Choosing the ideal destination for our golden years is a multifaceted decision, intertwining elements such as family ties, health considerations, personal interests, career ambitions, and financial stability. With the cost of living on the rise, pinpointing a city or town where your savings can stretch the furthest is of utmost importance.
For those approaching or entering retirement, the Southern United States remains a beacon of allure, from the soothing waters of Hot Springs, Arkansas, to the serene beaches of Vero Beach, Florida, and countless other charming locations in between. Over the past decade, more American families have chosen to relocate to this region than to any other part of the country, and this trend is poised to persist.
This year, for the second consecutive year, Investopedia, where I serve as Editor-in-Chief, joined forces with Southern Living to pinpoint the South’s top retirement destinations for 2024. We assessed economic and livability indicators, leveraging data on housing prices, median income levels, and the proximity to recreational and cultural amenities, among other factors. We engaged with locals, drew upon the insights of Southern Living’s editorial team, and sought out locations where the quality of life shines brightly.
Our curated list of just 10 locations is a starting point, acknowledging that there are numerous other spots in the region that are well-suited for retirement. However, when it comes to affordability and maximizing your retirement savings, these destinations offer an excellent foundation. – Caleb Silver, Editor-in-Chief, Investopedia
In 2024, the editorial teams at Southern Living and Investopedia have collaborated to compile a data-driven list of the Most Affordable Retirement Destinations in the South. At the time of publication, Hurricanes Helene and Milton had wrought havoc across our region, inflicting significant damage on cities and towns, some of which are featured on this list. While the rebuilding process will be lengthy, we are optimistic that these destinations will welcome visitors and retirees once they are ready to do so. Learn how you can assist our neighbors in their recovery efforts here and here.
Robbie Caponetto
Charleston, West Virginia, offers a blend of outdoor activities, cultural attractions, and a welcoming community, making it an enticing retirement option. Residents can enjoy the annual Charleston Sternwheel Regatta, explore the arts scene, and indulge in the local cuisine. With a median age of 60.2 and a significant percentage of residents over 65, this city of 48,864 provides a comfortable lifestyle. The median monthly housing cost of $857 is 26% below the Southern average, and West Virginia is phasing out taxation on Social Security income, offering property tax homestead exemptions for seniors, and maintaining low property tax rates.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $857
Fredericksburg, Texas, is a town of 10,875 that has become a haven for retirees, thanks to its natural beauty and quaint charm. Mayor Jeryl Hoover highlights the town’s status as an International Dark Sky Community, offering exceptional stargazing opportunities. With a median age of 51.6 and a significant portion of residents over 65, Fredericksburg provides a relaxed atmosphere. The median monthly housing cost of $1,254 is 8% higher than the Southern median, but the town’s vibrant community and events calendar make it a worthwhile destination. Texas does not tax income, and eligible senior homeowners may receive substantial homestead exemptions on property taxes.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,254
North Myrtle Beach, South Carolina, offers a slower pace of life and greater affordability without sacrificing the amenities of a popular destination. With state-of-the-art medical facilities, abundant seafood, and walking trails, this city of 18,790 is a haven for retirees. The median monthly housing cost of $1,075 is 8% lower than the Southern average, and South Carolina does not tax Social Security benefits, offering lower effective property tax rates and income tax deductions for seniors.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,075
Vero Beach, Florida, provides a luxurious retirement experience at a reasonable cost. With dining options, an art museum, botanical gardens, and quality medical facilities, this city of 137,421 is a prime retirement spot. The median monthly housing cost of $1,099 is comparable to the Southern average, and Florida offers additional retirement tax benefits.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,099
Hickory, North Carolina, is just over an hour from Charlotte, Winston-Salem, and Asheville, making it an appealing retirement destination. The city boasts farm-to-table restaurants, outdoor adventures, eclectic shops, and vibrant arts and cultural opportunities. The median monthly housing cost of $960 is 17% lower than the Southern average, and the city features accessible medical care and diverse populations.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $960
Maryville, Tennessee, is a city of 31,907 that offers easy access to the Great Smoky Mountains National Park and a variety of cultural attractions. The city features the Appalachian Ballet Company, live music, and the Maryville-Alcoa Greenway. The median monthly housing cost of $1,125 is 3% lower than the Southern average, and Tennessee does not have an income tax, offering a homestead property tax “freeze” program for seniors.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,125
Hot Springs, Arkansas, is a small city of 37,930 that is practically inseparable from Hot Springs National Park. The area offers a variety of activities, including soaking in thermal spring waters, exploring the park’s trails, and enjoying the local craft beer scene. The median monthly housing cost of $810 is 30% less than the Southern average, and Arkansas does not tax Social Security benefits, offering a homestead property tax “freeze” program for seniors.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $810
Orange Beach, Alabama, is a coastal town that offers a more affordable alternative to its Gulf Coast neighbors. The city features beautiful beaches, shopping, dining, and live music. The median monthly housing cost of $1,279 is slightly higher than the Southern average, but Alabama has some of the lowest effective property tax rates in the country and does not tax Social Security benefits.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $1,279
Englewood, Florida, is a sunny beach town that is quieter and more affordable than larger coastal destinations. The median monthly housing cost of $779 is 33% less than the Southern average, and Florida does not have state income tax, offering additional homestead exemptions for seniors.
ESTIMATED MEDIAN MONTHLY HOUSING COSTS: $779
Valdosta, Georgia, is a city of 55,378 that offers a more affordable alternative to nearby major metro areas. The city features a variety of activities, including seasonal pecan, peach, and strawberry picking, the Valdosta-Lowndes Azalea Festival, and pickleball at McKey Park. The median monthly housing cost of $893 is 23% lower than the Southern average, and Georgia offers additional income-and-property tax exemptions, plus appraisal inflation protections for homestead residences of seniors.
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 for which estimates included large margins of error were removed from the initial list. Then the final choices were determined by a variety of economic and lifestyle criteria, including housing costs relative to the rest of the South; taxes; and the prevalence of restaurants, hospitals, and colleges.
