If you're like most people facing retirement, you're working with a limited budget. Even so, that doesn't mean you have to settle for living out your golden years in a less-than-desirable locale just to make ends meet.

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Retirement should be about enjoying your life with minimal stress and spending some time in an environment you find pleasing. To do that on a budget though, you'll need to choose a retirement destination that's not only affordable but also features a hospitable climate. To assist you in your relocation plans, GOBankingRates looked at hundreds of U.S. cities to find the cheapest places to retire that feature favorable weather.

More often than not, retirees will find the most affordable and sunniest retirement destinations in the southernmost state of the continental U.S. -- Florida. In fact, one third of the 15 U.S. cities on this list are in Florida.

To rank in the study, each city had to meet the following requirements: More than 25% of the population had to be age 65 or older, the median home listing price must have ranked below the national average of $344,141 and the average annual temperature needed to fall in the moderate range. Check out these beautiful places to retire that won't stretch your bank account.

Sebring, Florida

• Median home value: $215,686

• Average temperature (Fahrenheit): 74

• Total population: 10,454

• Percentage of population 65 and older: 25.8%

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Mountain Home, Arkansas

• Median home value: $178,079

• Average temperature (Fahrenheit): 69

• Total population: 12,463

• Percentage of population 65 and older: 29%

Tarboro, North Carolina

• Median home value: $111,114

• Average temperature (Fahrenheit): 60.8

• Total population: 10,806

• Percentage of population 65 and older: 27.6%

Zephyrhills, Florida

• Median home value: $244,653

• Average temperature (Fahrenheit): 72

• Total population: 16,062

• Percentage of population 65 and older: 35.7%

Hot Springs Village, Arkansas

• Median home value: $272,342

• Average temperature (Fahrenheit): 73

• Total population: 15,562

• Percentage of population 65 and older: 62.8%

Winter Haven, Florida

• Median home value: $276,740

• Average temperature (Fahrenheit): 73.2

• Total population: 42,933

• Percentage of population 65 and older: 25.5%

Leesburg, Florida

• Median home value: $278,534

• Average temperature (Fahrenheit): 72.2

• Total population: 23,142

• Percentage of population 65 and older: 25.5%

Bullhead City, Arizona

• Median home value: $310,565

• Average temperature (Fahrenheit): 74.7

• Total population: 40,808

• Percentage of population 65 and older: 31%