A surge in Southerners retiring within their home region has been observed, according to reports. Based on data from PODS published in January 2024, Americans are primarily migrating to the Southern Appalachian region, encompassing multiple states such as Alabama, Georgia, North Carolina, South Carolina, and Tennessee.
Through examining data from the Census Bureau on retirement living costs, Investopedia and Southern Living were able to pinpoint several cities that offer cost-effectiveness and affordability to retirees. These were: Hot Springs City, Arkansas, Englewood, Florida, and Charleston City, West Virginia.
'Hot Springs City', the nickname of Spa City, stands out as a top retirement spot in 2024. The city's affordable living costs, absence of state property taxes, and proximity to nature activities attributes to the appeal. The city also possesses a moderate proportion of elderly residents, with 22.7% of Hot Springs City's population aged 65 or over.
Englewood, Florida holds attraction for retirees, with its warm climate and generous offering of golf courses, local parks, and a below-average crime rate. This city has a lower median housing cost than the South's average, at $779 monthly.
The capital city, Charleston in West Virginia, has an allure with retirees due to the affordable housing options, access to top-rated healthcare, and a diverse arts and culture scene. The median home sale price in Charleston lies significantly lower than the national average, resting at $196,633 in comparison to the national price of $412,300.
Valdosta, Georgia and North Myrtle Beach, South Carolina also hold benefits for retirees, with affordable living conditions, a vibrant arts scene, and a flat income tax.
Hickory, North Carolina is also worth noting, with its median monthly housing cost of $960 being 17% lower than the South's overall average. The city's low individual income tax rate at 4.5% furthers its appeal.
Lastly, Maryville in Tennessee, a state with no individual income tax, and Vero Beach, Florida, a city with a lower cost of living and a bustling arts and culture scene, both contribute to the plethora of desirable locations available for retirees looking to optimize their income and lifestyle opportunities.
In conclusion, retiring to the South means being able to choose from a variety of affordable and lifestyle-rich locations, with the top picks being Hot Springs, Arkansas; Englewood, Florida; and Charleston, West Virginia.