How Much It Costs to Retire in America’s Five Favorite Southern States

If you’re considering a move during your retirement years, you could certainly do worse than the charm and hospitality of the South. From beautiful waterfronts and beaches to cultural experiences that will delight even the most die-hard art lover or history buff, the Southern states can offer retirees a lot more than warm weather (although warm weather doesn’t hurt).

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When GOBankingRates searched for the southern states where people most wanted to live, survey respondents shared that Florida, Georgia, Texas, North Carolina and South Carolina were among their top choices. We went further and looked at what life could look like financially for retirees in these states.

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Florida

The Sunshine State is known as a retreat for retirees – and for good reason, with its clear weather, beautiful beaches and vibrant cultural life. If you’re considering building your next home in sunny Florida, consider the following information about home prices and expenses.

• Average family income: $67,917

• Average house value: $405,396

• Average mortgage costs: $2,398

• Expenses Average costs: $1,970

• Total monthly living expenses: $4,368

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Georgia

History buffs and architecture enthusiasts will find plenty to like in Georgia, especially in the Savannah Historic District. Outdoor explorers can indulge in Rock City or the Okefenokee Swamp, while foodies can whet their appetite with a fresh Georgia peach or Georgia peanuts.

• Average family income: $71,355

• Average house value: $319,427

• Average mortgage costs: $1,890

• Expenses Average costs: $1,903

• Total monthly living expenses: $3,792

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North Carolina

The Tar Heel State is home to some of the country’s most iconic outdoor landscapes, including the Great Smoky Mountains. However, there is plenty more for retirees to explore, including the famous Biltmore Estate & Gardens and the Wright Brothers National Memorial.

• Average family income: $66,186

• Average house value: $319,721

• Average mortgage costs: $1,891

• Expenses Average costs: $1,966

• Total monthly living expenses: $3,857

South Carolina

Between Myrtle Beach and Hilton Head, retirees settling in South Carolina can feel like they’re living in their favorite vacation spot all year round. Foodies may also want to make their home in the spot where sweet tea, a famous drink from the South, was first created.

• Average family income: $63,623

• Average house value: $285,275

• Average mortgage costs: $1,688

• Expenses Average costs: $1,946

• Total monthly living expenses: $3,633

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Texas

If you want to make attending rodeos or state fairs a major hobby during your retirement years, consider moving to Texas. Whether you want to return to The Alamo to learn more on another tour or tell your family you live in the same state where the astronauts train, you may find the best home for your golden years in Texas.

• Average family income: $73,035

• Average house value: $297,525

• Average mortgage costs: $1,760

• Expenses Average costs: $1,920

• Total monthly living expenses: $3,680

For this study, GOBankingRates analyzed five Southern states selected as the most desirable Southern states to live in. Respondents stated that Florida, Georgia, Texas, North Carolina and South Carolina are the most desirable Southern states. Total population, total number of households, and median household income were all from the US Census American Community Survey. The cost of living indexes come from the Missouri Economic and Research Information Center. By using the average expenditure costs from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs for each state can be calculated. The average home value can be derived from the Zillow Home Value Index – and using the national 30-year fixed rate mortgage as sourced from the Federal Reserve Economic Research, the average mortgage cost can be calculated. The average mortgage and average spending costs can be combined to determine the average total cost of living for each state. The states were sorted from least to most expensive. All data has been collected and is current as of April 16, 2024.

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This article originally appeared on GOBankingRates.com: How Much It Costs to Retire in America’s 5 Favorite Southern States