This article takes a look at 15 affordable hidden gem Southern cities to retire in.
Considering the Retirement Years Breakdown
For most adults, the forty-hour work week is what consumes the majority of their day. Add the time taken to commute, eat their meals, sleep, and work out, and little time is left over for leisure, family, and friends. What happens then when retirement rolls around and the forty-hour work week disappears, as does the commute attached to it? How does an individual with forty to fifty extra hours per week spend their time?
According to the American Time Use Survey, the majority of a retiree’s time is spent either in sleep and personal care or leisure – about ten and seven hours per day, respectively. With so many hours spent on leisure, the quality of the activities that fill this period is of the essence. While gardening, learning to play an instrument, exercising, and cooking are all fun and cheap things to do in retirement, retirees sometimes want to break out of the vicinity of their own homes. As such, the place of retirement becomes a major contributing factor, pouring into how fulfilling an individual’s retirement period is.
While America’s retired population is no stranger to earning a little extra income – you’ll find a host of senior citizens selling their belongings on eBay Inc. (NASDAQ:EBAY) and Amazon.com, Inc. (NASDAQ:AMZN) or running small home businesses – there’s only so much an eBay Inc. (NASDAQ:EBAY) and Amazon.com, Inc. (NASDAQ:AMZN) income can go. In reality, many senior citizens are relegated to a life spent on Social Security checks. These numbers, of course, are not favorable. In 2024, the average retiree will receive a meager $1,907 per month according to the Social Security Administration. Take out rent, utilities, groceries, and healthcare, and not a whole lot is left.
That’s two factors to consider when deciding on where to retire – affordability and the quality of life that the area provides. This brings American retirees to a choice – retire abroad or within the States. A retirement abroad boasts its own benefits – the cost of living is often lower due to currency values, senior citizens get to explore new cultures, and the weather can often be more favorable. Those who do decide to embark on an overseas retirement often search for the most affordable places to retire in the world.
Of course, not every retiree will want to leave the States. Some have family and friends that they want to stay close to, some have health issues that prevent them from traveling long distances, and others still will not jump for joy at the thought of moving to a completely new country with new languages, cuisines, and cultures. For these, the main question remains – where to retire in America?
With how vast America is, thinning down your options becomes a task in itself. The South of America, however, is a considerable option. Many Southern cities boast lower costs of living, favorable climates, and of course, delectable Southern delicacies. Zillow Group, Inc. (NASDAQ:Z) states that the average US one-bedroom rental sits at $1,599, a figure that is lower in many Southern states. For instance, Delaware’s figure is $1,425, North Carolina’s is $1,200, and West Virginia’s is $750.
Similarly, Redfin Corporation (NASDAQ:RDFN) quotes the average US house to be priced at $412,219. This number is considerably higher than Georgia’s median of $361,800, Kentucky’s $250,400, and Arkansas’ $240,900. For retirees who may be surviving on Social Security checks – a mere $1,907 a month in 2024 according to the Social Security Administration – or an otherwise limited budget, the South’s price-friendly accommodation acts as a strong pull factor.
To facilitate present and future retirees in contemplating a retirement move to the South, we have compiled the following list of 15 affordable hidden gem Southern cities to retire in.
Pixabay/Public domain
Methodology
To compile this list of 15 affordable hidden gem Southern cities to retire in, we consulted several sources including our list of 20 Best Kept Secret Places to Retire in USA, as well as external sources like Southern Living, U.S. News & World Report, Finance Buzz, and The Travel. The United States Census Bureau defines the following states as Southern: Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West Virginia, Alabama, Kentucky, Mississippi, Tennessee, Arkansas, Louisiana, Oklahoma, and Texas.
Once a list of places was compiled using these sources, we then ranked them across multiple factors, namely, their average figure for a one-bedroom rental, their average monthly grocery bill for a single person, their livability scores, and their median house price. For this article, rental prices were taken from Zillow Group, Inc. (NASDAQ:Z) and Zumper, grocery figures were taken from the Economic Policy Institute, livability scores were taken from Area Vibes, and median house prices were taken from Redfin Corporation (NASDAQ:RDFN). Once these rankings were assigned, places that did not have one-bedroom rental listings were removed. A cumulative score was then assigned to each city, with the 15 highest-scoring cities making our list of 15 affordable hidden gem Southern cities to retire in.
For cities that gained an equal score, their rent figures were used as a tie-breaker. The resulting list is presented in ascending order, with the highest-ranked place being presented last.
It is important to remember that personal preference plays a big part. The best course of action is to visit the place you plan to move to, converse with locals, take advice from a financial consultant, and only then make your final decision.
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 15 affordable hidden gem Southern cities to retire in:
15. Greer, South Carolina
Insider Monkey Score: 73.5
Average One-bedroom Rental: $1,305
Average Monthly Groceries for One: $340
Livability Score: 81
Median House Price: $300,000
Kicking off our list of affordable hidden gem Southern cities to retire in is the dual-county city of Greer. Located in the counties of Spartanburg and Greenville, Greer residents can take advantage of the city’s lower-than-average median house price – a leg up for retirees who wish to be homeowners.
14. San Marcos, Texas
Insider Monkey Score: 73.5
Average One-bedroom Rental: $1,217
Average Monthly Groceries for One: $324
Livability Score: 78
Median House Price: $317,000
Our first – but not last – Texas pick is San Marcos. Set between Austin and San Antonio, San Marcos is often overlooked as a retirement option. However, the city has much to offer. From a relatively low cost of living to its ideal position, retirees have a range of activity outlets to busy themselves with – including the Rio Vista Park and the San Marcos Premium Outlets.
13. Jacksonville, Florida
Insider Monkey Score: 74.5
Average One-bedroom Rental: $1,226
Average Monthly Groceries for One: $372
Livability Score: 84
Median House Price: $315,000
No retirement list can be complete without a Florida pick. Hailed as one of the best places to retire in Florida, Jacksonville also makes it onto our list of affordable hidden gem Southern cities to retire in. While the likes of Orlando might get all the Florida retirement attention, Jacksonville boasts a homely Southern feel complete with beaches and plenty of sunshine – a great pick that might otherwise slip unnoticed.
12. Huntsville, Alabama
Insider Monkey Score: 77.5
Average One-bedroom Rental: $942
Average Monthly Groceries for One: $357
Livability Score: 83
Median House Price: $320,000
Huntsville is the most populated city in the state of Alabama – a fact that may be off-putting for retirees who want to escape big city life. However, a second look proves that Huntsville may be the ideal retirement spot. Financially, the city offers a low cost of living – retirees surviving on Social Security may want to take notes – along with a low median house price. On the leisure side, the city offers a range of indoor and outdoor activities with something for every retiree’s taste.
11. Laredo, Texas
Insider Monkey Score: 79.5
Average One-bedroom Rental: $1,100
Average Monthly Groceries for One: $294
Livability Score: 73
Median House Price: $233,995
Laredo’s selling point is its median house price. Priced at $233,995, this Texas city is a financial dream come true for retirees who yearn to purchase their forever home during retirement. Of course, the city is not without amenities such as the Lake Casa Blanca International State Park and the Mall del Norte.
10. Metairie, Louisiana
Insider Monkey Score: 82
Average One-bedroom Rental: $1,100
Average Monthly Groceries for One: $365
Livability Score: 85
Median House Price: $299,500
The tenth spot on our list of affordable hidden gem Southern cities to retire in goes to our first and only Louisiana pick – the city of Metairie. With monthly rent and groceries coming out below the $1,500 mark, Metairie retirees can afford to live a financially sound yet fulfilling retirement. The city’s best spots include the Lafreniere Park and the Lakeside Shopping Center.
9. College Station, Texas
Insider Monkey Score: 83.5
Average One-bedroom Rental: $950
Average Monthly Groceries for One: $306
Livability Score: 82
Median House Price: $336,000
Jumping back on the Texas train brings us to the city of College Station. Staying true to its name, College Station is home to Texas A&M University’s main campus. While often overlooked as a retirement option, the city offers senior citizens a mix of favorable living conditions. The cost of living is low, income from retirement accounts and Social Security is not taxed, and both outdoor and indoor leisure activities are present.
8. McAllen, Texas
Insider Monkey Score: 85.5
Average One-bedroom Rental: $750
Average Monthly Groceries for One: $287
Livability Score: 75
Median House Price: $285,000
With one of the lowest rental figures in our selection, McAllen earns a spot on our list of affordable hidden gem Southern cities to retire in. Already a hub for visitors due to its shopping districts, retirees can also consider McAllen for their retirement. Here, senior citizens can also enjoy favorable weather along with a range of sightseeing attractions.
7. San Antonio, Texas
Insider Monkey Score: 86
Average One-bedroom Rental: $1,025
Average Monthly Groceries for One: $301
Livability Score: 80
Median House Price: $265,000
One of the best places to retire in the South is San Antonio in Texas – and its affordability and separation from run-of-the-mill retirement spots are among the top reasons why. A welcome haven for retirees who are living off of Social Security checks, San Antonio offers much more than just financial stability – the famous San Antonio River Walk, the Japanese Tea Gardens, and the San Antonio Museum of Art, to illustrate a few.
6. Brownsville, Texas
Insider Monkey Score: 88.5
Average One-bedroom Rental: $950
Average Monthly Groceries for One: $288
Livability Score: 79
Median House Price: $239,900
With a high livability score of 79 and a low rental figure of $950, it’s not difficult to see why Brownsville landed a spot on our list of affordable hidden gem Southern cities to retire in. Located in Cameron County in Southern Texas, the city is home to the Gladys Porter Zoo and the Stillman House Museum.
5. Norman, Oklahoma
Insider Monkey Score: 89
Average One-bedroom Rental: $795
Average Monthly Groceries for One: $346
Livability Score: 83
Median House Price: $260,000
Taking a short break from Texas cities is our first Oklahoma pick – Norman. While typically not a go-to spot for retirement moves, Norman holds all that senior citizens could require in their Golden Years. To start off, the city offers affordable living with rent and groceries amounting to the $1,200 mark. House prices are also among the lowest on our list – a win for retirees on the search for a forever home. On the leisure side, Norman is home to the Fred Jones Jr. Museum of Art and the Sam Noble Oklahoma Museum of Natural History, among other attractions.
4. El Paso, Texas
Insider Monkey Score: 90
Average One-bedroom Rental: $888
Average Monthly Groceries for One: $308
Livability Score: 81
Median House Price: $244,500
The last Texas pick on our list is the city of El Paso. Located in El Paso County, the city experiences a year-long dry and sunny climate – making it the perfect place for senior citizens who want to spend their days exploring the great outdoors. That’s not to say that retirees can’t find a good selection of indoor activities as well – El Paso’s most famous attractions include the Plaza Theater, the El Paso Museum of Art, and the Cielo Vista shopping mall.
3. Florence, Alabama
Insider Monkey Score: 93
Average One-bedroom Rental: $695
Average Monthly Groceries for One: $344
Livability Score: 82
Median House Price: $190,000
Perhaps the most affordable city on our list, Florence boasts the lowest figures for both one-bedroom rentals and real estate. Whether you’re a retiree living off of Social Security checks or simply looking to spend the minimum on necessities and splurge elsewhere, Florence has the potential to fit in perfectly with your financial goals. Residents can visit the Frank Lloyd Wright – Rosenbaum House Museum, enjoy a round of bowling at the Lauderdale Lanes, and catch a – rather delicious – bite at Ricatoni’s Italian Grill.
2. Morgantown, West Virginia
Insider Monkey Score: 94.5
Average One-bedroom Rental: $750
Average Monthly Groceries for One: $333
Livability Score: 83
Median House Price: $232,500
Rounding in our top two pick is the city of Morgantown. A college town that is home to West Virginia University, the city enjoys the campus’ sculpture museum and art garden. Residents can catch a game at the Mountaineer Field at Milan Puskar Stadium, watch a performance at the Metropolitan Theater, and sip on their favorite beverage at the Blue Moose Coffeehouse.
1. Lexington, Kentucky
Insider Monkey Score: 95
Average One-bedroom Rental: $900
Average Monthly Groceries for One: $329
Livability Score: 87
Median House Price: $302,000
The number one spot on our list of affordable hidden gem Southern cities to retire in goes to none other than Lexington in Kentucky. Parks, eateries, museums – this Kentucky city has it all. Best known for its horse farms, residents can visit the Kentucky Horse Park to meet their favorite animal friends. The cherry on top, of course, is the low cost of living that many retirees search for.
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Disclosure: none. 15 Affordable Hidden Gem Southern Cities to Retire In is originally published on Insider Monkey.
