This article takes a look at the 12 worst cities in the Southeast for retirees. If you wish to skip our detailed analysis on navigating retirement living in the US, you may go to 5 Worst Cities in the Southeast for Retirees. 

Retirement: What to do After Shutting the Office Door

In general, Americans start working at a young age. According to the Organisation for Economic Co-operation and Development, over 50% of US citizens aged 15 to 24 are engaged in some form of paid work, whereas Gallup’s recent survey pits the average US retirement age at 61. Looking at these figures, Americans are spending upwards of four decades of their life committed to the office, so by the time retirement rolls around, the wait has been long.

As such, for many Americans making retirement a peaceful and pleasant experience for themselves is an active effort. Now living on a fixed income, retirees often make conscious lifestyle changes, including shopping at retail stores that offer senior citizen discounts – such as Kohl’s Corp (NYSE:KSS) – to opting for financial institutions that support retirees. 

“Many retirees are on a fixed income, so it’s crucial to find accounts that don’t eat into their savings with high monthly fees. Some banks offer accounts with no monthly fees or easy ways to waive them, such as maintaining a minimum balance or direct deposit of Social Security or pension checks.”

-Taylor Kovar, CFP, CEO and Founder of Kovar Wealth Management

Amongst the financial institutions that support retirees, JPMorgan Chase & Co (NYSE:JPM) and Regions Financial Corp (NYSE:RF) are some of the best banking options available. With over 4,500 locations in the States, JPMorgan Chase & Co (NYSE:JPM) supports retirees through a range of financial services, including banking, investment options, financial planning, and wealth management. Moreover, Regions Financial Corp (NYSE:RF) offers cashback rewards and discount on loans, amongst other services.

While some retirees content themselves with lifestyle adjustments such as those discussed above, a significant number of Americans opt for more profound changes in their post-retirement phase. Each year, we see thousands of retirees uproot their lives as they know it and move not only states but also international borders, all in an attempt to find the best places to retire around the world. For those who do stay within the US, the Southeast has long been a popular option. Bloomberg reported a massive retirement migration to the area with as many as 2.2 million people moving Southeast over a two year period. Other publications, such as Gannett Co. Inc. (NYSE:GCI) owned USA Today and The Washington Post shared similar pieces, illustrating an American move to the Southeast. 

However, what the likes of Gannett Co. Inc. (NYSE:GCI) and other publications did not highlight was that underneath the appeal of Southeastern living lay a territory that may prove undesirable to many – particularly retirees. Many cities in the Southeast present their residents with typical problems – higher cost of living, expensive housing, and poor healthcare, to name a few. For the average American retiree who cannot afford to pick up and move over and over again, keeping these markers in mind is of the essence. As we delve into the considerations of retirement, it’s crucial to explore the specific challenges faced by retirees in certain regions. In this context, we turn our attention to the Southeast, where despite its popularity, there are cities presenting distinct drawbacks for those seeking an ideal retirement location.

To facilitate present and potential retirees in navigating the Southeastern move, we have compiled a list of the 12 worst cities in the southeast for retirees. 

Methodology

To compile this list of the 12 worst cities in the Southeast for retirees, we consulted several sources including our list of 20 Worst Places to Retire in the US, FinanceBuzz, WalletHub, GOBankingRates, and Consumer Affairs. As the list of Southeastern states is often disputed, for the purpose of this article we took the definition of the American Association of Geographers. They define the following states as Southeastern: Alabama, Florida, Georgia, Kentucky, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. 

Once a list of Southeastern cities was compiled using these sources and this definition, they were then assigned scores.  These cities were ranked across four main factors, namely, the cost of living, how tax-friendly they were, their median house price, and their health rank. For reference, cost of living data was taken from Best Places, Smart Asset lent tax-friendliness categorizations, and median house prices were taken from Realtor. As for health scores, those were taken from WalletHub. Equal weightage was assigned to each of these factors, and the cities were ranked, selecting the bottom twelve for our list. As for the lowest-scoring city, it earned the number one spot on our list of worst cities in the Southeast for retirees. The resulting list is presented in descending order, with the lowest ranked city presented last. For cities that earned an equal cumulative score, the cost of living index was used as a tie-breaker. 

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders. 

Here are the 12 worst cities in the Southeast for retirees:

12. Salisbury, North Carolina

Insider Monkey Score: 34

Cost of Living Index: 85.1

Tax-friendliness: Moderately tax-friendly

Median House Price: $299,900

Health Score: Below 25

Located in North Carolina’s Piedmont region, Salisbury takes the best spot on our list of worst cities in the Southeast for retirees. At first glance, Salisbury may seem like a good option for a retirement move – it boasts a low cost of living and a median house price that is more than $80,000 below the national average. However, poor health standards and tax policies are where the city finds its failing. The state applies taxes on IRAs, 401(k)s, and pensions, cutting down on the already small retirement budgets that many senior citizens have.

11. Nashville, Tennessee

Insider Monkey Score: 32

Cost of Living Index: 104.7

Tax-friendliness: Tax-friendly

Median House Price: $570,000

Health Score: 40.41

With a cost of living that is 4.7% higher than the national average and median house prices soaring at $570,000, it’s no surprise that Nashville is one of the worst cities to retire in. Other downsides include a humid climate and heavy traffic – factors that don’t go with the peaceful retirement experience that many older residents crave.

10. Fort Lauderdale, Florida

Insider Monkey Score: 32

Cost of Living Index: 110.5

Tax-friendliness: Very tax-friendly

Median House Price: $695,000

Health Score: 51.7

Fort Lauderdale in Florida makes it into the top 10 worst cities in the Southeast for retirees, and the numbers clearly show why. Median house prices almost touch the $700k figure, with the cost of living also being more than 10% higher than the national average. Another thing to consider when thinking about a Fort Lauderdale move is the crowds. A popular tourist destination, the city is known to get pretty busy, meaning that the beaches and other attractions aren’t as relaxing as one would want.

9. Miami, Florida

Insider Monkey Score: 30

Cost of Living Index: 118.9

Tax-friendliness: Very tax-friendly

Median House Price: $675,000

Health Score: 52.55

If you’ve ever asked yourself where not to retire in Florida, then Miami is high up on that list. Our second Florida pick keeps up with the state’s tradition – a high cost of living and an equally high median house price – numbers that don’t fit well with the often small retirement accounts that senior citizens survive on. Add hurricane season to the mix, and it’s not hard to see why retirees are leaving Florida.

8. Oak Ridge, Tennessee

Insider Monkey Score: 29

Cost of Living Index: 86

Tax-friendliness: Tax-friendly

Median House Price: $375,000

Health Score: Below 25

With friendly tax policies – Tennessee doesn’t tax retirement income and property taxes are also quite low, averaging at 0.65% – and a lower than average cost of living, it might be easy to get pulled in by Oak Ridge’s apparent retirement appeal. However, a closer look reveals an average healthcare system that may not be suitable for senior citizens with ailing health. Oak Ridge’s Methodist Medical Center received an average rating of 3 out of 5 by U.S. News and World Report in areas such as patient experience, cancer treatment, and surgical replacements.

7. Brandon, Mississippi

Insider Monkey Score: 29

Cost of Living Index: 88.5

Tax-friendliness: Very tax-friendly

Median House Price: $359,000

Health Score: Below 25

Even before turning to factors such as health standards, retirement in Brandon, Mississippi comes with another problem altogether – natural disasters. The city carries a tornado risk higher than 300% of the national average and also experiences flooding and hurricanes. This poses a real problem for vulnerable senior citizens, potentially causing them mental distress and robbing them of a peaceful retirement experience.

6. Myrtle Beach, South Carolina

Insider Monkey Score: 29

Cost of Living Index: 90.4

Tax-friendliness: Tax-friendly

Median House Price: $305,000

Health Score: Below 25

Our first South Carolina pick for the worst cities in the Southeast for retirees is Myrtle Beach. If a slow, peaceful retirement is what you’re looking for, then Myrtle Beach may not be the answer. A busy tourist spot, the city attracts a hoard of visitors which leads to heavy traffic, congestion, and crowds. So the beaches and golf courses that retirees may be attracted to can end up being not so pleasant. 

Click to continue reading and see the 5 Worst Cities in the Southeast for Retirees.

Suggested Articles:

• 18 Best Southern Cities to Retire on a Budget of $1,500 a Month
• 15 Best East Coast Cities to Retire on a Budget of $1,200 a Month
• 20 Best Small Towns in Florida to Retire

Disclosure: none. 12 Worst Cities in the Southeast for Retirees is originally published on Insider Monkey.