Unveiling the True Value of Residing in High Cities

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

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

Our employees specialists narrowed down that lengthy record to 10 standout cities for retirees the place your cash would possibly 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 residing and lack of state property taxes helped this location prime our record for retirees in 2024. Nevertheless, there’s far more to Scorching Springs than these vital qualities.

 If you wish to be near nature and have an lively 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 supplies nice entry to scenic biking, mountain 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 typical within the South ($810 monthly versus $1,163). You’ll find residences for as little as $500 a month, and median dwelling sale costs have been at $242,530 as of December 2024, doubtlessly making it an reasonably priced choice for each renters and consumers—particularly these relocating from higher-cost areas.

Scorching Spring Metropolis residents earn a mean 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 will not be a shock a Florida location is on our record. Nevertheless, the lesser-known city of Englewood is worthy of taking a re-evaluation. Its rising reputation amongst retirees is exhibiting, too, because the median age is 67.8. 

Englewood presents straightforward seaside entry, golf programs, parks, and a below-average crime charge. The Olde Englewood purchasing district has varied eating places and a farmer’s market, too.

Value 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 as a result of 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% (primarily based upon a median dwelling worth of $412,300 as of the second quarter of 2024), giving Englewood a extra favorable share.

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

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

If you happen to crave 4 seasons and scenic mountain residing, 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 presents an amazing enchantment on your later years. In truth, the state even lists the town as a “Designated Retirement Group.” 

Charleston presents unbelievable healthcare entry, strong arts and tradition, and varied out of doors actions like mountain climbing and biking. Make a journey to Coonskin Park, positioned simply 10 miles from Downtown, to seek out some stunning nature sights.

Reasonably priced Housing

Charleston’s predominant perk for retirement planners is its reasonably priced price of residing. 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 lease worth of $900.

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

If you happen to crave an lively way of life throughout retirement, Valdosta, Georgia, is the place to be. It presents world-class golf programs, unbelievable mountain climbing spots, and a bustling downtown arts scene.

The inhabitants is round 55,000, with a median age of 29.2 (primarily as a consequence 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 total. 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 share, which is useful for these with the next revenue stage in retirement. 

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

5. North Myrtle Seashore, S.C.: A Enjoyable Seashore Spot

Who doesn’t need entry to a soothing seaside 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 seaside 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 in case you suppose you’ll have below-average revenue in retirement. Relating to state and native tax burden, South Carolina ranks eleventh within the nation at an 8.9% charge.

Cheap Property Taxes

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

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

If small-city residing is looking your identify, Hickory, North Carolina, could possibly be your retirement dream. Lake Hickory is ideal for boating fanatics, and quite a few parks, trails, eating places, and purchasing facilities populate round this sizzling spot. 

We expect the price of residing is a predominant draw right here, because the median month-to-month housing prices are $960, 17% decrease than the South’s total 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 record.

Moreover, Hickory’s median lease was $1,295, that means roughly 26.7% of month-to-month revenue would go in the direction of lease (a positive share). North Carolina additionally has a flat particular person revenue tax charge of 4.50%, which makes it extra enticing 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 presents good walkability, historic buildings, and plentiful downtown purchasing. For many who need shut proximity to the good outside, 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 best for retirees with pensions.

One word 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 Life-style

Vero Seashore, Florida, is a good 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 sizzling 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 lease worth of $3,000—loads of leases can be found within the $1,000s vary. Property taxes aren’t unhealthy both, with Indian River County residents paying 0.78%.

That mentioned, a predominant draw to Florida facilities round its taxes. There are not any particular person revenue taxes (retirement plan revenue included), and the typical mixed state and native gross sales tax charge of 9.1% ranks eighth finest within the nation.

9. Fredericksburg, Tex.: Wine Nation Getaway

If you happen to’re a wine connoisseur, Fredericksburg is looking your identify. This small city in Texas has a inhabitants of just 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 Therapy

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

Like Florida and Tennessee, Texas doesn’t impose a person revenue tax. Moreover, the state’s state and native tax burden charge 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 virtually 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 properties that line the seaside, and there are properties on the market within the low $300,000s.

The median family revenue is among the highest on our record at $90,402. That is effectively above the nationwide median of $74,580.

Extra Tax Financial savings

A significant benefit of retiring in Alabama is the dearth of state taxes on Social Safety advantages. Moreover, the state contains 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 charge of 9.29%, rating thirteenth within the nation.

The Backside Line

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

As Individuals dwell longer and more healthy lives, making certain an reasonably priced retirement is extra vital than ever. It is vital to consider how the place you select to settle will influence your funds and total high quality of life.

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

Methodology

The locations chosen for the ultimate record have 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 Group Survey (5-year) for every place within the South. Locations for which estimates included giant margins of error have been faraway from the preliminary record. 

The ultimate record of locations was chosen by Investopedia employees 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 neighborhood assets; and
3. Particular person reporting on proximity to parks or coastlines, current modifications locally, and former reporting by Southern Residing highlighting one of the best locations to retire.