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Your Golden Years on a Budget: Top Southern Cities for Retirees
Dreaming of a retirement where your money goes further, leaving you ample cash for delicious meals, beloved hobbies, and even those annual getaways? One of the smartest moves for homeowners eyeing their golden years is to find a city where your monthly housing budget comfortably sits well below your fixed income.
A recent study by FinanceBuzz delved into 180 U.S. cities, evaluating them for affordability, to help you plan your ideal retirement retreat. We’re breaking down the top 13 cities in the South where you can comfortably retire on a monthly housing budget of $1,300 or less.
1. Johnson City, Tennessee
Median monthly mortgage: $1,216
Nestled in the Appalachian Mountains of Northeast Tennessee, Johnson City is a popular choice for retirees. It boasts an attractive combination of outdoor recreation, breathtaking natural landscapes, charming small-town vibes, and excellent healthcare facilities. The cost of living here is approximately 15% lower than the national average, meaning savings extend beyond just your mortgage to include food, transportation, and more.
2. Gadsden, Alabama
Median monthly mortgage: $1,218
For those who envision an active retirement, Gadsden, Alabama, offers a plethora of options. Spend your days biking, hiking, golfing, kayaking on the Coosa River, or even try your hand at rock climbing for a dose of adventure. While housing costs are notably low, the overall cost of living in Gadsden is also appealing, coming in 15% below the national average.
3. Dothan, Alabama
Median monthly mortgage: $1,230
Dothan offers a warm, community-focused atmosphere where connections are easily forged – a draw for many retirees. For those prioritizing healthcare access, Dothan shines, with over 3,000 healthcare practitioners per 100,000 people, according to the FinanceBuzz study. The cost of living here is 13% lower than the national average, with even groceries proving more affordable than in many other parts of the country.
4. Florence, South Carolina
Median monthly mortgage: $1,169
If retail therapy is your preferred pastime, Florence could be your perfect retirement haven. This small city features several large malls, ideal for finding gifts for loved ones (or a treat for yourself!).
Plus, it’s just a short drive from Myrtle Beach, offering easy access to saltwater dips and boardwalk strolls. Florence’s cost of living is particularly low, sitting 10.9% below the South Carolina average and a remarkable 20.4% lower than the national average.
5. Monroe, Louisiana
Median monthly mortgage: $1,265
Monroe offers a tranquil, rural-meets-suburban lifestyle, complete with delicious Southern cuisine and a laid-back pace. It also features a small art district for those with an appreciation for history and culture. Life in Monroe is affordable, with a cost of living 8% lower than the Louisiana average and 12% lower than the national average.
6. Hot Springs, Arkansas
Median monthly mortgage: $1,274
Hot Springs truly has it all: a mild climate, quality hospitals, stunning landscapes, and, of course, its namesake natural hot springs. The city also boasts a vibrant arts community and an impressive golf scene, with 23 golf courses per 100,000 people – significantly higher than the average across the 180 cities analyzed by FinanceBuzz.
7. Morristown, Tennessee
Median monthly mortgage: $1,278
From the natural beauty of Panther Creek State Park to the greens of Millstone Golf Course, Morristown is an excellent choice for an active and engaging retirement. Nearby attractions, like Dollywood, also provide a fantastic reason for grandkids to visit. The cost of living in Morristown is 13% less expensive than the national average and 8.3% lower than the Tennessee average.
8. Rocky Mount, North Carolina
Median monthly mortgage: $1,281
Rocky Mount offers retirees a wonderful balance of natural beauty and urban accessibility. Enjoy ventures on the water at Belmont Lake Preserve, or take advantage of easy access to larger cities like Chapel Hill, Durham, and Raleigh. With a cost of living 19.3% lower than the national average, your retirement savings will stretch comfortably here.
9. Dalton, Georgia
Median monthly mortgage: $1,283
Whether you’re looking to cycle around Haig Mill Lake Park, soak in the panoramic views of the Blue Ridge Mountains, or experience small-town charm at the Prater’s Mill County Fair, Dalton offers an idyllic retirement setting. The cost of living in Dalton is 13% lower than the national average, making life in the picturesque Blue Ridge Mountains surprisingly affordable.
10. Sebring, Florida
Median monthly mortgage: $1,288
Embrace the tax-friendly benefits of the Sunshine State with a lakefront retirement in Sebring. This charming town on Lake Jackson boasts a population where over 30% are seniors, creating a welcoming atmosphere. Residents also enjoy an affordable overall cost of living, including a rate that’s 17% lower than the national average.
11. Owensboro, Kentucky
Median monthly mortgage: $1,292
Discover your new home along the Ohio River in Owensboro, where you can indulge in abundant parks, lively festivals, and a robust healthcare system. While Owensboro’s cost of living is comparable to the Kentucky average, it stands out at 18.3% lower than the national average.
12. Goldsboro, North Carolina
Median monthly mortgage: $1,295
Spend your golden years in Goldsboro, a small North Carolina town rich in history, featuring a welcoming downtown filled with shops and restaurants. Annual community festivals, such as Street James, add to the local charm. Goldsboro offers a cost of living that’s 17.8% lower than the national average and about 9.7% lower than the North Carolina average.
13. Decatur, Alabama
Median monthly mortgage: $1,297
Decatur is a vibrant small town known for its thriving arts scene and active outdoor recreation community. It’s an ideal spot for retirees who aren’t looking to slow down but rather embrace a more joyful and engaged way of life. The cost of living in Decatur is 16.9% lower than the national average, aligning closely with Alabama’s state average.
The Bottom Line: Beyond the Mortgage
While AARP reports that approximately 14% of seniors relocate to a different state for retirement, savvy planning means looking beyond just housing costs. To truly stretch your retirement dollars, consider the full financial picture.
Factors like how Social Security is taxed, healthcare expenses, grocery prices, and the overall cost of living will significantly impact your budget. A comprehensive financial review is key to ensuring your golden years are lived comfortably and without undue stress.