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You may know friends or family who have moved to places like Mexico, Portugal or Costa Rica to live a more frugal life while pursuing their dream retirement. However, if you are looking to live in the US for your retirement, there are plenty of affordable options available with a similar tropical climate.
recently, US News & World Report To find out which cities are the best for retirement, we compared the top 150 US cities. Taking those that scored highly, GOBankingRates further narrowed down the list by looking for cities that not only had affordable housing, but also beautiful and warm climates. For those interested in cheap living and sunshine that compete with popular areas abroad, here are the top five US cities for retirees.
1. Virginia Beach, Virginia
- Average home price: $376,063
- Average monthly rent: $1,406
Although it may not technically be a tropical location, it does offer some beautiful weather and coastal landscapes. Creating a community in retirement is important, and Virginia Beach has a total population of 456,053, of which 17% are retirees and seniors over the age of 65.
2. Jacksonville, Florida
- Average home price: $302,616
- Average monthly rent: $1,241
Jacksonville may not be the first Florida city you think of when it comes to living out your golden years. Still, it’s a popular destination for retirees due to its affordability and warm weather, not to mention its easy access to excellent health care and outdoor activities.
3. Huntsville, Alabama
- Average home price: $302,276
- Average monthly rent: $883
Although an often underrated gem when it comes to retirement destinations, Huntsville can offer a high quality of life without the hefty price tags of other big cities. If you’re looking for the right place for you to retire, but don’t want to commit to a large real estate investment just yet, you can find plenty of options where your monthly rent will be under $1,000.
4. Charlotte, North Carolina
- Average home price: $397,862
- Average monthly rent: $1,339
About 11% of Charlotte’s population of 920,072 is over the age of 65, so you’ll already have a built-in retirement community that moved there for the low cost of living and warm weather. It offers a mix of urban amenities and small-town living with options for active adults and those seeking a more relaxed pace. The city’s tax-friendly policies, particularly the exemption of Social Security benefits from state income taxes, also make it attractive to retirees.
5. Pensacola, Florida
- Average home price: $296,312
- Average monthly rent: $1,013
Joining the list of cheap places to live that are similar to Mexico or Costa Rica in terms of affordable housing and warm climate, Pensacola is the Floridian recipe for retiring in style, with an added pinch of fiscal responsibility. It is often ranked high on lists of retirement destinations and cheap places to live due to its beautiful beaches, relaxing atmosphere and affordable cost of living.
Chris Adam contributed reporting to this article.