A retirement income of $40,000 a year won’t go very far in Miami, Honolulu or many other large cities --- but it will in Louisville according to a ranking this week by U.S. News & World Report. The publication says Louisville is the 7th best place to retire for under $40,000 a year.
“It’s gratifying when outsiders recognize the qualities that those of us living here sometimes take for granted,” Mayor Greg Fischer said. “Louisville offers so many of the advantages of a much larger city but with greater affordability and ease of getting around – it’s a great and affordable place for people of all ages.”
U.S. News & World Report says that in Louisville, retirees pay housing costs of $1,068 monthly if they have a mortgage and just $373 if they have paid off their mortgage. Renters age 60 and older paid a median of $573 per month in 2011.
In addition to its low cost – the study cites Louisville’s high quality of living saying the city is “known for its green space” with more than 120 parks including the 6,400-acre Jefferson Memorial Forest and the Louisville Loop, the multi-use trail system that will eventually span more than 100 miles and encircle the city.
Fischer said Louisville also offers retirees access to quality healthcare and related services. “The fact that we’ve targeted lifelong wellness and aging care and have more companies in that field headquartered here than any city is not only good for jobs and the economy it provides an infrastructure of care and support unmatched in the U.S.”
The ranking also gives a shout-out to the city’s diverse and affordable arts scene.
“Louisville has a very extensive menu of arts and cultural attractions that have reasonable prices,” says Theresa Mattei, a retired nonprofit manager in Louisville, who is quoted in the article. “Ticket prices to attend museums, the ballet, and orchestra are generally somewhere between $15 and $100 per person, so it's not an outrageous market compared to several hundred dollars per ticket in Boston or San Francisco.”
Best Cities to Retire for Under $40,000 a Year
1) Albuquerque, N.M.
2) Augusta, Ga.
3) Columbia, S.C.
4) Jackson, Miss.
5) Knoxville, Tenn.
6) Little Rock, Ark.
9) St. Louis
10) San Antonio