5 Places To Retire That Are Similar to Florida But Way Cheaper
Written by
Dawn Allcot
Edited by
T. Woods
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South Florida remains the most popular retirement destination in the U.S., with 40% of the state’s population over the age of 50, and 25% of the population 65 and up, according to data from EV5VisaInvestments.com. A relatively low cost of living, no state income tax, sunny weather year-round and plenty of leisure activities continues to draw retirees to the Sunshine State.
Unfortunately, home insurance woes, a rising cost-of-living and an increased risk of hurricanes and floods in coastal areas is causing some retirees to think twice about moving to Florida. Investor Grant Cardone recently warned that 80% of Florida condo owners could lose money on their property if they sell, and roughly 360,000 property owners in south Florida may not be able to afford repairs required by the state’s Condo Act following the Champlain Tower South collapse in Miami-Dade County, according to the Daily Mail website.
Fortunately, there are still plenty of other states for retirees to escape to beautiful beaches, a warm climate — and more affordable living costs.
To have a comfortable retirement in Florida, you’ll need roughly $67,310 per year, according to GOBankingRates research. Each of these alternative locations offers unique charm and benefits that align with the desires of those looking to stretch their dollars in retirement.
- Athens, Georgia
- Biloxi, Mississippi
- Chattanooga, Tennessee
- Corpus Christi, Texas
- Tucson, Arizona
Athens, Georgia
Rated one of the best places to retire by Forbes for several years running and third on the list of best places to live in Georgia by Travel + Leisure, Athens offers a climate similar to northern Florida –neither too hot nor too cold through most of the year – and proximity to Atlanta. Known as a college town that hosts the University of Georgia, Athens has a vibrant arts and culture scene for retirees who want to stay active. The city also has no retail sales tax, which can save you thousands of dollars on everyday purchases.
The average cost of living in Athens for one person is $1,917, according to LivingCost.org.
Biloxi, Mississippi
With sunny beaches, a laidback coastal lifestyle and a variety of casinos, Biloxi offers a blend of relaxation and excitement for retirees on a budget. In the heart of the deep south, Biloxi has a vibrant historical culture, giving you plenty to explore in retirement. If you’re seeking out waterfront living and Florida’s coastal properties are too pricey, median home costs of $230,000 in Biloxi make it attainable on a fixed income.
The average monthly cost of living in Biloxi is approximately $1,806 per person.
Chattanooga, Tennessee
Situated along the Tennessee River, Chattanooga offers retirees a picturesque setting combined with a mild climate and a variety of recreational activities. It has been dubbed “Gig City” for its accessibility to super-high-speed (gigabit) internet in the mountains, making it perfect for retirees who want to supplement their retirement income by working from home.
Chattanooga is also considered an outdoor oasis, with hiking, biking, and the natural beauty of the mountains just steps from your front door. Like Florida, the climate gets warm and humid in the summer yet boasts moderate winter temperatures. The average cost-of-living in Chattanooga is $1,963 per person.
Tucson, Arizona
Arizona’s warm, dry climate often appeals to retirees with arthritis or respiratory problems, as humidity can exacerbate these conditions. Tucson provides an affordable cost of living, a smaller population than Phoenix and vast choices in gated retirement communities. If you’re looking to stay active in retirement, the city borders two national parks and also features a vibrant downtown community with top restaurants.
Tucson remains a top retirement destination, with a cost-of-living of just $2,065 for one person. Arizona doesn’t tax Social Security benefits, which can help your monthly income stretch even further.
Corpus Christi, Texas
Corpus Christi, Texas, recently ranked as the top city for retirees to age-in-place, according to a study from TodaysHomeowner.com. While some retirees may prefer to sell their homes and flock to Florida or Arizona, for those who wish to stay close to family, Corpus Christi combines an affordable cost of living with a warm climate, beautiful Gulf Shore beaches, and a low cost of living. These same characteristics may prompt retirees to move to the city.
The average monthly cost of living in Corpus Christi is just $1,552 per person.
Final Take
Florida isn’t the only option when it comes to affordable living for retirees. Beyond the cost of living, other factors may influence your choice, including proximity to loved ones, healthcare facilities and leisure activities. Wherever you decide to settle, you can use the GOBankingRates retirement calculator to determine how much you’ll need to save for a comfortable retirement.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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- SoFi. 2023. "Cost of Living in Florida."
