This article takes a look at 25 cheap and beautiful places to retire in the US. If you wish to skip our detailed analysis on the crossroads that surround retirement living in the US, you may go to 10 Cheap and Beautiful Places to Retire in the US.
Balancing Affordability and Aesthetics
In the U.S., retirement is seldom the end-of-the-road sanctuary that people imagine it to be. A recent study by SurveyMonkey reveals that 56% of Americans are not on the path to retiring with financial security. Higher healthcare bills add to this challenge, with monthly premiums for Medicare Part B enrollees raised by 6% just 30 days into 2024 by the Centers for Medicare & Medicaid Services (CMS). Additionally, an increase in mental illnesses, as cited in a study conducted by the Institute of Economic Affairs, indicates that individuals experience a 40% rise in self-diagnosed depression after they leave the workforce for good. Together, these factors paint retirement to be a tougher time than many had planned for it to be.
Combine these striking retirement-time issues with figures by The Charles Schwab Corporation on the amount Americans need for a comfortable retirement - a whopping $1.8 million - and the picture is even bleaker.
With such an unreadiness for retirement looming on the horizon, the question is why are people not delaying their retirement to later years? In fact, rather than delaying, the average American enters retirement fairly early at the age of 62 - an age at which Medicare has not been initiated and social security benefits have not been fully realized. The answer is simple - retirement is not always voluntary, particularly in the ever-changing landscape of the US. Following the trend of 2023, 2024 has seen an onslaught of tech layoffs with companies such as SAP SE (NYSE:SAP), eBay Inc. (NASDAQ:EBAY), PayPal Holdings, Inc. (NASDAQ:PYPL), Microsoft Corporation (NASDAQ:MSFT), and Google being impacted and close to 30,000 jobs being lost. And so, unemployment coupled with increasing health issues often fast-tracks the road to retirement for as many as 56% of Americans. And while renowned health professionals such as the Dean of the USC Davis School of Gerontology, Dr. Pinchas Cohen, and the Director of the Institute of Gerontology at the University of Georgia, Lisa Renzi-Hammond, disagree with this early retirement trend, the reality is very different.
“If retirement age is set based on the capabilities or competence of employees, there’s absolutely no reason to have a retirement age in the 60s.”
Faced with this unexpected period of retirement, many Americans turn to foreign lands as an escape, but many simply move states to cope, with one of the top-stated reasons being the search for the cheapest places across America where one can retire. Despite an overall rise in inflation - YCharts states that the US inflation rate is higher than the long-term average of 3.28% - some US states prove to be the best financial choice for retirees all while offering a pleasant mode of living with low crime rates and natural beauty.
These options include Kansas, Alabama, and Oklahoma, to name a few. And while it’s always advisable to save up for retirement, things don’t often go as planned, and with many cities within the US, you can live for as low as $2,000 a month. This, in turn, helps many retirees across the US get one step closer to a golden retirement period. Nevertheless, the decision of where to reside during these years should not be solely based on affordability. After all, who says a cost-effective location can't also be stunning as well? To help make the transition for retirees a little bit easier, we’ve compiled this list of 25 cheap and beautiful places to retire in the US.
25 Cheap and Beautiful Places to Retire in the US
Sean Pavone/Shutterstock.com
Methodology
To compile the list of 25 cheap and beautiful places to retire in the US, we have consulted several sources including our lists of 20 Best Places to Retire in the US, 30 Cheapest Places across America Where You Will Want to Retire, 25 Best US Cities Where You Can Retire on $2,000 a Month, and US News Real Estate, Conde Nast Traveler, and The Travel. We then ranked these places in terms of their cost of living, figures of which were taken from Best Places. We also awarded scores to the places on aspects such as natural landscapes, low levels of pollution, and livability, scores for which were taken from Area Vibes. Locations were evaluated with equal consideration given to both affordability and aesthetic appeal. The resulting compilation is presented in ascending order, ranging from the lowest to the highest scores.
It is important to remember that each place has its positives and negatives, and the best course of action is to visit the city you plan to move to, talk to locals, take advice from a financial consultant, and then make your final decision - remember, personal preference plays a big part.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are 25 cheap and beautiful places to retire in the US:
25. Roanoke, Virginia
Insider Monkey Score: 13
Cost of Living Index: 80.9
Livability Score: 75
Starting off the list of cheap and beautiful places to retire in the US is Roanoke, Virginia. Nestled in the picturesque Blue Ridge Mountains, Roanoke is the perfect mix of urban and rural living. It is located near the Blue Ridge Parkway where retirees can enjoy peaceful, scenic living with railroad heritage and outdoor activities in the delight of the mountainside.
24. Greenville, South Carolina
Insider Monkey Score: 14
Cost of Living Index: 91.3
Livability Score: 80
Nestled in the foothills of the Blue Ridge Mountains, Greenville boasts affordability - housing prices are 28% lower than the national average - with remarkable scenic attractions such as the Falls Park, the GHS Swamp Rabbit Trail, and the Paris Mountain State Park. And for all those animal lovers, there’s the Greenville Zoo.
23. San Antonio, Texas
Insider Monkey Score: 17
Cost of Living Index: 91.3
Livability Score: 81
If 18th-century history and relaxing walks by the riverside are your idea of a perfect retirement, then a one-way flight to San Antonio may be on the books. A pleasant mix of outdoor and indoor beauty, San Antonio offers an abundance of sunshine and fresh air through its trails in Friedrich Wilderness, Panther Springs, and more, and the peaceful San Antonio River Walk. End the day with a trip to The Alamo, a Spanish mission and fortress perfect for history enthusiasts!
22. Hickory, North Carolina
Insider Monkey Score: 21
Cost of Living Index: 89
Livability Score: 69
With housing costs 10% lower than the national average, Hickory is an ideal contender on our list of cheap and beautiful places to retire in the US. Placed in the foothills of the Blue Ridge Mountains, Hickory is home to farm-to-table eateries the beautiful Lake Hickory, and a thriving cultural community.
21. Athens, Georgia
Insider Monkey Score: 25
Cost of Living Index: 87.6
Livability Score: 78
A charming city nestled among the Blue Ridge Mountains, Athens serves as a true testament to warm Southern hospitality, making it an ideal place for retirees. With a moderate climate and a cost of living 5% below the national average, retirees can focus on the more pleasant things in life - such as Athens’ scenic beauty which they can explore best on its many biking trails, the State Botanical Garden, or the Sandy Creek Park and Nature Center.
20. Lakeland, Florida
Insider Monkey Score: 26
Cost of Living Index: 91.6
Livability Score: 76
A nature lover’s paradise, Lakeland is home to beautiful lakes such as Lake Mirror and Hollingsworth, providing the perfect backdrop for leisurely strolls, outdoor recreation, and picnics. Retirees can enjoy peace of mind with low living costs as they traverse through the Hollis Garden or hike the Circle B Bar Reserve.
19. Rochester, New York
Insider Monkey Score: 27
Cost of Living Index: 88.6
Livability Score: 75
Mild environment, low cost of living, sprawling lakes - Rochester has it all. Quite affordable compared to the high financial point of New York, Rochester offers a retirement sanctuary like no other. Rochester is perfect to pack your bags to this cheap and beautiful retirement destination.
18. Eureka Springs, Arkansas
Insider Monkey Score: 29
Cost of Living Index: 76.3
Livability Score: 63
An affordable Victorian town set in the Ozark Mountains, Eureka Springs is an unmissable spot for the outdoorsy. Spend your retirement years traversing through its many hiking trails, enjoying the Basin Spring, or catching a production at the country’s best outdoor drama, The Great Passion Play.
17. New Bern, North Carolina
Insider Monkey Score: 31
Cost of Living Index: 83.6
Livability Score: 67
A popular vacation spot famous for its natural charm, New Bern can also serve as a retirement city. A picturesque setting on the Neuse and Trent Rivers, it offers waterfront views, stunning beaches, and rich history.
16. Toledo, Ohio
Insider Monkey Score: 33
Cost of Living Index: 77.4
Livability Score: 66
At the heart of Toledo is its botanical garden and Oak Openings Nature Reserve, giving retirees plenty to keep themselves busy with. And the best part is that Toledo’s low cost of living paints it as an achievable target for retirement planning.
15. Greensboro, North Carolina
Insider Monkey Score: 35
Cost of Living Index: 84.2
Livability Score: 82
High among the list of cheap and beautiful places to retire in the US, Greensboro offers a high quality of life coupled with low cost of living - a win-win situation for many retirees. And to keep busy, Greensboro hosts a variety of lakes and parks, making it possible for retirees to enjoy their leisure time.
14. Des Moines, Iowa
Insider Monkey Score: 36
Cost of Living Index: 86.6
Livability Score: 81
With affordable rent, good healthcare, and a close-to-average crime rate, Des Moines in Iowa is a retirement hot spot. Home to a host of lakes, retirees can spend their time exploring, fishing, or simply observing nature - all of which add great value.
13. Biloxi, Mississippi
Insider Monkey Score: 38
Cost of Living Index: 82.6
Livability Score: 72
A hotspot for affordable coastal living along the Gulf of Mexico, Biloxi is home to America’s largest artificial beach and boasts a cost of living 17% below the national average. Live out your retirement days comfortably as you relax on the beachside, go boating, or walk through one of Biloxi’s many museums and fuel your love for knowledge!
12. Chattanooga, Tennessee
Insider Monkey Score: 39
Cost of Living Index: 89.7
Livability Score: 74
Among America’s most spectacular cities, Chattanooga is a perfect retirement spot. Nestled between the mountains of Southeast Tennessee, the city offers a host of natural wonders, including the scenic Tennessee River, Lookout Mountain, and the North Chick Blue Hole. Coupled with the city’s low cost of living, living out your retirement in Chattanooga may be the answer.
11. Sioux Falls, South Dakota
Insider Monkey Score: 40
Cost of Living Index: 90.7
Livability Score: 84
A populous city that falls below the national average for cost of living, Sioux Falls in South Dakota is home to a range of parks - including the famous Falls Park - the majestic Big Sioux River, and the Great Plains Zoo. Sioux Falls, recognized as a family-friendly city with a notable emphasis on cleanliness, earns its place as an ideally cheap and beautiful place to retire in the US.
