Southern cities to retire on a budget

Planning ahead for retirement remains a critical step to ensure you have enough money to support your post-work lifestyle. A major component in that financial planning is maintaining a low cost of living. According to an analysis by FinanceBuzz, here are the top five Southern cities where you can retire with a monthly mortgage payment of $1,300 or less.

1. Johnson City, Tenn.

This mountain destination features a cost of living that comes in 15.4% lower than the national average. The median monthly mortgage payment is $1,216, but the city offers much more than affordable housing.

“It is no surprise Johnson City continues to be ranked a top destination for retirees to call home,” says Alec Castro, director of business development for Visit Johnson City. “With a cost of living well below the national average, inclusive of no state income and pension tax, low property taxes and utility expenses, and four mild seasons surrounded by beautiful mountain landscapes, all one would need and want for vibrant golden years is available in the Mountain South.”

2. Gadsden, Ala.

Just two hours northwest of Atlanta, Gadsden provides much for retirees who like to enjoy the great outdoors. From hiking, biking and golfing to kayaking and rock climbing, there’s plenty of outside entertainment. With an average median monthly mortgage cost of $1,218, you’ll have funds left over to keep you exploring day after day.

3. Dothan, Ala.

Located in southeast Alabama, Dothan boasts big-city amenities in a small-town environment. In addition to a low cost of living – 19.6% lower than the national average, Dothan also offers a rich health care landscape, with more than 3,000 health care practitioners per 100,000 people. Not bad for a city with approximately 71,000 residents.

4. Florence, S.C.

Near Interstate 95, Florence is ideally situated to provide all you need in retirement–plus close proximity to the beaches of Myrtle Beach.

“Florence is a great mix of small-town charm with bigger city conveniences,” says Heather Keffer, marketing and communications manager for the Florence Convention and Visitors Bureau. “The mild winters, proximity to larger cities, excellent health care and affordable cost of living make Florence a great choice when looking to retire.”

5. Monroe-West Monroe, La.

The twin cities of Monroe-West Monroe in Northeast Louisiana set the stage for a relaxing retirement. Monroe’s cost of living is 15.7% lower than the national average, resulting in a media monthly mortgage of $1,265.

“Monroe-West Monroe is a wonderful place to retire with a low cost of living, incredible local restaurants and endless ways to stay active and connected,” says Alana Cooper, president and CEO of Discover Monroe-West Monroe. “From scenic outdoor trails and recreational sports to great shopping and cultural experiences, there’s something here for everyone to enjoy.”