Kentucky’s ranking as a retirement destination can be a polarizing topic. In just the past year, the Bluegrass State has rated as high as sixth-best in the nation in one study, and dead last in another.
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One the plus side, Kentucky is known for its Southern charm, horse racing, world-class bourbon and bluegrass music. On the not-so-great side, Kentucky gets knocked for its low life expectancy (fifth worst in the country, according to the CDC), along with limited healthcare options and low quality-of-life scores in parts of the state.
Kentucky does offer retired couples some locales with reasonable livability scores and affordable living costs, even if those couples are planning to live on Social Security alone. GOBankingRates has compiled a list of the Bluegrass State’s top 10 cities within reach for a Social Security-only budget (about $3,800 a month for a couple these days).
Livability scores are sourced from AreaVibes, and our study also blends data from the U.S. Census, the Bureau of Labor Statistics, Sperling’s Best Places and Zillow. Here’s the top 10 in reverse order.
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10. Georgetown
Georgetown claims to be the birthplace of bourbon and brands itself as “Kentucky’s Horse Headquarters.” Located near Lexington in the state’s central region, Georgetown is also the home of a large Toyota manufacturing plant and the Old Friends Thoroughbred Retirement Farm.
About 40,000 people make their home here.
9. Frankfort
As state capitals go, Frankfort is a relatively cheap place to live. Its average monthly rent and total living costs are the lowest in our top 10, and couples bringing in the average Social Security benefit can save as much as $1,200 each month after covering basic living expenses.
Frankfort is located in north-central Kentucky and has about 29,000 residents. Its attractions include numerous historic government buildings, four distilleries and nine different parks.
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8. Shepherdsville
Located just south of Louisville, Shepherdsville has a population of about 15,000 — nearly double its total in the year 2000. It offers 114-acre Shepherdsville Park, an aquatic center and fishing on the Salt River.
Shepherdsville is tied for the lowest livability score in our list, but cost-conscious retired couples may appreciate its sub-$3,000 monthly cost of living.
7. Erlanger
Like Shepherdsville, Erlanger only receives a livability score of 70 from AreaVibes. It’s less expensive than Shepherdsville, however, and Social Security-only couples living here could save more than $1,000 each month after covering basic living expenses.
Erlanger is located in northern Kentucky’s tri-state area, near the state’s borders with Ohio and Indiana. It has a population of about 20,000.
6. Hebron
With the highest average monthly rent and total cost of living in our list, Hebron will cost a bit more than the other cities in our top 10. However, its average monthly living costs still place it within reach of many budget-conscious retired couples, and it has a more decent livability score.
Hebron is an unincorporated community with about 7,000 residents, located just west of Cincinnati.
5. Versailles
Found just west of Lexington, Versailles is another center of bourbon and horse culture. It’s home to the Woodford Reserve Distillery, WinStar Farm, the Kentucky Castle boutique hotel and restaurant, and numerous other attractions.
Roughly 10,500 people live in Versailles.
4. Covington
Northern Kentucky’s largest city — known as “The Cov” — is located just south of Cincinnati, across the Ohio River. The birthplace of famed jockey Steve Cauthen, Covington is now home to about 41,000 residents.
It is also the location of numerous historic churches, multiple stops along Northern Kentucky’s “B-Line” bourbon tour, and the Riverfront Amphitheater.
3. Lexington
Second only to Louisville in population among Kentucky cities, Lexington is home to about 321,000 residents. It brands itself as the “Horse Capital of the World” and also boasts the Kentucky Horse Park, the National Thoroughbred Racing Association Headquarters, the University of Kentucky, and the Festival of the Bluegrass music event.
Its livability score of 86 ties it for the top spot in our list.
2. Newport
Another Cincinnati suburb, Newport is home to about 14,000 residents. Attractions include the Newport Aquarium, the Newport on the Levee shopping and entertainment district, riverboat cruises and General James Taylor Park.
Its population is a little more than 14,000.
1. Fort Mitchell
Fort Mitchell is tied for tops in our list for livability with a solid 86, but its average monthly living costs make it attainable for many Social Security-only couples. Located just south of Cincinnati, Fort Mitchell has about 8,600 residents.
It is home to the Vent Haven Museum, believed to be the only museum dedicated to ventriloquism in the world.
Methodology: To find the best places in Kentucky for a couple to live on only a Social Security check, GOBankingRates analyzed all the cities in Kentucky for a variety of factors including cost-of-living indexes for groceries, healthcare, utilities, transportation and miscellaneous (all sourced from Sperling’s Best Places); the average expenditure costs for someone aged 65 or older (sourced from the Bureau of Labor Statistics Consumer Expenditure Survey); the December 2023 average rent cost (sourced from the Zillow Observed Rental Index); a livability index (sourced from AreaVibes); and the average Social Security benefits (sourced from the Social Security Administration’s December 2023 monthly statistical supplement.) The cost-of-living indexes and the average expenditure costs were used to find the average costs of living for expenditures within each city. Combining it with the average rent cost gave a total monthly cost of living for each city. GOBankingRates assumes both members of a couple apply for and receive full benefits, doubling the single-person average Social Security benefits per month. Taking out the cost of living for each city from the couple’s Social Security benefit determines the remaining savings for each month. All locations with a negative savings were removed. All locations with a livability score below 70 were removed. The average rent was scored and weighted at 1.00, the average expenditure cost total was scored and weighted at 1.00, and the livability index was scored and weighted at 1.50. All three scores were combined and sorted to show the best places in Kentucky for a couple to live on only Social Security benefits. All data was collected and is up to date as of February 2, 2024.
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This article originally appeared on GOBankingRates.com: 10 Best Places in Kentucky for a Couple To Live on Only a Social Security Check