Additional Coverage:
- 12 Southern College Towns Where Retirees Can Live on $1,800 Monthly (financebuzz.com)
Retire in Style (and on a Budget!): Southern College Towns That Won’t Break the Bank
Dreaming of a retirement filled with sunshine, vibrant communities, and easy living? Many southern college towns offer just that! But for those on a fixed income, making your golden years truly golden means finding a place where your dollars stretch further.
Good news! We’ve scouted out 12 charming southern college towns where you can enjoy all the perks on a monthly budget of around $1,800.
We’ve crunched the numbers on rent, median home prices (courtesy of Zillow), and overall cost of living (thanks, Salary.com!) to bring you these top picks.
1. Lubbock, Texas: Buddy Holly’s Hometown Delivers Affordability
Home to Texas Tech University, Lubbock is a fantastic choice for retirees seeking a lively, affordable, and historically rich southern city. And if you’re a music fan, you’ll love that it’s the birthplace of rock ‘n’ roll legend Buddy Holly!
The Wallet-Friendly Breakdown:
- Average Rent: $1,350
- Median Home Price: $205,775
- Cost of Living: Generally affordable, with food costs about 5% below the national average.
2. Baton Rouge, Louisiana: Capital City Charm Meets Budget-Friendly Living
Whether you’re a culinary adventurer, an outdoors enthusiast drawn to the Mississippi River, or a history buff, Louisiana’s capital city, home to LSU, offers something for everyone.
The Wallet-Friendly Breakdown:
- Average Rent: $1,350
- Median Home Price: $224,744
- Cost of Living: Lower-than-average housing costs, and transportation and healthcare are 19.2% below the national average.
3. Clemson, South Carolina: Rural Retreat with College Town Buzz
Nestled at the foothills of the Blue Ridge Mountains, Clemson, home to Clemson University, is ideal for retirees seeking a more rural feel without sacrificing the energy of a college town.
The Wallet-Friendly Breakdown:
- Average Rent: $1,200
- Median Home Price: $395,906
- Cost of Living: Residents enjoy significantly lower costs for food, healthcare, and energy compared to the national average.
4. Montevallo, Alabama: Small Town Vibe, Big City Proximity
For those who love small-town living, Montevallo, home to the University of Montevallo, is a gem. This charming city is just 30 miles from Birmingham, offering big-city perks without the hefty price tag.
The Wallet-Friendly Breakdown:
- Average Rent: $1,500
- Median Home Price: $240,959
- Cost of Living: Healthcare and food prices are both below the national average.
5. Louisville, Kentucky: Bourbon, Derby, and Budget-Conscious Living
Louisville, famous for Kentucky bourbon and the Kentucky Derby, boasts multiple colleges, with the University of Louisville being a standout. It offers a unique blend of college-town energy and big-city amenities, all while remaining affordable.
The Wallet-Friendly Breakdown:
- Average Rent: Just over $1,200
- Median Home Price: $251,300
- Cost of Living: Housing and food prices are nearly 30% less than the national average.
6. Hattiesburg, Mississippi: Southern Hospitality and Natural Beauty
In Hattiesburg, home to the University of Southern Mississippi, you’ll find an abundance of natural beauty, fantastic dining, local breweries, and lively college sports.
The Wallet-Friendly Breakdown:
- Average Rent: $1,169
- Median Home Price: $215,418
- Cost of Living: Approximately 9% below the national average.
7. Wichita Falls, Texas: Affordable Living, Lively Downtown
Wichita Falls, home to Midwestern State University, might be smaller than some of its counterparts, but it delivers on college town perks. Expect a vibrant downtown with plenty of dining, drinking, and entertainment options.
The Wallet-Friendly Breakdown:
- Average Rent: About $1,100
- Median Home Price: Just $168,945
- Cost of Living: 13% below the national average, largely due to low housing costs, making it a great spot for real estate investment.
8. Tallahassee, Florida: Capital City Charm with Collegiate Spirit
Florida’s capital city, hosting both Florida State University and Florida A&M University, offers a healthy mix of college sports, cultural attractions, and impressive affordability.
The Wallet-Friendly Breakdown:
- Average Rent: $1,500
- Median Home Price: $284,791
- Cost of Living: Below the national average for essentials like food and energy.
9. Greensboro, North Carolina: A Balanced Lifestyle for Less
Greensboro, North Carolina, home to the bustling University of North Carolina at Greensboro campus, provides a balanced lifestyle with appealing costs.
The Wallet-Friendly Breakdown:
- Average Rent: Just under $1,500
- Median Home Price: $258,030
- Cost of Living: 5% below the national average, with significantly lower costs for energy, transportation, and healthcare, despite slightly higher food prices.
10. Chattanooga, Tennessee: Scenic Views and Savvy Spending
The home of the University of Tennessee at Chattanooga boasts a cost of living approximately 6% below the national average. Retirees here can expect to pay less for food, energy, and healthcare.
The Wallet-Friendly Breakdown:
- Average Rent: $1,600
- Median Home Price: $314,828
- Investment Opportunity: An interesting city for retirees considering real estate investment.
11. Wheeling, West Virginia: Unbeatable Affordability by the Ohio River
Wheeling, a charming West Virginia town on the Ohio River and home to the private Wheeling University, offers college town living at truly unbeatable prices.
The Wallet-Friendly Breakdown:
- Average Rent: $839
- Average Home Price: $147,062
- Cost of Living: Significantly less than the national average across the board, including food and healthcare.
12. Mount Olive, North Carolina: Pickles, Perks, and Small-Town Peace
Mount Olive is an excellent choice for retirees who appreciate the benefits of a college town alongside the tranquility of small-town living. While it’s home to the University of Mount Olive, it’s also famous for its annual North Carolina Pickle Festival!
The Wallet-Friendly Breakdown:
- Average Rent: About $1,350
- Average Home Price: $125,618
- Cost of Living: Lower than the national average, driven by remarkably low housing costs.
The Bottom Line for Your Golden Years
It might seem unconventional, but college towns offer unique advantages for retirees looking to relocate. These vibrant communities often provide a plethora of dining and entertainment options, potentially better public transportation, and sometimes even easier access to healthcare facilities.
Considering the costs and community benefits of living near a university could be a smart move to set yourself up for a comfortable and engaging retirement.
Smart Money Moves for Every Stage of Life
No matter your financial standing, there’s always room to improve your finances and grow your wealth. Here’s a quick guide to get you started today:
- Boost Your Income: If bills are tight, explore side hustles or legitimate ways to supplement your income.
- Grow Your Savings: Time and compound interest are powerful allies.
Understand your current financial situation to build a solid action plan. Consider working with a professional to ensure your retirement funds last.
- Seize Opportunities: Maximize your senior benefits by taking advantage of every deal, discount, and money-saving opportunity available. Shop around for the best auto insurance rates – it could save you hundreds!
And always be on the lookout for money-wasting traps that can silently drain your bank account.
Read More About This Story:
- 12 Southern College Towns Where Retirees Can Live on $1,800 Monthly (financebuzz.com)