Southern cities are an attractive place to for their warm climates, Southern hospitality and attractions and amenities rooted in natural beauty and historical significance. However, many retirees are also drawn to the South because it’s easier to find a city that’s affordable on a fixed income. As of January 2024, the average monthly Social Security payment is $1,866 for a single person aged 65 or up, according to the Social Security Administration.
That’s less than the cost of the average one-bedroom apartment in the U.S. as of March 2024, according to Rent.
com, which is around $1,987. Housing isn’t the only expense you need to think about, though it often takes a significant bite out of one’s monthly budget. Once you have your living situation dialed in, it can be easier to budget for your other monthly expenses.
In addition to affordability, it’s also important to choose a Southern town with a sizable population aged 65 and older, both for social reasons and to know that you live in a town that supports its older residents. : $2,966 : 14.2% : 85 In Covington, population 40,923, the livability is a solid 85.
The median household income is $53,770. Overall monthly expenditures barely squeak in under $3,000. Earning passive income doesn't need to be difficult.
: $2,326 : 24.6% : 79 Robstown’s median household income is on the low side, around $35,491. Fortunately, monthly expenditures are only $2,326, and it has the lowest average monthly mortgage on this list, at $545 per month.
: $2,509 : 23.7% : 78 In Cumberland, which has a decently sized population of adults aged 65 and older, the median household income is $45,915. : $2,305 : 16.
1% : 76 Pampa is one of six Texas towns on this list. It has the second lowest average monthly mortgage payment, at $550 per month, and a median household income of almost $53,000. : $2,838 : 12.
3% : 79 Brownsville is a big city, with nearly 187,000 people. For such a big town it has a solid livability score of 79. : $2,666 : 17.
3% : 82 In Clarksburg, not only do you have monthly expenditures under $2,700 per month, you get a high livability score and a low monthly mortgage of $665. : $2,621 : 21.1% : 77 Danville’s median household income of barely $42,000 may not be very high, but overall expenditures are low, especially your monthly mortgage, at around $867 per month.
: $2,804 : 11.7% : 78 Dumas, Texas, population 14,404, boasts a higher median household income, of $65,379. The average value of a home is around $175,000.
: $2,826 : 22.5% : 76 There are more adults over the age of 65 in Glasgow than in many cities on this list, at 22.5% of the population.
The median household income is around $44,000. : $2,834 : 20.1% : 76 In Campbellsville, the average home value is around $190,000, and the average monthly mortgage payment is close to half of your monthly expenses, at $1,139 per month.
: $2,978 : 12.8% : 78 In Hattiesburg, retirees squeak by with expenses just under $3,000, with $,1227 going monthly to mortgage payments. : $2,747 : 18.
1% : 81 Huntington retirees take in a small median household income of not quite $40,000, though the livability score is a high 81. : $2,812 : 12.0% : 74 Russellville, which has a population of nearly 29,000 people, has a moderate livability score of 74.
The median household income here is not quite $44,000. : $2,807 : 17.6% : 76 In Port Lavaca, retirees have an average home value of nearly $179,000 and pay a monthly mortgage of around $1,068.
: $2,938 : 20.1% : 82 Charleston has a lot going for retirees. With a population of adults over the age of 65, a high livability score, and a higher median household income of nearly $59,000 per year, it’s a great place to retire.
: $2,300 : 15.6% : 72 In Borger, the average home value is not even $100,000, but the monthly mortgage payment is also low, at around $556 per month. : $2,919 : 14.
8% : 77 The big city of Baltimore, with nearly 585,000 residents, has a strong livability score of 77. Here, the median household income is almost $59,000 per year. : $2,648 : 16.
7% : 73 In North Little Rock, of the $2,648 retirees pay each month in expenditures, $940 for a mortgage payment. This article originally appeared on :.
