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22 American cities where $1 million goes the furthest during retirement

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. SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in major cities.

  • retire
  • SmartAsset
  • affordable housing markets
  • best places to live in 2018

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.

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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

Housing expenses: $6,463

Food expenses: $5,214

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Healthcare expenses: $5,839

21. Burlington, Iowa — 28.20 years

Housing expenses: $5,936

Food expenses: $5,493

Healthcare expenses: $6,222

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20. Oklahoma City, Oklahoma — 28.24 years

Housing expenses: $6,599

Food expenses: $5,426

Healthcare expenses: $5,789

19. Brownsville, Texas — 28.30 years

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Housing expenses: $6,954

Food expenses: $5,323

Healthcare expenses: $5,576

17 (TIE). Sherman, Texas — 28.38 years

Housing expenses: $6,545

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Food expenses: $5,935

Healthcare expenses: $5,720

17 (TIE). Danville, Virginia — 28.38 years

Housing expenses: $7,581

Food expenses: $5,856

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Healthcare expenses: $5,990

16. Muskogee, Oklahoma — 28.44 years

Housing expenses: $6,608

Food expenses: $6,014

Healthcare expenses: $5,551

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15. Pittsburg, Kansas — 28.55 years

Housing expenses: $5,963

Food expenses: $6,008

Healthcare expenses: $5,576

14. Ashland, Ohio — 28.75 years

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Housing expenses: $5,299

Food expenses: $6,020

Healthcare expenses: $5,356

13. Jonesboro, Arkansas — 28.85 years

Housing expenses: $6,745

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Food expenses: $5,511

Healthcare expenses: $5,143

12. Statesboro, Georgia — 28.87 years

Housing expenses: $6,427

Food expenses: $5,493

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Healthcare expenses: $5,124

11. Martinsville, Virginia — 28.95 years

Housing expenses: $6, 508

Food expenses: $5,547

Healthcare expenses: $5,488

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10. Memphis, Tennessee — 29.12 years

Housing expenses: $5,981

Food expenses: $5,529

Healthcare expenses: $5,343

9. Hattiesburg, Mississippi — 29.47

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Housing expenses: $6,454

Food expenses: $6,008

Healthcare expenses: $5,701

8. Knoxville, Tennessee — 29.75 years

Housing expenses: $6,527

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Food expenses: $5,226

Healthcare expenses: $5,500

7. Wichita Falls, Texas — 29.78 years

Housing expenses: $6,345

Food expenses: $5,099

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Healthcare expenses: $5,576

6. Kalamazoo, Michigan — 29.84 years

Housing expenses: $5,509

Food expenses: $4,899

Healthcare expenses: $5,708

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5. Tupelo, Mississippi — 30.05 years

Housing expenses: $6,263

Food expenses: $5,505

Healthcare expenses: $5,883

4. Conway, Arkansas — 31.28 years

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Housing expenses: $5,881

Food expenses: $5,226

Healthcare expenses: $5,394

3. Richmond, Indiana — 31.30 years

Housing expenses: $5,672

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Food expenses: $5,650

Healthcare expenses: $4,759

2. Harlingen, Texas — 31.68 years

Housing expenses: $6,154

Food expenses: $4,996

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Healthcare expenses: $5,519

1. McAllen, Texas — 33.03 years

Housing expenses: $5,681

Food expenses: $5,039

Healthcare expenses: $4,646

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