ST. PETERS, Mo. – A new report from financial company GOBankingRates names St. Peters among the Top 10 cities to retire on $3,500 a month.
Research teams ranked cities based on monthly expenditures, including the costs of healthcare, groceries and affordable housing. It also took factors like social life and livability into consideration. GOBankingRates compiled data from the U.S. Bureau of Labor Statistics and ApartmentList.com to create the rankings.
St. Peters was named the seventh-best place to retire on the guide with monthly expenditures estimated at around $1,900. The St. Charles suburb also scored a livability rating of 89/100. GOBankingRates offered the following insight on St. Peters:
“St. Peters offers an average one-bedroom rent of $772 and the most expensive monthly expenditures on this list. While the city may not have the cheapest rent, it is located in one of the fastest-growing counties in the U.S., and Money Magazine awarded St. Peters the No. 13 spot on its list of the 50 best places to live in America. The city’s monthly grocery bill amounts to $347, and average healthcare costs are $508 per month.”
No other Missouri or Illinois cities made the list. The guide named Farmington, Michigan as the top city to retire on a budget of $3,500 a month.
In order for a city to qualify for the study, it had to have a livability score of 65 or higher from Area Vibes and needed to have a population of at least 10% of residents over the age of 65.