: $4,011.18
• Annual transportation costs: $3,746.04
• Annual necessity costs: $18,077.96

• Percentage of population 65 and older: 39.5%
• Average 2023 home value: $499,175
• Average 2023 property tax: 0.82%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $52,624
• Annual home health aide costs: $52,624
• Annual grocery costs: $4,537.47
• Annual healthcare costs: $7,564.28
• Annual utilities cost: $3,811.21
• Annual transportation costs: $2,835.17
• Annual necessity costs: $18,748.14

*Pictured Greensboro, North Carolina.

• Percentage of population 65 and older: 31.7%
• Average 2023 home value: $322,770
• Average 2023 property tax: 0.64%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $50,222
• Annual home health aide costs: $50,336
• Annual grocery costs: $4,384.58
• Annual healthcare costs: $6,460.57
• Annual utilities cost: $3,713.19
• Annual transportation costs: $4,000.43
• Annual necessity costs: $18,558.76

• Percentage of population 65 and older: 85.7%
• Average 2023 home value: $418,926
• Average 2023 property tax: 0.91%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $57,200
• Annual home health aide costs: $57,200
• Annual grocery costs: $4,591.44
• Annual healthcare costs: $6,882.37
• Annual utilities cost: $4,124.89
• Annual transportation costs: $3,454.73
• Annual necessity costs: $19,053.43

• Percentage of population 65 and older: 63.3%
• Average 2023 home value: $289,418
• Average 2023 property tax: 0.64%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $50,222
• Annual home health aide costs: $50,336
• Annual grocery costs: $4,407.06
• Annual healthcare costs: $6,748.80
• Annual utilities cost: $3,744.56
• Annual transportation costs: $3,787.07
• Annual necessity costs: $18,687.48

• Percentage of population 65 and older: 28.3%
• Average 2023 home value: $199,388
• Average 2023 property tax: 0.64%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $50,222
• Annual home health aide costs: $50,336
• Annual grocery costs: $4,276.65
• Annual healthcare costs: $6,481.66
• Annual utilities cost: $3,791.61
• Annual transportation costs: $2,699.77
• Annual necessity costs: $17,249.69

• Percentage of population 65 and older: 30.7%
• Average 2023 home value: $296,232
• Average 2023 property tax: 0.39%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $45,760
• Annual home health aide costs: $46,218
• Annual grocery costs: $4,326.11
• Annual healthcare costs: $8,119.65
• Annual utilities cost: $3,858.26
• Annual transportation costs: $2,884.41
• Annual necessity costs: $19,188.44

These 10 places are not such great cities to retire if you have no savings. Most of these cities have home prices that range from  $450,000 on the low side to almost $4,000,000 on the high end. While many of these cities do not tax Social Security benefits, most of them do tax retirement income.

Additionally, the safety in these cities varies wildly, and the annual costs of services and expenditures remain on the high end.

• Percentage of population 65 and older: 41.6%
• Average 2023 home value: $1,449,290
• Average 2023 property tax: 0.73%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $73,216
• Annual home health aide costs: $73,216
• Annual grocery costs: $4,807.29
• Annual healthcare costs: $6,566.02
• Annual utilities cost: $3,826.90
• Annual transportation costs: $4,989.25
• Annual necessity costs: $20,189.46

• Percentage of population 65 and older: 32.4%
• Average 2023 home value: $1,055,350
• Average 2023 property tax: 0.73%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $73,216
• Annual home health aide costs: $73,216
• Annual grocery costs: $4,501.50
• Annual healthcare costs: $6,137.19
• Annual utilities cost: $4,466.02
• Annual transportation costs: $5,338.00
• Annual necessity costs: $20,442.71

• Percentage of population 65 and older: 32.6%
• Average 2023 home value: $1,017,937
• Average 2023 property tax: 0.73%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $73,216
• Annual home health aide costs: $73,216
• Annual grocery costs: $4,991.67
• Annual healthcare costs: $7,831.42
• Annual utilities cost: $4,058.24
• Annual transportation costs: $4,455.86
• Annual necessity costs: $21,337.18

• Percentage of population 65 and older: 34.2%
• Average 2023 home value: $1,193,688
• Average 2023 property tax: 2.21%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $66,352
• Annual home health aide costs: $68,526
• Annual grocery costs: $5,135.57
• Annual healthcare costs: $6,847.22
• Annual utilities cost: $4,383.68
• Annual transportation costs: $4,004.53
• Annual necessity costs: $20,371.00

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• Percentage of population 65 and older: 27.5%
• Average 2023 home value: $1,014,239
• Average 2023 property tax: 0.91%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $57,200
• Annual home health aide costs: $57,200
• Annual grocery costs: $5,131.08
• Annual healthcare costs: $11,416.72
• Annual utilities cost: $3,811.21
• Annual transportation costs: $3,733.73
• Annual necessity costs: $24,092.74

• Percentage of population 65 and older: 30%
• Average 2023 home value: $3,020,040
• Average 2023 property tax: 0.65%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $64,064
• Annual home health aide costs: $65,208
• Annual grocery costs: $5,135.57
• Annual healthcare costs: $6,502.75
• Annual utilities cost: $3,975.89
• Annual transportation costs: $4,574.85
• Annual necessity costs: $20,189.06

• Percentage of population 65 and older: 30.3%
• Average 2023 home value: $452,066
• Average 2023 property tax: 1.38%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $64,064
• Annual home health aide costs: $66,352
• Annual grocery costs: $4,694.87
• Annual healthcare costs: $8,801.56
• Annual utilities cost: $4,916.93
• Annual transportation costs: $4,566.64
• Annual necessity costs: $22,980.00

*Long Island, N.Y., pictured.

• Percentage of population 65 and older: 27.9%
• Average 2023 home value: $767,494
• Average 2023 property tax: 1.38%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $64,064
• Annual home health aide costs: $66,352
• Annual grocery costs: $4,883.75
• Annual healthcare costs: $8,801.56
• Annual utilities cost: $4,916.93
• Annual transportation costs: $4,640.49
• Annual necessity costs: $23,242.73

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*Farmingdale, N.Y., pictured.

• Percentage of population 65 and older: 29.6%
• Average 2023 home value: $1,435,836
• Average 2023 property tax: 0.73%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $73,216
• Annual home health aide costs: $73,216
• Annual grocery costs: $5,036.64
• Annual healthcare costs: $8,513.33
• Annual utilities cost: $4,022.95
• Annual transportation costs: $5,231.33
• Annual necessity costs: $22,804.24

• Percentage of population 65 and older: 28.9%
• Average 2023 home value: $3,835,224
• Average 2023 property tax: 0.73%
• Whether the state taxes Social Security benefits: No
• Annual homemaker services costs: $73,216
• Annual home health aide costs: $73,216
• Annual grocery costs: $5,315.45
• Annual healthcare costs: $6,341.06
• Annual utilities cost: $4,015.10
• Annual transportation costs: $6,868.42
• Annual necessity costs: $22,540.04

Julian Barazza contributed to this article.

​​Methodology: For this piece, GOBankingRates first found the 100 towns or cities with the (1) highest percentage of its population aged 65 years and older, as sourced from the U.S. Census Bureau 2021 American Community Survey. GOBankingRates analyzed those 100 cities across the following factors: (2) property tax as sourced from Tax Foundation; (3) the average 2023 home value for a single-family residence as sourced from Zillow’s May 2023 data. GOBankingRates then took the Bureau of Labor Statistics Consumer Expenditure Survey’s 2021 annual expenditures for consumers 65 years and older for Groceries (“food at home”), Healthcare, Utilities (“utilities, fuels and public services”), and Transportation (gas, other fuels & motor oils” + ” other vehicle expenses”). These annual expenditures were then factored out for each city using Sperling’s Best Places Cost of Living Indices and combined to give a (4) total annual Cost of Living Expenditure for each city; (5) taxes on Social Security benefits; and (6) The annual cost of an adult day health care service on the state level, (7) the annual cost of homemaker services on the state level, and (8) the annual cost of a home health aide on the state level were all sourced from Genworth’s annual Cost of Care Survey. These eight factors were then compiled and scored, with a lower score being better. In final calculations annual expenditure scores were weighted 3x, home value scores were weighted 2x, and taxes on Social Security were weighted 0.5x. All research was conducted and up to date on June 14, 2023.

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