Choosing the ideal destination for your retirement years hinges on a myriad of factors, encompassing family ties, health considerations, personal interests, life goals, and financial stability. With the relentless climb in living expenses, pinpointing a city or town where your savings can stretch the furthest is crucial.
For those approaching or already in retirement, the Southern United States remains a magnet, drawing retirees from Hot Springs, Arkansas, to Vero Beach, Florida, and numerous towns in between. Over the past decade, more American families have chosen to settle in this region than in any other part of the country, and this trend is anticipated to persist.
This year, to pinpoint the South’s top retirement spots for 2024, Investopedia, where I serve as Editor-in-Chief, joined forces with Southern Living for the second consecutive year. We assessed a range of economic and quality-of-life indicators, utilizing data on housing prices, average income levels, and proximity to recreational and cultural attractions, among other benchmarks. We engaged with local residents, leaned on the insights of Southern Living’s editorial team, and sought locations where the overall standard of living is particularly high.
Our selection includes only 10 locations, yet we recognize that there are many other spots in the region that are equally worthy of consideration. However, when it comes to affordability and maximizing your retirement funds, these destinations offer an excellent starting point. –Caleb Silver, Editor-in-Chief, Investopedia
Collaborating with the editorial teams at Southern Living and Investopedia, we have compiled a data-driven list of the Most Affordable Retirement Destinations in the South for 2024. As of publication, Hurricanes Helene and Milton had recently caused widespread devastation across our region, impacting cities and towns on our list. While the rebuilding process will be lengthy, we are hopeful that these destinations will once again welcome visitors and retirees when they are ready. Learn how you can assist our neighbors in their recovery efforts here and here.
Robbie Caponetto
With its annual Sternwheel Regatta boat races and the vibrant seasonal changes along its trails, West Virginia’s most populous city, Charleston, offers numerous reasons to consider it for your retirement. The city’s vibrant arts scene, from the First Friday ArtWalk to the live tapings of Mountain Stage, complements its educated population (43.2% hold a bachelor’s degree or higher). Over 20% of the city’s 48,864 residents are 65 or older. Enjoy the year-round farmers’ market, the summertime concerts on the Kanawha River, or a minor-league baseball game. Financially, Charleston stands out: median monthly housing costs of $857 represent a 26% savings compared to the Southern median. West Virginia is also phasing out Social Security income taxation, offering property tax homestead exemptions for seniors, and has low property tax rates.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $857
Fredericksburg, Texas, a town of 10,875, is a hidden gem for retirees, offering the natural beauty of the Texas Hill Country and a charming, quaint atmosphere. Known as an International Dark Sky Community, Fredericksburg provides exceptional stargazing and a vibrant springtime display of bluebonnets and wildflowers. Nestled in Texas wine country, the downtown area is filled with wineries, restaurants, and local shops. The area’s German heritage is evident in its architecture, cuisine, and beer selection. With estimated median monthly housing costs of $1,254, the area offers a wealth of activities at a relatively low cost. Texas does not tax income, and eligible senior homeowners may receive substantial homestead property tax exemptions.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,254
North Myrtle Beach, nestled between the Grand Strand and Myrtle Beach, offers a more relaxed pace and greater affordability. The area boasts over 80 golf courses, free concerts on Main Street, and the opportunity to witness loggerhead sea turtle nesting. With state-of-the-art medical facilities, local seafood, and walking trails, North Myrtle Beach’s population of 18,790 has a median age of 60.2. Estimated median monthly housing costs are $1,075, 8% lower than the Southern median. South Carolina offers Social Security benefit taxation, lower property tax rates, and income tax deductions for eligible seniors.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,075
Vero Beach, on Florida’s Atlantic Coast, provides a quintessential Florida retirement experience with a variety of dining options, an art museum, botanical gardens, and quality medical care. Located just outside the city limits in Indian River County, housing costs are significantly lower while still offering the same amenities. The county’s events calendar, golf club discounts, and public pools make Vero Beach an attractive retirement option. With over 35% of residents 65 or older, and median monthly housing costs of $1,099, this community is well-suited for retirees seeking Florida’s retirement tax benefits.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,099
Hickory, located just over an hour from Charlotte, Winston-Salem, and Asheville, is often recognized as one of America’s most desirable and affordable places to live and retire. The city boasts delectable farm-to-table restaurants, outdoor adventures, eclectic shopping, and vibrant arts and culture. Median housing costs are 17% lower than the Southern median at $960 per month. Outdoor enthusiasts can enjoy biking and hiking, while cultural enthusiasts can enjoy live music and baseball games. The area’s medical care is accessible, and the city is home to diverse populations.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $960
Robbie Caponetto
Robbie Caponetto
Maryville, Tennessee, a city of 31,907, is a serene retirement option located near the Great Smoky Mountains National Park and Knoxville. The city offers a variety of cultural activities, from the Appalachian Ballet Company to the Maryville-Alcoa Greenway. With a local hospital and close proximity to Knoxville’s medical care, Maryville provides a tranquil retirement lifestyle. Estimated median monthly housing costs are 3% lower than the Southern median at $1,125. Tennessee does not have an income tax, and eligible homeowners can have their homestead property assessed at a lower value after turning 65.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,125
Robbie Caponetto
Hot Springs, Arkansas, is a charming retirement destination in the Ouachita Mountains, offering four distinct seasons and proximity to Hot Springs National Park. With free admission to the park, retirees can enjoy trails, thermal spring waters, and craft beer at Superior Bathhouse Brewery. The city’s vibrant arts scene includes Art Deco buildings and live music. Estimated median monthly housing costs are $810, about 30% less than the Southern median. Arkansas does not tax Social Security benefits and offers a homestead property tax “freeze” program for seniors.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $810
Robbie Caponetto
Orange Beach, Florida, offers a quieter and more affordable alternative to its more famous Gulf Coast neighbors. The town boasts beautiful beaches, shopping, dining, and regular outdoor music performances. Access to state parks, pine forests, and swamps, as well as the legendary Flora-Bamalounge, provides ample entertainment. The city’s median age is 51.6, with 28.5% of residents 65 or older. Estimated median monthly housing costs are $1,279, but Alabama’s low property tax rates and Social Security benefit taxation make it an appealing option.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,279
Englewood, Florida, a sunny beach town, offers a quieter and more affordable alternative to other coastal destinations. With median monthly housing costs of just $779, it is 33% less than the Southern median. Florida does not have state income tax and offers additional homestead exemptions for seniors. Englewood’s population is over 50% senior, with a median age of 67.8. The town offers tranquil beaches, yoga, sunset drum circles, and manatee spotting. Major League Baseball fans can enjoy spring training nearby.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $779
Robbie Caponetto
Valdosta, Georgia, a city of 55,378, is an affordable alternative to nearby major metro areas, with estimated median monthly housing costs of $893, 23% lower than the Southern median. The city offers a range of activities, from pecan and peach picking to attending the Valdosta-Lowndes Azalea Festival. The city has a vibrant arts scene and offers educational opportunities for seniors. Valdosta also provides additional income and property tax exemptions for eligible residents aged 62 or older, as well as Social Security benefit taxation.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $893
These cities and towns were selected from all the Census Designated Places in Southern states. Median household income and monthly housing cost estimates were collected from the 2022 American Community Survey (five-year) for each of the places. Locations with large margins of error were excluded from the initial list. The final choices were made based on a variety of economic and lifestyle criteria, including housing costs relative to the rest of the South; taxes; and the availability of restaurants, hospitals, and colleges.
