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  • It is getting harder to retire with only $1 million saved up.
  • SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in over 250 cities.
  • Southern states dominated the list, with Texas claiming the most spots. Major cities in Texas have affordable housing markets and the state is home to many of the best places to live in 2018, according to US News.

It is getting harder to retire with only $1 million saved up. Ten years ago, $1 million had the same buying power of just under $1.2 million, according to the Bureau of Labor Statistics inflation calculator.

In a new study, SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in over 250 big and mid-sized US cities. SmartAsset looked at average annual expenses for seniors throughout the country and applied cost of living data on housing, food, healthcare, transportation, and utilities.

To determine how long $1 million would last in each city, SmartAsset assumed $1 million would grow at 2% rate of return (that’s interest minus inflation). The sum of each annual number was divided by $1 million to calculate how many years it would last retirees.

Southern states dominated the list, with Texas claiming the most spots. Major cities in Texas have affordable housing markets and the state is home to many of the best places to live in 2018, according to US News.

Below, check out the top 22 cities where $1 million would last retirees 28 years or more, along with the average annual expenses for housing, food, and healthcare.

22. Salina, Kansas — 28.16 years


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22. Salina, Kansas — 28.16 years

(City of Salina/Facebook)

Housing expenses: $6,463

Food expenses: $5,214

Healthcare expenses: $5,839

21. Burlington, Iowa — 28.20 years


21. Burlington, Iowa — 28.20 yearsplay

21. Burlington, Iowa — 28.20 years

(Erin Cogswell/Shutterstock)

Housing expenses: $5,936

Food expenses: $5,493

Healthcare expenses: $6,222

20. Oklahoma City, Oklahoma — 28.24 years


20. Oklahoma City, Oklahoma — 28.24 yearsplay

20. Oklahoma City, Oklahoma — 28.24 years

(Austin Urton/Shutterstock)

Housing expenses: $6,599

Food expenses: $5,426

Healthcare expenses: $5,789

19. Brownsville, Texas — 28.30 years


19. Brownsville, Texas — 28.30 yearsplay

19. Brownsville, Texas — 28.30 years

(Roberto Galan/Shutterstock)

Housing expenses: $6,954

Food expenses: $5,323

Healthcare expenses: $5,576

17 (TIE). Sherman, Texas — 28.38 years


17 (TIE). Sherman, Texas — 28.38 yearsplay

17 (TIE). Sherman, Texas — 28.38 years

(Sherman, Texas – Classic Town. Broad Horizon./Facebook)

Housing expenses: $6,545

Food expenses: $5,935

Healthcare expenses: $5,720

17 (TIE). Danville, Virginia — 28.38 years


17 (TIE). Danville, Virginia — 28.38 yearsplay

17 (TIE). Danville, Virginia — 28.38 years

(Danville, VA – Government/Facebook)

Housing expenses: $7,581

Food expenses: $5,856

Healthcare expenses: $5,990

16. Muskogee, Oklahoma — 28.44 years


16. Muskogee, Oklahoma — 28.44 yearsplay

16. Muskogee, Oklahoma — 28.44 years

(Muskogee Public Schools/Facebook)

Housing expenses: $6,608

Food expenses: $6,014

Healthcare expenses: $5,551

15. Pittsburg, Kansas — 28.55 years


15. Pittsburg, Kansas — 28.55 yearsplay

15. Pittsburg, Kansas — 28.55 years

(City of Pittsburg, Kansas/Facebook)

Housing expenses: $5,963

Food expenses: $6,008

Healthcare expenses: $5,576

14. Ashland, Ohio — 28.75 years


14. Ashland, Ohio — 28.75 yearsplay

14. Ashland, Ohio — 28.75 years

(Ashland Main Street/Facebook)

Housing expenses: $5,299

Food expenses: $6,020

Healthcare expenses: $5,356

13. Jonesboro, Arkansas — 28.85 years


13. Jonesboro, Arkansas — 28.85 yearsplay

13. Jonesboro, Arkansas — 28.85 years

(City of Jonesboro, AR – Government/Facebook)

Housing expenses: $6,745

Food expenses: $5,511

Healthcare expenses: $5,143

12. Statesboro, Georgia — 28.87 years


12. Statesboro, Georgia — 28.87 yearsplay

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12. Statesboro, Georgia — 28.87 years

(Visit Statesboro!/Facebook)

Housing expenses: $6,427

Food expenses: $5,493

Healthcare expenses: $5,124

11. Martinsville, Virginia — 28.95 years


11. Martinsville, Virginia — 28.95 yearsplay

11. Martinsville, Virginia — 28.95 years

(VisitMartinsville/Facebook)

Housing expenses: $6, 508

Food expenses: $5,547

Healthcare expenses: $5,488

10. Memphis, Tennessee — 29.12 years


10. Memphis, Tennessee — 29.12 yearsplay

10. Memphis, Tennessee — 29.12 years

(Reuters)

Housing expenses: $5,981

Food expenses: $5,529

Healthcare expenses: $5,343

9. Hattiesburg, Mississippi — 29.47


9. Hattiesburg, Mississippi — 29.47play

9. Hattiesburg, Mississippi — 29.47

(Visit Hattiesburg)

Housing expenses: $6,454

Food expenses: $6,008

Healthcare expenses: $5,701

8. Knoxville, Tennessee — 29.75 years


8. Knoxville, Tennessee — 29.75 yearsplay

8. Knoxville, Tennessee — 29.75 years

(iStock / Sean Pavone)

Housing expenses: $6,527

Food expenses: $5,226

Healthcare expenses: $5,500

7. Wichita Falls, Texas — 29.78 years


7. Wichita Falls, Texas — 29.78 yearsplay

7. Wichita Falls, Texas — 29.78 years

(Fakhrurrazi Ibrahim/Shutterstock)

Housing expenses: $6,345

Food expenses: $5,099

Healthcare expenses: $5,576

6. Kalamazoo, Michigan — 29.84 years


6. Kalamazoo, Michigan — 29.84 yearsplay

6. Kalamazoo, Michigan — 29.84 years

(Discover Kalamazoo)

Housing expenses: $5,509

Food expenses: $4,899

Healthcare expenses: $5,708

5. Tupelo, Mississippi — 30.05 years


5. Tupelo, Mississippi — 30.05 yearsplay

5. Tupelo, Mississippi — 30.05 years

(My Tupelo/Facebook)

Housing expenses: $6,263

Food expenses: $5,505

Healthcare expenses: $5,883

4. Conway, Arkansas — 31.28 years


4. Conway, Arkansas — 31.28 yearsplay

4. Conway, Arkansas — 31.28 years

(Photolitherland/Wikimedia Commons)

Housing expenses: $5,881

Food expenses: $5,226

Healthcare expenses: $5,394

3. Richmond, Indiana — 31.30 years


3. Richmond, Indiana — 31.30 yearsplay

3. Richmond, Indiana — 31.30 years

(City of Richmond, Indiana/Facebook)

Housing expenses: $5,672

Food expenses: $5,650

Healthcare expenses: $4,759

2. Harlingen, Texas — 31.68 years


2. Harlingen, Texas — 31.68 yearsplay

2. Harlingen, Texas — 31.68 years

(Harlingen Homes/Facebook)

Housing expenses: $6,154

Food expenses: $4,996

Healthcare expenses: $5,519

1. McAllen, Texas — 33.03 years


1. McAllen, Texas — 33.03 yearsplay

1. McAllen, Texas — 33.03 years

(Visit McAllen/Facebook)

Housing expenses: $5,681

Food expenses: $5,039

Healthcare expenses: $4,646



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