Retirement is expensive, and millions of older Americans have to manage their finances carefully after leaving the workforce.
But even for retirees with limited savings, there are many coastal areas in the U.S. in the Sun Belt that stand out as affordable options for American retirees on a budget.
The retirement-age population is one of the fastest-growing demographic groups in the United States. The number of Americans age 65 and over climbed from 40.3 million in 2010, to 55.8 million in 2020. By 2040, the number of retirement-age adults in the U.S. is expected to surge to approximately 80 million, accounting for about 20% of the population.
One of the factors driving this trend has been a steady improvement in average life expectancy. But as Americans are living longer, the costs associated with retirement are going up — and a growing share of retirees are not financially prepared. According to some estimates, a typical American should have at least $835,000 in savings when going into retirement — a large sum by most standards, and an alarming one considering 20% of adults age 50 and up have no retirement savings, according to AARP.
While it is common for retirees to relocate in their golden years to warmer climates, often along the coast, these moves can be expensive — as can housing and the overall cost of living in many popular retirement destinations. But for older Americans on a tight budget, there are coastal communities, with warm climates, that remain relatively affordable.
Using data from a range of sources, 24/7 Wall St. identified the beach towns with warm climates where the most Americans can retire comfortably. We reviewed data on cost of living and home prices in each U.S. county that borders the Gulf of Mexico or the Atlantic or Pacific Oceans. Only counties in Sun Belt states were considered. Counties are ranked on estimated regional price parity — a measure of the cost of living relative to the national average — with data from the U.S. Department of Commerce. Only counties with housing markets that are more affordable than average were considered. Supplemental population data are five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey.
Among the 45 counties on this list, the overall cost of living is estimated to be anywhere from 5.2% to 15.8% lower than the national average. In a majority of these places, there are hundreds, if not thousands, of homes for sale — and most of them have an asking price well below the national median list price of $424,950, according to Realtor.com. (Here is a look at the most affordable housing market in each state.)
Considering their access to the coast, and their location within a Sun Belt state, it is perhaps not surprising that many of the places on this list are already home to relatively large retirement-age populations. According to estimates from the 2022 ACS, about 16% of the U.S. population are 65 or older. In most counties on its list — 26 out of 45 — the retirement-age residents account for a larger share of the total population. (Here is a look at every factor to consider before buying a home in retirement.)
Why It Matters
Every year, millions of retirees in the United States move to a new home — and some of the most popular destinations for this demographic group are coastal areas with warmer climates. Still, because older adults are especially vulnerable to financial insecurity, moving to a new home is prohibitively expensive for a large share of retirement-age Americans. But even for those on a tight budget, there are parts of the country where buying a home for retirement does not have to break the bank.
45. Nueces County, Texas
Est. cost of living: 5.2% less expensive than national average
Median home list price; Oct. 2024: $349,900 ($75,050 less than national median list price)
Median size of a listed home in Oct. 2024: 1,603 square feet ( 232 sq. ft. smaller than national median)
Number of homes for sale in Oct. 2024: 2,421
Retirement age population: 51,426 (14.6% of total population)
Est. cost of living: 13.5% less expensive than national average
Median home list price; Oct. 2024: $209,500 ($215,450 less than national median list price)
Median size of a listed home in Oct. 2024: 1,875 square feet ( 40 sq. ft. larger than national median)
Number of homes for sale in Oct. 2024: 217
Retirement age population: 9,102 (15.9% of total population)
Total population: 57,202
Coastline: Gulf of Mexico
6. Colleton County, South Carolina
Est. cost of living: 13.9% less expensive than national average
Median home list price; Oct. 2024: $347,950 ($77,000 less than national median list price)
Median size of a listed home in Oct. 2024: 1,672 square feet ( 163 sq. ft. smaller than national median)
Number of homes for sale in Oct. 2024: 147
Retirement age population: 7,623 (19.8% of total population)
Total population: 38,561
Coastline: Atlantic Ocean
5. Dixie County, Florida
Est. cost of living: 13.9% less expensive than national average
Median home list price; Oct. 2024: $324,750 ($100,200 less than national median list price)
Median size of a listed home in Oct. 2024: 1,286 square feet ( 549 sq. ft. smaller than national median)
Number of homes for sale in Oct. 2024: 86
Retirement age population: 3,820 (22.8% of total population)
Total population: 16,737
Coastline: Gulf of Mexico
4. Willacy County, Texas
Est. cost of living: 14.3% less expensive than national average
Median home list price; Oct. 2024: $264,500 ($160,450 less than national median list price)
Median size of a listed home in Oct. 2024: 1,628 square feet ( 207 sq. ft. smaller than national median)
Number of homes for sale in Oct. 2024: 58
Retirement age population: 2,789 (13.7% of total population)
Total population: 20,308
Coastline: Gulf of Mexico
3. Levy County, Florida
Est. cost of living: 14.4% less expensive than national average
Median home list price; Oct. 2024: $349,050 ($75,900 less than national median list price)
Median size of a listed home in Oct. 2024: 1,439 square feet ( 396 sq. ft. smaller than national median)
Number of homes for sale in Oct. 2024: 223
Retirement age population: 10,561 (24.4% of total population)
Total population: 43,268
Coastline: Gulf of Mexico
2. Bertie County, North Carolina
Est. cost of living: 14.5% less expensive than national average
Median home list price; Oct. 2024: $219,900 ($205,050 less than national median list price)
Median size of a listed home in Oct. 2024: 1,663 square feet ( 172 sq. ft. smaller than national median)
Number of homes for sale in Oct. 2024: 37
Retirement age population: 4,224 (23.7% of total population)
Total population: 17,818
Coastline: Atlantic Ocean
1. Washington County, North Carolina
Est. cost of living: 15.8% less expensive than national average
Median home list price; Oct. 2024: $198,500 ($226,450 less than national median list price)
Median size of a listed home in Oct. 2024: 1,730 square feet ( 105 sq. ft. smaller than national median)
Number of homes for sale in Oct. 2024: 39
Retirement age population: 2,873 (26.0% of total population)
Total population: 11,051
Coastline: Atlantic Ocean
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