Unveiling the True Price of Residing in Prime Cities

Is hotter climate and reasonably priced dwelling one thing you want in retirement? If that’s the case, the southern U.S. will be the place for you. Many retirees are flocking to the South for its tax-friendliness, agreeable local weather, and below-average price of dwelling in comparison with different elements of the U.S.

In partnership with Southern Residing, Investopedia staffed editors analyzed and scored information from the U.S. Census Bureau and different publicly obtainable information sources (see our Methodology beneath) to disclose the price of retirement in over 600 areas and determine the place your cash could go the farthest.

Our workers consultants narrowed down that lengthy checklist to 10 standout cities for retirees the place your cash may go farther. Scorching Springs, Arkansas, Englewood, Florida, and Charleston, West Virginia ranked as the highest three. Dive in to see what makes these areas and others so retirement-friendly.

1. Scorching Springs, Ark.: America’s Spa

Scorching Springs’ low price of dwelling and lack of state property taxes helped this location prime our checklist for retirees in 2024. Nevertheless, there’s way more to Scorching Springs than these essential qualities.

 If you wish to be near nature and have an energetic way of life in retirement, that is the spot for you. Scorching Springs, Arkansas, is dwelling to Scorching Springs Nationwide Park and the Diamond Lakes—which provides nice entry to scenic biking, climbing, fishing, and water sports activities.

About 22.7% of Scorching Spring’s inhabitants is 65 years or older, with the median age being 44.7.

Housing Prices

The median housing prices in Scorching Springs are 30% lower than the common within the South ($810 per thirty days versus $1,163). Yow will discover flats for as little as $500 a month, and median dwelling sale costs had been at $242,530 as of December 2024, probably making it an reasonably priced possibility for each renters and consumers—particularly these relocating from higher-cost areas.

Scorching Spring Metropolis residents earn a median family revenue of $46,537 between 2018 and 2022, with the nationwide median for that timeframe touchdown at $74,580.

2. Englewood, Fla.: A Coastal Oasis

When one thinks of Florida, it’s not unusual to additionally consider retirement, so it is probably not a shock a Florida location is on our checklist. Nevertheless, the lesser-known city of Englewood is worthy of taking a re-evaluation. Its rising recognition amongst retirees is displaying, too, because the median age is 67.8. 

Englewood affords straightforward seashore entry, golf programs, parks, and a below-average crime price. The Olde Englewood buying district has numerous eating places and a farmer’s market, too.

Price of Residing

Englewood’s median revenue is $61,734. Though that is decrease than the nationwide median of $74,850, residents get extra for his or her buck because of the decrease median dwelling values.

As of December 2024, Englewood’s median dwelling worth is $363,215, which places its income-to-home worth at about 16.67%. The nationwide income-to-home worth lands at 18.1% (based mostly upon a median dwelling worth of $412,300 as of the second quarter of 2024), giving Englewood a extra favorable proportion.

Total, Investopedia’s analysis discovered the median month-to-month housing price is a wallet-friendly $779—33% decrease than the South’s general common.

3. Charleston, W.Va.: City Residing with a Mountain View

In the event you crave 4 seasons and scenic mountain dwelling, Charleston, West Virginia, is the place for you. 

Although the capital metropolis has a inhabitants of 48,864 and a youthful median age of 42.2, this metropolis nonetheless affords a terrific enchantment in your later years. The truth is, the state even lists town as a “Designated Retirement Neighborhood.” 

Charleston affords improbable healthcare entry, strong arts and tradition, and numerous out of doors actions like climbing and biking. Make a journey to Coonskin Park, situated simply 10 miles from Downtown, to search out some lovely nature sights.

Reasonably priced Housing

Charleston’s fundamental perk for retirement planners is its reasonably priced price of dwelling. As of December 2024, the median dwelling sale worth was $154,925, which is considerably cheaper than the nationwide worth of $412,300. Charleston can be renter-friendly, with a median hire worth of $900.

4. Valdosta, Ga.: A Vibrant Vacation spot for All Ages

In the event you crave an energetic way of life throughout retirement, Valdosta, Georgia, is the place to be. It affords world-class golf programs, improbable climbing spots, and a bustling downtown arts scene.

The inhabitants is round 55,000, with a median age of 29.2 (primarily because of Valdosta State College, which has 10,000 college students). An enormous draw is its reasonably priced housing, with median month-to-month housing prices of $893, which is 23% lower than the South’s median month-to-month housing prices general. As of December 2024, the median dwelling gross sales worth was $192,503, which is decrease than the nationwide common.

Flat Tax

Georgia is one in every of 13 states that has a flat revenue tax. Because of this no matter your revenue, everybody pays the identical proportion, which is useful for these with the next revenue stage in retirement. 

Moreover, Georgia’s property tax charges aren’t too steep–with a median efficient price of 0.940% for Lowndes County (although there are different areas on our checklist with extra favorable charges).

5. North Myrtle Seashore, S.C.: A Stress-free Seashore Spot

Who doesn’t need entry to a calming seashore throughout retirement? North Myrtle Seashore spans 9 miles and contains 4 communities (Cherry Grove, Windy Hill, Ocean Drive, and Crescent Seashore). With a inhabitants of about 18,000, you possibly can entry seashore life whereas avoiding extra crowded spots like Myrtle Seashore. 

From an affordability standpoint, South Carolina has a graduated revenue tax (starting from 0-6.40%)–so this is a perfect vacation spot for those who assume you’ll have below-average revenue in retirement. Concerning state and native tax burden, South Carolina ranks eleventh within the nation at an 8.9% price.

Cheap Property Taxes

As of December 2024, North Myrtle’s median dwelling worth was $380,405. Whereas that price ticket is greater than different areas on our checklist, South Carolina’s property taxes are way more manageable, with a median county tax price of 0.36% (for Horry County).

6. Hickory, N.C.: Idyllic Lake Haven

If small-city dwelling is looking your identify, Hickory, North Carolina, may very well be your retirement dream. Lake Hickory is ideal for boating fans, and quite a few parks, trails, eating places, and buying facilities populate round this scorching spot. 

We predict the price of dwelling is a fundamental draw right here, because the median month-to-month housing prices are $960, 17% decrease than the South’s general median month-to-month housing prices.

Affordability All-Round

Hickory’s median family revenue is $58,251, or about $4,854 month-to-month. As of December 2024, the median dwelling sale worth was $279,709, which is decrease than different metro areas on our checklist.

Moreover, Hickory’s median hire was $1,295, which means roughly 26.7% of month-to-month revenue would go in direction of hire (a good proportion). North Carolina additionally has a flat particular person revenue tax price of 4.50%, which makes it extra engaging for retirees, as this additionally applies to retirement revenue.

7. Maryville, Tenn.: Small-City Allure

Maryville, Tennessee, stands out for its quaint, charming vibes. Situated simply south of Knoxville, it has a inhabitants of about 32,000 and a median age of 41.2. It affords good walkability, historic buildings, and plentiful downtown buying. For many who need shut proximity to the nice outdoor, the Smoky Mountains are only a 35-minute drive away.

Tax-Pleasant

Tennessee boasts the third lowest common and mixed state and native tax within the nation, at 7.6%. Even higher, there is no such thing as a particular person revenue tax—even on retirement plan revenue—which makes it ideally suited for retirees with pensions.

One be aware that dwelling costs aren’t as aggressive as different Southern states we evaluated. In December 2024, Maryville’s common dwelling worth was $367,001. Total, the median family revenue is $74,610, which is on par with the nationwide common of $74,580.

8. Vero Seashore, Fla.: An Reasonably priced Seaside Way of life

Vero Seashore, Florida, is a superb beachfront retirement vacation spot with a vibrant arts scene only a brief distance away. Retirees can also be drawn to the world for its big selection of outside actions, together with water sports activities, golf, fishing, and the chance to discover lush botanical gardens. One other perk: it’s not as scorching or costly as different South Florida areas.

Save on Earnings Tax

The common dwelling gross sales worth in Vero Seashore was $370,574 as of December 2024, which is lower than the nationwide common. Don’t be frightened by the median hire worth of $3,000—loads of leases can be found within the $1,000s vary. Property taxes aren’t dangerous both, with Indian River County residents paying 0.78%.

That stated, a fundamental draw to Florida facilities round its taxes. There aren’t any particular person revenue taxes (retirement plan revenue included), and the common mixed state and native gross sales tax price of 9.1% ranks eighth finest within the nation.

9. Fredericksburg, Tex.: Wine Nation Getaway

In the event you’re a wine connoisseur, Fredericksburg is looking your identify. This small city in Texas has a inhabitants of slightly below 11,000 and greater than 60 wineries and vineyards. The realm additionally has a wealthy German historical past, based by German settlers in 1846.

Favorable Tax Remedy

Whereas Fredericksburg, Texas, could have greater median housing prices ($1,254) than different areas—and about 8% greater than the Southern common—retirees can nonetheless discover monetary benefits by dwelling right here. 

Like Florida and Tennessee, Texas doesn’t impose a person revenue tax. Moreover, the state’s state and native tax burden price of 8.60% is among the many lowest within the nation, rating 4th nationwide.

10. Orange Seashore, Ala.: {Golfing} Galore

White sand seashores and championship golf programs make Orange Seashore, Alabama, an excellent retirement vacation spot for a lot of. The median age is 51.6, and nearly 30% of the inhabitants is 65 and older.

Median dwelling costs are steep, sitting at $691,680 as of December 2024. Nevertheless, this is likely to be skewed to the multi-million greenback houses that line the seashore, and there are houses on the market within the low $300,000s.

The median family revenue is without doubt one of the highest on our checklist at $90,402. That is effectively above the nationwide median of $74,580.

Extra Tax Financial savings

A serious benefit of retiring in Alabama is the dearth of state taxes on Social Safety advantages. Moreover, the state includes a graduated revenue tax with charges starting from 2% to five%. Alabama additionally boasts a comparatively low common mixed state and native gross sales tax price of 9.29%, rating thirteenth within the nation.

The Backside Line

When planning the place to dwell in retirement, there are lots of components to think about: proximity to household, local weather, price of dwelling, and extra. Whereas it may be overwhelming to weigh all these points, the excellent news is that loads of choices can meet your wants—particularly these Southern areas.

As People dwell longer and more healthy lives, guaranteeing an reasonably priced retirement is extra essential than ever. It is important to consider how the place you select to settle will influence your funds and general high quality of life.

The South affords a number of retirement—and wallet-friendly locations. Think about Scorching Springs, Arkansas; Englewood, Florida; and Charleston, West Virginia, amongst our different prime areas.

Methodology

The locations chosen for the ultimate checklist had been chosen from all Census Designated Locations in southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia). Investopedia collected median family revenue and month-to-month housing price estimates from the 2022 American Neighborhood Survey (5-year) for every place within the South. Locations for which estimates included massive margins of error had been faraway from the preliminary checklist. 

The ultimate checklist of locations was chosen by Investopedia workers editors after evaluating: 

1. Housing affordability relative to the South (how every place’s month-to-month housing prices evaluate with a weighted common for states within the South);
2. Median revenue in every place (as a proxy for taxes collected, which can be associated to group sources; and
3. Particular person reporting on proximity to parks or coastlines, latest adjustments locally, and former reporting by Southern Residing highlighting one of the best locations to retire.