35 Best Southern Cities To Retire In If You Have $250K or Less Saved
If you’re looking to see the sunnier side of retirement then you might want to aim to move to more affordable Southern cities when the time comes to punch out for work one last time. If you thought the job market was competitive, you’re going to want to brace yourself for real estate bidding wars in your current city. However, once you retire you may want to focus on more small-town living than metropolitan dwellings and go where there is the lowest cost of living.
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What you should have saved in retirement varies depending on what financial expert you ask, but if you have $250,000 or less stored in your bank account or retirement savings then retiring in the South may be your smartest money move. It turns out that Southern hospitality can extend past politeness and into monthly expenses and mortgages well below the national average.
Retirement is a significant milestone in life, and choosing the right place to settle down can greatly impact the quality of your golden years. Though $250,000 may seem like a good chunk of change, depending on your expenses, this may not last as long as you need it to unless you explore some cities in the seemingly more affordable Southern states. These cities offer a blend of affordability, amenities, decent median home values and a relaxed lifestyle, making them ideal for budget-conscious retirees.
Kosciusko, Mississippi
Population Age 65 and Older: 1,361
Median Home Value: $114,596
Average Monthly Mortgage Cost: $698
Total Annual Cost of Living: $29,220
Total Annual Cost of Living After Social Security Benefits (Single Person): $6,846
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Wellington, Kentucky
Population Age 65 and Older: 91
Average Home Value: $102,223
Average Monthly Mortgage Cost: $623
Total Annual Cost of Living: $29,247
Total Annual Cost of Living After Social Security Benefits (Single Person): $6,873
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Friona, Texas
Population Age 65 and Older: 754
Average Home Value: $130,795
Average Monthly Mortgage Cost: $797
Total Annual Cost of Living: $29,450
Total Annual Cost of Living After Social Security Benefits (Single Person): $7,076
Marmaduke, Arkansas
Population Age 65 and Older: 283
Average Home Value: $139,860
Average Monthly Mortgage Cost: $852
Total Annual Cost of Living: $29,885
Total Annual Cost of Living After Social Security Benefits (Single Person): $7,510
White Hall, Arkansas
Population Age 65 and Older: 750
Average Home Value: $136,744
Average Monthly Mortgage Cost: $833
Total Annual Cost of Living: $29,947
Total Annual Cost of Living After Social Security Benefits (Single Person): $7,573
Canton, Oklahoma
Population Age 65 and Older: 85
Average Home Value: $96,347
Average Monthly Mortgage Cost: $587
Total Annual Cost of Living: $29,982
Total Annual Cost of Living After Social Security Benefits (Single Person): $7,607
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Beaumont, Mississippi
Population Age 65 and Older: 124
Average Home Value: $109,379
Average Monthly Mortgage Cost: $666
Total Annual Cost of Living: $29,995
Total Annual Cost of Living After Social Security Benefits (Single Person): $7,620
Mammoth Spring, Arkansas
Population Age 65 and Older: 260
Average Home Value: $145,274
Average Monthly Mortgage Cost: $885
Total Annual Cost of Living: $30,548
Total Annual Cost of Living After Social Security Benefits (Single Person): $8,173
West Union, West Virginia
Population Age 65 and Older: 169
Average Home Value: $106,596
Average Monthly Mortgage Cost: $649
Total Annual Cost of Living: $30,667
Total Annual Cost of Living After Social Security Benefits (Single Person): $8,293
Fairview, Oklahoma
Population Age 65 and Older: 597
Average Home Value: $115,622
Average Monthly Mortgage Cost: $704
Total Annual Cost of Living: $31,299
Total Annual Cost of Living After Social Security Benefits (Single Person): $8,925
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Hartford, Arkansas
Population Age 65 and Older: 104
Average Home Value: $145,536
Average Monthly Mortgage Cost: $886
Total Annual Cost of Living: $31,422
Total Annual Cost of Living After Social Security Benefits (Single Person): $9,048
Glenville, West Virginia
Population Age 65 and Older: 159
Average Home Value: $119,154
Average Monthly Mortgage Cost: $726
Total Annual Cost of Living: $31,529
Total Annual Cost of Living After Social Security Benefits (Single Person): $9,155
Frostburg, Maryland
Population Age 65 and Older: 1,142
Average Home Value: $165,237
Average Monthly Mortgage Cost: $1,006
Total Annual Cost of Living: $31,694
Total Annual Cost of Living After Social Security Benefits (Single Person): $9,319
North Little Rock, Arkansas
Population Age 65 and Older: 10,744
Average Home Value: $153,494
Average Monthly Mortgage Cost: $935
Total Annual Cost of Living: $31,715
Total Annual Cost of Living After Social Security Benefits (Single Person): $9,341
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Laurens, South Carolina
Population Age 65 and Older: 2,270
Average Home Value: $159,051
Average Monthly Mortgage Cost: $969
Total Annual Cost of Living: $32,182
Total Annual Cost of Living After Social Security Benefits (Single Person): $9,808
Leesville, Louisiana
Population Age 65 and Older: 844
Average Home Value: $146,928
Average Monthly Mortgage Cost: $895
Total Annual Cost of Living: $32,189
Total Annual Cost of Living After Social Security Benefits (Single Person): $9,815
Kinder, Louisiana
Population Age 65 and Older: 277
Average Home Value: $125,349
Average Monthly Mortgage Cost: $763
Total Annual Cost of Living: $32,206
Total Annual Cost of Living After Social Security Benefits (Single Person): $9,831
Huntington, West Virginia
Population Age 65 and Older: 8,463
Average Home Value: $119,532
Average Monthly Mortgage Cost: $728
Total Annual Cost of Living: $32,906
Total Annual Cost of Living After Social Security Benefits (Single Person): $10,532
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Kenova, West Virginia
Population Age 65 and Older: 799
Average Home Value: $126,194
Average Monthly Mortgage Cost: $769
Total Annual Cost of Living: $32,970
Total Annual Cost of Living After Social Security Benefits (Single Person): $10,595
Shinnston, West Virginia
Population Age 65 and Older: 499
Average Home Value: $136,919
Average Monthly Mortgage Cost: $834
Total Annual Cost of Living: $33,063
Total Annual Cost of Living After Social Security Benefits (Single Person): $10,689
Parsons, West Virginia
Population Age 65 and Older: 319
Average Home Value: $136,708
Average Monthly Mortgage Cost: $833
Total Annual Cost of Living: $33,106
Total Annual Cost of Living After Social Security Benefits (Single Person): $10,732
New Albany, Mississippi
Population Age 65 and Older: 1,311
Average Home Value: $178,609
Average Monthly Mortgage Cost: $1,088
Total Annual Cost of Living: $33,220
Total Annual Cost of Living After Social Security Benefits (Single Person): $10,846
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DeRidder, Louisiana
Population Age 65 and Older: 1,790
Average Home Value: $149,988
Average Monthly Mortgage Cost: $914
Total Annual Cost of Living: $33,533
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,159
Elkins, West Virginia
Population Age 65 and Older: 1,193
Average Home Value: $158,205
Average Monthly Mortgage Cost: $964
Total Annual Cost of Living: $33,686
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,312
Russellville, Arkansas
Population Age 65 and Older: 3,477
Average Home Value: $196,465
Average Monthly Mortgage Cost: $1,197
Total Annual Cost of Living: $33,813
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,439
Glasgow, Kentucky
Population Age 65 and Older: 3,384
Average Home Value: $186,833
Average Monthly Mortgage Cost: $1,138
Total Annual Cost of Living: $33,839
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,465
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Panhandle, Texas
Population Age 65 and Older: 638
Average Home Value: $180,132
Average Monthly Mortgage Cost: $1,097
Total Annual Cost of Living: $33,872
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,497
Paris, Tennessee
Population Age 65 and Older: 2,321
Average Home Value: $187,727
Average Monthly Mortgage Cost: $1,143
Total Annual Cost of Living: $33,885
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,511
Anacoco, Louisiana
Population Age 65 and Older: 141
Average Home Value: $156,884
Average Monthly Mortgage Cost: $956
Total Annual Cost of Living: $33,886
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,512
Brownsville, Texas
Population Age 65 and Older: 22,997
Average Home Value: $185,996
Average Monthly Mortgage Cost: $1,133
Total Annual Cost of Living: $34,109
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,735
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Martin, Tennessee
Population Age 65 and Older: 1,199
Average Home Value: $194,175
Average Monthly Mortgage Cost: $1,183
Total Annual Cost of Living: $34,180
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,806
Rayne, Louisiana
Population Age 65 and Older: 1,199
Average Home Value: $156,813
Average Monthly Mortgage Cost: $955
Total Annual Cost of Living: $34,213
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,838
Erath, Louisiana
Population Age 65 and Older: 305
Average Home Value: $154,463
Average Monthly Mortgage Cost: $941
Total Annual Cost of Living: $34,358
Total Annual Cost of Living After Social Security Benefits (Single Person): $11,984
Rocky Mount, North Carolina
Population Age 65 and Older: 10,377
Average Home Value: $183,182
Average Monthly Mortgage Cost: $1,116
Total Annual Cost of Living: $34,543
Total Annual Cost of Living After Social Security Benefits (Single Person): $12,169
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Quinby, South Carolina
Population Age 65 and Older: 208
Average Home Value: $189,637
Average Monthly Mortgage Cost: $1,155
Total Annual Cost of Living: $34,717
Total Annual Cost of Living After Social Security Benefits (Single Person): $12,343
Photo disclaimer: Please note photos are for representational purposes only and may not reflect the exact location listed.
Methodology: For this study, GOBankingRates analyzed cities in the southern state to find the best places to retire with $250k in savings. First GOBankingRates found cities across the southern United States for their population, households, population aged 65 and over, and percent aged 65 and over all sourced from the US Census American Community Survey. For each city, the average cost of living for retired households was calculated by finding the cost of living indexes as sourced from Sperlings BestPlaces and the national average expenditure costs then, calculating the average expenditure cost for each city. The average mortgage cost was found by using the average home value in March 2024, as sourced from the Zillow Home Value Index, and the average national 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data. The average Social Security Benefits was found from the Annual Statistical Supplement from the Social Security Administration and the average income was removed from the average cost of living to find the average cost of living for retired residents after Social Security Benefits. Using $250k in savings the time it would take to draw down those savings can be calculated. In order to qualify for this study, the subjects would have to be able to draw on their savings for at least 20 years, taking them to be 85 years old before potentially running out. The livability index was found for each city as sourced from AreaVibes. The cities were sorted by the drawdown years for a single person to show the best places in the southern states to retire with $250k in savings. All data was collected on and is up to date as of April 29, 2024.
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This article originally appeared on GOBankingRates.com: 35 Best Southern Cities To Retire In If You Have $250K or Less Saved
