This article takes a look at the 5 worst places to retire if you have no savings. If you wish to check out our detailed analysis, you may go to 15 Worst Places to Retire if You Have No Savings.
5. Los Angeles, California
Insider Monkey Score: 30
IM Cost of Living Index: 155.9
Median Home Price: $1,200,000
Average Rent (1-bedroom): $2,383
The allure of its Mediterranean climate, diverse culture, and excellent healthcare may provoke retirees to consider Los Angeles for retirement. However, once they get down to calculate and plan, they may realize that this destination is not worth losing all their retirement savings on. For those who don’t know, the cost of living in Los Angeles is 55.9% higher than the national average. The median home price has crossed the million-dollar mark, and rents are $2,400 plus.
4. Seal Beach, California
Insider Monkey Score: 32
IM Cost of Living Index: 154.5
Median Home Price: $1,300,000
Average Rent (1-bedroom): $2,496
Seal Beach in California, another worthy destination to retire to, is a bad choice for those who don’t have any savings. The cost of living here is almost 55% higher than the national average, home price is greater than a million dollars, and rents are also out of reach for the average retiree.
3. Mercer Island, Washington
Insider Monkey Score: 32
IM Cost of Living Index: 173.1
Median Home Price: $2,160,000
Average Rent (1-bedroom): $2,079
Rounding up our list of top three worst places is Mercer Island. This King County city is located on an island of the same name in the southern portion of Lake Washington. Modern amenities, scenic beauty, and abundant recreational opportunities make this Washington State city an ideal retirement destination for many, except for those who have no retirement savings to afford living here.
2. San Jose, California
Insider Monkey Score: 35
IM Cost of Living Index: 203
Median Home Price: $1,300,000
Average Rent (1-bedroom): $2,466
California seems to be the reigning state on our list of worst places to retire. Clearly, the state isn’t ideal for retirees considering its insanely high cost of living. According to our index, the living expenses in San Jose in particular are 103% higher than the national average. The city has one of the highest home prices in the country at $1.3 million, and rents are pretty high as well.
1. San Francisco, California
Insider Monkey Score: 43
IM Cost of Living Index: 267.8
Median Home Price: $1,360,000
Average Rent (1-bedroom): $2,995
The worst place to retire if you have no savings is San Francisco. The cost of living in San Francisco is crazy expensive, an estimated 167.8% higher than the national average. Meanwhile, the median home price is $1.3 million. Considering these numbers, it is evident that only the filthy rich can afford to retire here. Even wealthy retirees might opt to live elsewhere and spend their money on travel or luxury instead.
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