10 Best Nevada Cities To Retire on $3,500 a Month
Planning to retire in Nevada? The city you decide to move to will likely be determined by how much is in your monthly retirement budget.
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Where can you live in Nevada if you have a monthly budget of $3,500? To determine the answer to this question, GOBankingRates analyzed cities across Nevada. Key factors included each city’s total population, total households, median household income, average single-family home value, average mortgage and livability index. The average mortgage cost was combined with monthly expenditure costs to find a total monthly cost of living.
Ranked from cities with the most to least expensive monthly costs, this is how far a $3,500 monthly budget can take you in 10 Nevada cities.
10. Battle Mountain
Total households: 1,697
Total population: 4,187
Median household income: $99,962
Livability: 75
Average home value (January 2024): $229,838
Average mortgage cost: $1,351
Average monthly expenditure cost: $1,986
Monthly cost of living: $3,338
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9. Searchlight
Total households: 198
Total population: 278
Median household income: n/a
Livability: 54
Average home value (January 2024): $210,959
Average mortgage cost: $1,240
Average monthly expenditure cost: $1,963
Monthly cost of living: $3,203
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8. Panaca
Total households: 349
Total population: 1,039
Median household income: $68,073
Livability: 70
Average home value (January 2024): $206,484
Average mortgage cost: $1,214
Average monthly expenditure cost: $1,981
Monthly cost of living: $3,195
7. Alamo
Total households: 378
Total population: 1,019
Median household income: $65,083
Livability: 58
Average home value (January 2024): $199,375
Average mortgage cost: $1,172
Average monthly expenditure cost: $1,997
Monthly cost of living: $3,169
6. Lovelock
Total households: 674
Total population: 1,675
Median household income: $42,955
Livability: 71
Average home value (January 2024): $196,307
Average mortgage cost: $1,154
Average monthly expenditure cost: $1,874
Monthly cost of living: $3,028
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5. Carlin
Total households: 841
Total population: 2,366
Median household income: $68,207
Livability: 76
Average home value (January 2024): $169,817
Average mortgage cost: $998
Average monthly expenditure cost: $1,926
Monthly cost of living: $2,924
4. Ely
Total households: 1,743
Total population: 3,957
Median household income: $77,076
Livability: 67
Average home value (January 2024): $184,176
Average mortgage cost: $1,083
Average monthly expenditure cost: $1,799
Monthly cost of living: $2,882
3. McGill
Total households: 415
Total population: 879
Median household income: $62,837
Livability: 67
Average home value (January 2024): $119,903
Average mortgage cost: $705
Average monthly expenditure cost: $1,780
Monthly cost of living: $2,485
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2. Hawthorne
Total households: 1,120
Total population: 2,739
Median household income: $55,847
Livability: 72
Average home value (January 2024): $112,515
Average mortgage cost: $662
Average monthly expenditure cost: $1,834
Monthly cost of living: $2,495
1. Tonopah
Total households: 1,006
Total population: 1,777
Median household income: $35,931
Livability: 62
Average home value (January 2024): $125,904
Average mortgage cost: $740
Average monthly expenditure cost: $1,725
Monthly cost of living: $2,465
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For each city on the list a number of factors were found including; total population, total households, and median household income, all sourced from the US Census American Community Survey, average single-family home value as sourced from the Zillow Home Value Index, the cost of living indexes as sourced from Sperling’s BestPlaces, the average mortgage, calculated using the National 30-year Fixed Rate Average Mortgage as sourced from the Federal Reserve Economic Data, and the livability index as sourced from AreaVibes. The average mortgage cost and the monthly expenditure costs were combined to find a total monthly cost of living. Any city with missing data was removed for this study. The cities were sorted using the monthly total cost of living from the cheapest to the most expensive to find how much the cost of living is in the cheapest cities in Nevada. The livability, populations, and median income were included as supplemental information. All data was collected and is up to date as of April 8, 2024.
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This article originally appeared on GOBankingRates.com: 10 Best Nevada Cities To Retire on $3,500 a Month
