The 10 Most Affordable Places To Retire In The South Of The USA
Stretch your savings and live your golden years to the fullest in these budget-friendly cities and towns. The decision about where we want to spend our retirement involves complex variables that include our families, health, interests, aspirations, and finances. As the cost of living continues to rise, finding the right city or town to make your money last as long as possible is paramount.
For more and more people nearing or entering retirement, the South continues to be a draw, from Hot Springs, Arkansas, to Vero Beach, Florida, and plenty of zip codes in between. More American families have moved to this region than any other part of the country for the past decade, and that trend is expected to continue.
To identify the South’s best places to retire for 2024, Investopedia, a financial news and education website where I serve as Editor-in-Chief, partnered with Southern Living for the second year. We evaluated economic and liveability metrics using data on housing prices, median income levels, and proximity to recreation and cultural activities, among other criteria. We interviewed locals, depended on the experience of Southern Living editors, and looked for spots where the quality of life is high.
Although our list contains just 10 locations, we know that there are many others in the region that warrant a mention. But when it comes to affordability and getting your money’s worth in retirement, this group gives you a great place to start. –Caleb Silver, Editor-in-Chief, Investopedia
Charleston, West Virginia
From watching boat races at the annual Charleston Sternwheel Regatta to soaking in the changing seasons along area trails, there are plenty of reasons to consider making West Virginia’s most populous city your retirement home. Charlestonians can stroll around downtown galleries during First Friday ArtWalk; attend live tapings of Mountain Stage, a beloved local show that broadcasts musical performances to NPR stations across the country; or visit the Clay Center for the Arts & Sciences of West Virginia, which has a cinema, a performance hall, an art museum, and a planetarium under a single roof.
This is a well-educated place (43.2% of residents hold a bachelor’s degree or higher), and more than 20% of the 48,864 people who live here are 65 or older. Grab a bite at the year-round farmers’ market, savor free summertime concerts on the Kanawha River, or cheer at a minor-league Dirty Birds game. This city makes financial sense too: with estimated median monthly housing costs of just $857, retirees can spend 26% less than the median across the South. (Investopedia estimates the median monthly housing costs in the South to be $1,163.) In addition, West Virginia is phasing out taxation on Social Security income, offers property tax homestead exemptions to eligible residents 65 or older, and has low effective property tax rates.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $857
Fredericksburg, Texas
Tourists stream to this town of 10,875, but with almost a third of its residential population 65 or older, it is also a great place to consider retiring. The natural beauty of the Texas Hill Country and Fredericksburg’s quaint feel are among its main appeals, says Mayor Jeryl Hoover.
An International Dark Sky Community, the city presents exceptional stargazing at its beautiful local parks, and in the spring, it explodes with the colors of blooming bluebonnets and other wildflowers. Sitting in the heart of Texas’ wine country, downtown is lined with multiple wineries plus restaurants and locally owned shops. The area’s German heritage is reflected in its architecture, cuisine, and beer selections. Oktoberfest is the largest of more than 400 annual events and celebrations, which also include a bluegrass festival, a craft beer-and-polka gathering, and Christmas traditions. This area’s estimated median monthly housing costs of $1,254 are 8% higher than the Southern median, but few places could offer this much to do at a lower price. In addition, Texas does not tax income, and eligible senior homeowners may receive large homestead exemptions on their property taxes.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,254
North Myrtle Beach, South Carolina
North Myrtle Beach provides easy access to the Grand Strand’s more famous locale—Myrtle Beach is just 20 miles southwest—but retirees here can expect to find a slower tempo and greater affordabil-ity. That does not mean life gets boring, though. Practice your swing at more than 80 regional golf courses, go to a free concert on Main Street, or see evidence of loggerhead sea turtles nesting at the less-packed beaches. The area has state-of-the-art medical facilities nearby, an abundance of delicious local seafood, and 7 acres of walking trails at Heritage Shores Nature Preserve.
North Myrtle Beach’s population of 18,790 has a median age of 60.2, and almost 8% of the residents polled in the 2022 American Community Survey moved here from a different state in the past year alone. Estimated median monthly housing costs are $1,075, which is 8% lower than across the region. South Carolina does not tax Social Security benefits and has lower effective property tax rates than much of the country. It also provides income tax deductions and property tax homestead exemptions to eligible resident seniors.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,075
Vero Beach, Florida
If your dream is to spend your retirement years in The Sunshine State, you could choose this Atlantic Coast community that boasts Florida living at its finest. Vero Beach has dining options for every taste, an art museum and botanical gardens, a public heated lap pool and racquetball courts, and quality medical facilities. As with any seaside destination, housing gets more expensive the closer you are to the water. But just outside the city limits, in unincorporated Indian River County, home prices are markedly lower and you can have all the same perks. The county provides several parks with Atlantic beach access, a rich events calendar with exercise classes aimed at seniors, a golf club with resident discounts, and multiple public pools.
Watch pelicans take flight or view dolphin pods swimming from the 26 miles of white-sand beaches. Or take nature walks or play aquatic sports in the local saltwater lagoons. With more than 35% of county residents being 65 or older, it is clear that many have chosen Vero Beach as their retirement home. And with good reason: Estimated median monthly housing costs of $1,099 put prices in this community of 137,421 on par with those in the rest of the South. Plus, coming here means you get all the additional retirement tax benefits Florida gives.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,099
Hickory, North Carolina
Just over an hour from Charlotte, Winston-Salem, and Asheville, Hickory is regularly listed as one of America’s most desirable and affordable places to live and retire. Mayor Hank Guess touts its
“delectable farm-to-table restaurants, outdoor adventures on Lake Hickory, eclectic downtown shops, and vibrant arts and cultural opportunities to rival that of cities over twice its size.” The esti-mated median housing costs are 17% lower than those across the South, coming in at $960 per month.
Outdoorsy retirees in this city of 43,490 can bike under the oak trees at Bakers Mountain Park or hop on the interconnected greenways and blue ways that compose the massive Carolina Thread Trail. When you aren’t spending time in nature, walk around savoring a local beer in the Downtown Social District, listen to a free concert at The Hum amphitheater, or applaud the Hickory Crawdads during Minor League Baseball season. The area features accessible medical care and has sizable Black, Latino, and Asian populations.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $960
Maryville, Tennessee
Maryville, an East Tennessee city of 31,907, sits less than half an hour from the fly-fishing and incredible views of Great Smoky Mountains National Park and just 18 miles south of Knoxville. But there is plenty to do right here in town: Retirees can take in a performance of the Appalachian Ballet Company; hear live music at The Shed Smokehouse & Juke Joint; or stroll the Maryville-Alcoa Greenway, which connects several parks. Living near Maryville College means NCAA Division III games; regular lectures, concerts, and theater; a wooded campus with more hiking trails; and even a weekend Japanese school. Nearby Knoxville supplies bigger-city options such as The University of Tennessee football, a zoo, and the opera, but being based in Maryville provides retirees a calmer day-to-day life.
More than 18% of residents are 65 or older, and the town has a local hospital, is close to Knoxville’s medical care, and has an active senior center for those over 50. The estimated median monthly housing costs are 3% lower than the South’s number at $1,125. Tennessee does not have income tax, and eligible homeowners can have the value of their homestead property “frozen”for tax assessment purposes after they turn 65.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,125
Hot Springs, Arkansas
Just an hour southwest of Little Rock, this small city of 37,930 in the Ouachita Mountains is practically inseparable from Hot Springs National Park. This area has four real seasons, and its hot summers and mild winters mean tons of time to take advantage of the park’s free admission. When you aren’t traversing the miles of trails, soak in the thermal spring waters or drink craft beer at Superior Bathhouse Brewery, the only brewery in a U.S. national park. Downtown, admire the Art Deco buildings and catch live music—or The World’s Shortest St. Patrick’s Day Parade—over on Bridge Street.
Whether you are interested in botanical gardens or horse races, gallery walks or arts and crafts, mountain biking or leaf-peeping, Hot Springs has something for everyone. And it delivers all of this at a surprisingly affordable price: Estimated median monthly housing costs are just $810, about 30% less than those across the South. Additionally, Arkansas does not tax Social Security benefits, and, like Tennessee, provides a homestead property tax “freeze” program for eligible residents aged 65 and older.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $810
Orange Beach, Alabama
Just west of Pensacola, Florida, Orange Beach shares the same dolphin-filled, clear blue waters but at a more affordable price than its better-known Gulf Coast neighbors. “Our slogan is ‘Life is better here,’ and it truly is,” says Orange Beach City Council member Annette Mitchell. Retirees can take a break from relaxing on the gorgeous beaches to visit the Wharf, home to shopping, movies, dining, and regular outdoor music performances.
Enjoy access to some of the state’s best hiking across pine forests, swamps, and sand. Or for a wilder time, head down the road to the legendary Flora-Bama lounge, which sits right across the Florida border and stages live music and a host of annual events. Residents have an estimated median age of 51.6, and 28.5% of the city’s 8,095 residents are 65 or older. While the estimated median monthly housing costs here are a touch higher than those across the South, at $1,279, Alabama has some of the lowest effective property tax rates in the country and doesn’t tax Social Security benefits.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,279
Englewood, Florida
With low-rise buildings and mom-and-pop shops, this sunny beach town is slightly off the beaten path, making it quieter—and more affordable—than many larger and better-known coastal alternatives. Englewood’s estimated median monthly housing costs of just $779 are 33% less than those across the South. Plus, Florida does not have state income tax and gives supplementary homestead exemptions to eligible seniors. Retirees have clearly taken note of these benefits. More than half of Englewood’s 20,800 residents are 65 or older, with an estimated median age of 67.8. “People from all over the United States come here, and they find their people,” ays Erin Halstead, president of the Englewood Chamber of Commerce and a real estate agent. “There is a huge sense of community.” At the town’s six tranquil beaches, locals like to meet up for daily yoga, weekly sunset drum circles, kayaking, and hunting for shark teeth. Those who prefer to stay dry can look for manatees; dine at waterfront spots along Englewood’s coast, bay, and creeks; or catch a car show or festival downtown. Inland nature preserves showcase mangrove swamps and pine flatwoods, and Major League Baseball fans can enjoy watching the Atlanta Braves and the Tampa Bay Rays do their annual spring training nearby.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $779
Valdosta, Georgia
Located near the Florida-Georgia border, this city of 55,378 is less than two hours northeast of Tallahassee and northwest of Jacksonville. Life here is more affordable than in those major metro areas, with estimated median monthly housing costs of $893, about 23% lower than those across the South. When you aren’t rooting for Valdosta’s celebrated high school football team, you can pick your own seasonal pecans, peaches, and strawberries; go to the springtime Valdosta-Lowndes Azalea Festival; or play pickleball at new outdoor courts at McKey Park.
Shop at the area’s many proudly Black-owned businesses, or escape the noise by birdwatching at Drexel Park or exploring wetlands at the Grand Bay Wildlife Management Area. The Theatre Guild Valdosta, Annette Howell Turner Center for the Arts, and the Valdosta Symphony Orchestra all entertain area arts lovers. Although the population’s median age is only 29.2, the city has not forgotten its older residents. For locals 50 and over, the Senior Citizen Center has square and line dancing, crocheting, billiards, and a heated indoor pool. Valdosta State University’s Learning in Retirement group organizes lectures and educational tours. For eligible state residents who are 62 or older, there is a policy providing free (or nearly free) college classes within the University System of Georgia. There are also additional income-and-property tax exemptions, plus appraisal inflation protections for homestead residences of people in this age range. On top of that, Social Security benefits are not taxed.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $893