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The Cost of Retirement in America’s Top 5 Southern States

The South offers stunning coastlines, waterfronts, and cultural activities, making it an attractive choice for retirees seeking a warm and welcoming retirement destination.

By Newsd
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The Cost of Retirement in America's Top 5 Southern States
Source: Investopedia

The Cost of Retirement in America’s Top 5 Southern States: Retirement relocation to the South would be a terrible idea due to its attractiveness and hospitality. Southern states offer retirees beautiful coasts and waterfronts and cultural activities that would delight even the most seasoned art or history buff.

In a survey conducted by GOBankingRates, individuals expressed their preference for residing in the following Southern states: Florida, Georgia, Texas, North Carolina, and South Carolina, in that order. By delving deeper, we examined the potential financial circumstances that retirees in these states might encounter.

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Florida

Sunshine State is a well-known retirement haven, and for good reason: its pleasant climate, stunning coastlines, and thriving cultural scene. If you are contemplating relocating to tropical Florida, consider the following details regarding housing costs and prices.

  • Median household income is $67,917.
  • Value of the average home: $405,396
  • The average mortgage cost is $2,398.
  • Average Cost of Expenditures: $1,970
  • Monthly Living Expenses in Total: $4,368

Georgia

Georgia offers much to the delight of architecture and history enthusiasts, particularly the Savannah Historic District. Enthusiasts of the outdoors will be captivated by the Okefenokee Swamp and Rock City, whereas gourmets can tantalize their palates with freshly harvested Georgia peaches and relish Georgia peanuts.

  • Median household income is $71,355.
  • Value of the average home: $319,427
  • The average mortgage cost is $1,890.
  • Average Cost of Expenditures: $1,903
  • Monthly Living Expenses in Total: $3,792

North Carolina

Some of the most recognizable natural landscapes in the nation can be found in the Tar Heel State, such as the Great Smoky Mountains. However, retirees have much more to discover, such as the Wright Brothers National Memorial and the renowned Biltmore Estate & Gardens.

  • Median household income is $66,186
  • Value of the average home: $319,721
  • The average mortgage cost is $1,891.
  • Average cost of expenditures: $1,966
  • Monthly Living Expenses in Total: $3,857

South Carolina

South Carolina’s Myrtle Beach and Hilton Head provide retirees with the opportunity to experience their preferred vacation destination throughout the entire year. Gourmands may also be interested in establishing a residence in the location where the renowned Southern beverage, sweet tea, was initially conceived.

  • The median household income is $63,623.
  • Value of the average home: $285,275
  • The average mortgage cost is $1,688.
  • Average cost of expenditures: $1,946
  • Monthly Living Expenses in Total: $3,633

Texas

Consider relocating to Texas if you intend to devote the majority of your retirement years to attending rodeos and state festivals. One may discover an ideal residence for their golden years in Texas, whether it be to revisit The Alamo for a second tour or to brag to family and friends about residing in the same state where astronauts train.

  • Median household income is $73,035
  • Value of the average home: $297,525
  • Average cost of a mortgage: $1,760
  • Average cost of expenditures: $1,920
  • Monthly Living Expenses in Total: $3,680

In this study, GOBankingRates assessed the top five southern states for living. According to responses, North Carolina, South Carolina, Florida, Georgia, Texas, and Georgia are best. The median household income, population, and households were from the American Community Survey (ACS). The MOERIC obtained cost-of-living indices. Average expenditure costs for each state can be calculated from the Bureau of Labor Statistics Consumer Expenditure Survey.

The Federal Reserve Economic Research supplies the national 30-year fixed rate mortgage, which represents the average house value (Zillow house Value Index). Add the average mortgage and expenditure costs for each state to get the average cost of living. We ranked states by cost. All data is current as of April 16, 2024.

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