35 Best Southern Cities To Retire In If You Have $250K or Less Saved

If you’re looking to see the sunnier side of retirement then you might want to aim to move to more affordable Southern cities when the time comes to punch out for work one last time. If you thought the job market was competitive, you’re going to want to brace yourself for real estate bidding wars in your current city. However, once you retire you may want to focus on more small-town living than metropolitan dwellings and go where there is the lowest cost of living.

What you should have saved in retirement varies depending on what financial expert you ask, but if you have $250,000 or less stored in your bank account or retirement savings then retiring in the South may be your smartest money move. It turns out that Southern hospitality can extend past politeness and into monthly expenses and mortgages well below the national average. 

Retirement is a significant milestone in life, and choosing the right place to settle down can greatly impact the quality of your golden years. Though $250,000 may seem like a good chunk of change, depending on your expenses, this may not last as long as you need it to unless you explore some cities in the seemingly more affordable Southern states. These cities offer a blend of affordability, amenities, decent median home values and a relaxed lifestyle, making them ideal for budget-conscious retirees.

• Population Age 65 and Older: 1,361
• Median Home Value: $114,596
• Average Monthly Mortgage Cost: $698
• Total Annual Cost of Living: $29,220
• Total Annual Cost of Living After Social Security Benefits (Single Person): $6,846

• Population Age 65 and Older: 91
• Average Home Value: $102,223
• Average Monthly Mortgage Cost: $623
• Total Annual Cost of Living: $29,247
• Total Annual Cost of Living After Social Security Benefits (Single Person): $6,873

• Population Age 65 and Older: 754
• Average Home Value: $130,795
• Average Monthly Mortgage Cost: $797
• Total Annual Cost of Living: $29,450
• Total Annual Cost of Living After Social Security Benefits (Single Person): $7,076

• Population Age 65 and Older: 283
• Average Home Value: $139,860
• Average Monthly Mortgage Cost: $852
• Total Annual Cost of Living: $29,885
• Total Annual Cost of Living After Social Security Benefits (Single Person): $7,510

• Population Age 65 and Older: 750
• Average Home Value: $136,744
• Average Monthly Mortgage Cost: $833
• Total Annual Cost of Living: $29,947
• Total Annual Cost of Living After Social Security Benefits (Single Person): $7,573

• Population Age 65 and Older: 85
• Average Home Value: $96,347
• Average Monthly Mortgage Cost: $587
• Total Annual Cost of Living: $29,982
• Total Annual Cost of Living After Social Security Benefits (Single Person): $7,607

• Population Age 65 and Older: 124
• Average Home Value: $109,379
• Average Monthly Mortgage Cost: $666
• Total Annual Cost of Living: $29,995
• Total Annual Cost of Living After Social Security Benefits (Single Person): $7,620

• Population Age 65 and Older: 260
• Average Home Value: $145,274
• Average Monthly Mortgage Cost: $885
• Total Annual Cost of Living: $30,548
• Total Annual Cost of Living After Social Security Benefits (Single Person): $8,173

• Population Age 65 and Older: 169
• Average Home Value: $106,596
• Average Monthly Mortgage Cost: $649
• Total Annual Cost of Living: $30,667
• Total Annual Cost of Living After Social Security Benefits (Single Person): $8,293

• Population Age 65 and Older: 597
• Average Home Value: $115,622
• Average Monthly Mortgage Cost: $704
• Total Annual Cost of Living: $31,299
• Total Annual Cost of Living After Social Security Benefits (Single Person): $8,925

• Population Age 65 and Older: 104
• Average Home Value: $145,536
• Average Monthly Mortgage Cost: $886
• Total Annual Cost of Living: $31,422
• Total Annual Cost of Living After Social Security Benefits (Single Person): $9,048

• Population Age 65 and Older: 159
• Average Home Value: $119,154
• Average Monthly Mortgage Cost: $726
• Total Annual Cost of Living: $31,529
• Total Annual Cost of Living After Social Security Benefits (Single Person): $9,155

• Population Age 65 and Older: 1,142
• Average Home Value: $165,237
• Average Monthly Mortgage Cost: $1,006
• Total Annual Cost of Living: $31,694
• Total Annual Cost of Living After Social Security Benefits (Single Person): $9,319

• Population Age 65 and Older: 10,744
• Average Home Value: $153,494
• Average Monthly Mortgage Cost: $935
• Total Annual Cost of Living: $31,715
• Total Annual Cost of Living After Social Security Benefits (Single Person): $9,341

• Population Age 65 and Older: 2,270
• Average Home Value: $159,051
• Average Monthly Mortgage Cost: $969
• Total Annual Cost of Living: $32,182
• Total Annual Cost of Living After Social Security Benefits (Single Person): $9,808

• Population Age 65 and Older: 844
• Average Home Value: $146,928
• Average Monthly Mortgage Cost: $895
• Total Annual Cost of Living: $32,189
• Total Annual Cost of Living After Social Security Benefits (Single Person): $9,815

• Population Age 65 and Older: 277
• Average Home Value: $125,349
• Average Monthly Mortgage Cost: $763
• Total Annual Cost of Living: $32,206
• Total Annual Cost of Living After Social Security Benefits (Single Person): $9,831

• Population Age 65 and Older: 8,463
• Average Home Value: $119,532
• Average Monthly Mortgage Cost: $728
• Total Annual Cost of Living: $32,906
• Total Annual Cost of Living After Social Security Benefits (Single Person): $10,532

• Population Age 65 and Older: 799
• Average Home Value: $126,194
• Average Monthly Mortgage Cost: $769
• Total Annual Cost of Living: $32,970
• Total Annual Cost of Living After Social Security Benefits (Single Person): $10,595

• Population Age 65 and Older: 499
• Average Home Value: $136,919
• Average Monthly Mortgage Cost: $834
• Total Annual Cost of Living: $33,063
• Total Annual Cost of Living After Social Security Benefits (Single Person): $10,689

• Population Age 65 and Older: 319
• Average Home Value: $136,708
• Average Monthly Mortgage Cost: $833
• Total Annual Cost of Living: $33,106
• Total Annual Cost of Living After Social Security Benefits (Single Person): $10,732

• Population Age 65 and Older: 1,311
• Average Home Value: $178,609
• Average Monthly Mortgage Cost: $1,088
• Total Annual Cost of Living: $33,220
• Total Annual Cost of Living After Social Security Benefits (Single Person): $10,846

• Population Age 65 and Older: 1,790
• Average Home Value: $149,988
• Average Monthly Mortgage Cost: $914
• Total Annual Cost of Living: $33,533
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,159

• Population Age 65 and Older: 1,193
• Average Home Value: $158,205
• Average Monthly Mortgage Cost: $964
• Total Annual Cost of Living: $33,686
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,312

• Population Age 65 and Older: 3,477
• Average Home Value: $196,465
• Average Monthly Mortgage Cost: $1,197
• Total Annual Cost of Living: $33,813
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,439

• Population Age 65 and Older: 3,384
• Average Home Value: $186,833
• Average Monthly Mortgage Cost: $1,138
• Total Annual Cost of Living: $33,839
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,465

• Population Age 65 and Older: 638
• Average Home Value: $180,132
• Average Monthly Mortgage Cost: $1,097
• Total Annual Cost of Living: $33,872
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,497

• Population Age 65 and Older: 2,321
• Average Home Value: $187,727
• Average Monthly Mortgage Cost: $1,143
• Total Annual Cost of Living: $33,885
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,511

• Population Age 65 and Older: 141
• Average Home Value: $156,884
• Average Monthly Mortgage Cost: $956
• Total Annual Cost of Living: $33,886
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,512

• Population Age 65 and Older: 22,997
• Average Home Value: $185,996
• Average Monthly Mortgage Cost: $1,133
• Total Annual Cost of Living: $34,109
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,735

• Population Age 65 and Older: 1,199
• Average Home Value: $194,175
• Average Monthly Mortgage Cost: $1,183
• Total Annual Cost of Living: $34,180
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,806

• Population Age 65 and Older: 1,199
• Average Home Value: $156,813
• Average Monthly Mortgage Cost: $955
• Total Annual Cost of Living: $34,213
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,838

• Population Age 65 and Older: 305
• Average Home Value: $154,463
• Average Monthly Mortgage Cost: $941
• Total Annual Cost of Living: $34,358
• Total Annual Cost of Living After Social Security Benefits (Single Person): $11,984

• Population Age 65 and Older: 10,377
• Average Home Value: $183,182
• Average Monthly Mortgage Cost: $1,116
• Total Annual Cost of Living: $34,543
• Total Annual Cost of Living After Social Security Benefits (Single Person): $12,169

• Population Age 65 and Older: 208
• Average Home Value: $189,637
• Average Monthly Mortgage Cost: $1,155
• Total Annual Cost of Living: $34,717
• Total Annual Cost of Living After Social Security Benefits (Single Person): $12,343

Photo disclaimer: Please note photos are for representational purposes only and may not reflect the exact location listed.

Methodology: For this study, GOBankingRates analyzed cities in the southern state to find the best places to retire with $250k in savings. First GOBankingRates found cities across the southern United States for their population, households, population aged 65 and over, and percent aged 65 and over all sourced from the US Census American Community Survey. For each city, the average cost of living for retired households was calculated by finding the cost of living indexes as sourced from Sperlings BestPlaces and the national average expenditure costs then, calculating the average expenditure cost for each city. The average mortgage cost was found by using the average home value in March 2024, as sourced from the Zillow Home Value Index, and the average national 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data. The average Social Security Benefits was found from the Annual Statistical Supplement from the Social Security Administration and the average income was removed from the average cost of living to find the average cost of living for retired residents after Social Security Benefits. Using $250k in savings the time it would take to draw down those savings can be calculated. In order to qualify for this study, the subjects would have to be able to draw on their savings for at least 20 years, taking them to be 85 years old before potentially running out. The livability index was found for each city as sourced from AreaVibes. The cities were sorted by the drawdown years for a single person to show the best places in the southern states to retire with $250k in savings. All data was collected on and is up to date as of April 29, 2024.