5 Places to Retire on the East Coast That Are Just as Cheap as Palm Bay, Lakeland and Chester
Written by
Vance Cariaga
Edited by
Travis Woods
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Retirees who want to spend their golden years on the East Coast have no shortage of choices when it comes to urban centers, climate, geography, lifestyle and price. Many prefer the warmth and sunshine of Florida to the bustle and frigid winters of the northeast, though a growing number of retirees are settling in mid-Atlantic states such as Maryland, Virginia and North Carolina.
If affordability is a top priority, then you’ll want to avoid retiring in big East Coast cities like New York, Boston, Atlanta, Miami and Washington, D.C. Additionally, a 2023 analysis by GOBankingRates looked at data from several sources to identify the 10 most affordable and beautiful places to retire on the East Coast.
The analysis took three main factors into consideration — the average price of a one-bedroom apartment, the livability score and average monthly expenditures. In order for a location to qualify, at least 10% of its population had to be over the age of 65 and it had to have a livability score of 75 or above.
Three places that made the list were Palm Bay, Florida; Lakeland, Florida; and Chester, Virginia. But if those places are not on your retirement wish list, here are five more East Coast cities that are just as cheap:
5. Winter Garden, Florida
- 2022 1-bedroom rent: $1,115.83
- Livability score: 85
- Total monthly expenditures: $1,965.54
Winter Garden has the second highest livability score on the list, though you do pay a bit more in monthly groceries and healthcare here than other cities.
4. Panama City Beach, Florida
- 2022 1-bedroom rent: $1,106.71
- Livability score: 76
- Total monthly expenditures: $1,946.91
In Panama City Beach you’ll be too busy enjoying the weather to mind that your monthly groceries are pricier than other cities on this list. Even so, you’ll still pay less than $840 a month for groceries and healthcare on average.
3. Concord, North Carolina
- 2022 1-bedroom rent: $1,045.57
- Livability score: 83
- Total monthly expenditures: $1,881.47
Concord, located a short drive from Charlotte, has a high livability score of 83. You’ll pay $421.72 per month on average for groceries and $418.47 per month for healthcare.
2. Mauldin, South Carolina
- 2022 1-bedroom rent: $944.71
- Livability score: 88
- Total monthly expenditures: $1,789.89
Though Mauldin comes in at No. 2 overall, it has the highest livability score on the list. Nearly one-fifth (19%) of the population here is age 65 or older.
1. Roanoke, Virginia
- 2022 1-bedroom rent: $919.71
- Livability score: 75
- Total monthly expenditures: $1,783.32
Roanoke wins the top spot with a decent livability score and a large population of seniors. You can live comfortably here on a typical retirement budget, with total monthly expenditures falling below $2,000.
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