How Much It Costs To Retire in America’s 5 Favorite Southern States
If you’re considering a move during your retirement years, you could certainly do worse than the charm and hospitality of the South. From gorgeous waterfronts and beaches to cultural experiences that would delight even the most seasoned art lover or history buff, Southern states can offer retirees far more than warm weather (though warm weather doesn’t hurt).
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When GOBankingRates looked for the Southern states that people most wanted to live in, period, survey respondents shared that Florida, Georgia, Texas, North Carolina and South Carolina were among their top choices. Drilling down further, we looked at what life might look like financially for retirees in these states.
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Florida
The Sunshine state is known as a haven for retirees — and for good reason, with the bright weather, beautiful beaches, and vibrant cultural life. If you’re thinking about making your next home in sunny Florida, be aware of the following information about home prices and expenditures.
Household Median Income: $67,917
Average Home Value: $405,396
Mortgage Average Cost: $2,398
Expenditure Average Cost: $1,970
Total Monthly Cost of Living: $4,368
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Georgia
History buffs and architecture aficionados will find much to love in Georgia, especially the Savannah Historic District. Outdoor explorers will find their heart’s content in Rock City or the Okefenokee Swamp, while foodies can whet their appetites on a fresh Georgia peach or savor Georgia peanuts.
Household Median Income: $71,355
Average Home Value: $319,427
Mortgage Average Cost: $1,890
Expenditure Average Cost: $1,903
Total Monthly Cost of Living: $3,792
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North Carolina
The Tar Heel State is home to some of the most iconic outdoor scenery in the country, including the Great Smoky Mountains. However, there’s much more for retirees to explore, including the famous Biltmore Estate & Gardens and the Wright Brothers National Memorial.
Household Median Income: $66,186
Average Home Value: $319,721
Mortgage Average Cost: $1,891
Expenditure Average Cost: $1,966
Total Monthly Cost of Living: $3,857
South Carolina
Between Myrtle Beach and Hilton Head, retirees who settle in South Carolina can feel like they’re living in their favorite vacation spot all year ’round. Gourmands might also like to make their home in the place where sweet tea, a famed drink of the South, was first created.
Household Median Income: $63,623
Average Home Value: $285,275
Mortgage Average Cost: $1,688
Expenditure Average Cost: $1,946
Total Monthly Cost of Living: $3,633
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Texas
If you’re looking to make attending rodeos or state fairs a major hobby in your retirement years, consider moving to Texas. Whether you want to go back to The Alamo to learn more on another tour or tell your relatives that you live in the same state where the astronauts train, you might find the best home for your golden years in Texas.
Household Median Income: $73,035
Average Home Value: $297,525
Mortgage Average Cost: $1,760
Expenditure Average Cost: $1,920
Total Monthly Cost of Living: $3,680
For this study, GOBankingRates analyzed five southern states that have been selected as the most desirable southern states to live in. Respondents stated that Florida, Georgia, Texas, North Carolina, and South Carolina are the most desirable Southern states. The total population, total households, median household income were all sourced from the US Census American Community Survey. The cost of living indexes were sourced from the Missouri Economic and Research Information Center — by using the average expenditure costs from the Bureau of Labor Statistics Consumer Expenditure Survey, the average cost of expenditures for each state can be calculated. The average home value can be sourced from Zillow Home Value Index — and using the national 30 year fixed rate mortgage, as sourced from the Federal Reserve Economic Research, the average mortgage cost can be calculated. The average mortgage and average expenditure costs can be combined to find an average total cost of living for each state. The states were sorted from least to most expensive. All data was collected and is up-to-date as of April 16, 2024.
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This article originally appeared on GOBankingRates.com: How Much It Costs To Retire in America’s 5 Favorite Southern States
