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, .