Considering retiring in the Southern states? You’re not alone. The warm climate, lower cost of living, and tax benefits make the South an attractive option for many retirees. In fact, recent data from American Moving Services revealed that more Americans are choosing to move to the South than any other region in the U.S.
If you’re still deciding on a retirement destination, one crucial factor to consider is the cost of living. In collaboration with Southern Living, we delved into Census data and Bureau of Labor Statistics reports to evaluate the retirement affordability in 41 Southern towns and cities.
Among our analysis of 41 cities, Chattanooga, TN, Huntsville, AL, and Ocean Springs, MS stood out as top picks for retirement affordability. Let’s delve deeper into why these cities made our list.
Chattanooga, TN: Best All Around
Chattanooga, Tennessee, emerged as the ultimate choice for retirement, boasting metrics in line with the national average across the board. Notably, Chattanooga’s thriving job market offers opportunities for those considering reentering the workforce, with a focus on the hydroelectric power generation industry near Chickamauga Dam.
Moreover, Chattanooga provides ample healthcare options, a vibrant food scene, and affordable housing options with a median rent of $1,179 and a median home sale price of $285,000.
Huntsville, AL: Best for Affordability
For those prioritizing affordability, Huntsville, Alabama, is a prime choice. Offering a harmonious blend of low living costs, decent median incomes, and affordable housing with a median home sale price of $297,200, Huntsville ensures a financially viable retirement option.
Additionally, with a low unemployment rate of 2.1% and the second lowest property taxes in the U.S., Huntsville provides a stable and cost-effective retirement environment.
Ocean Springs, MS: Best for Homebuying
Ocean Springs, Mississippi, shines as an affordable homebuying destination, with a median home sale price of $254,400 compared to the national average. Residents also benefit from favorable taxes on retirement income, including pensions, making Ocean Springs a financially wise choice for retirees.
For in-depth insights on the Best Places to Retire, be sure to explore Southern Living’s comprehensive report.
What Are the Best Foreign Countries for U.S. Retirees?
If you’re considering retiring abroad, destinations like Costa Rica, Mexico, Panama, Colombia, Portugal, and Ecuador offer lower living costs, favorable climates, and enticing benefits for U.S. retirees.
Which Are the Best States for U.S. Retirees?
For retirees in search of affordability, quality of life, and excellent healthcare, top choices include Florida, Colorado, Delaware, Virginia, and North Dakota.
Which Are the Worst States for U.S. Retirees?
If high living costs, high taxes, and limited tax breaks are concerns, states like New York, Connecticut, California, New Jersey, Vermont, and Maine present challenges for retirees without substantial resources.
The Bottom Line
When planning your retirement relocation, consider factors such as proximity to family, climate, preferences, and most importantly, cost of living. Making an informed decision can significantly impact your retirement savings and lifestyle.
If heading South for retirement appeals to you, Chattanooga, Huntsville, and Ocean Springs offer compelling options for a fulfilling retirement lifestyle.
For a more comprehensive retirement planning guide, get your hands on the print edition of Investopedia’s Retirement Guide.