The 10 Most Affordable Places To Retire in the U.S. in 2024 (and None Are in Florida) (2024)

When it comes to retirement, the allure of sunny Florida may be losing its grip. Contrary to the conventional wisdom that often places the Sunshine State at the top of retirement destination lists, a recent U.S. News analysis has revealed that the most affordable places to retire in 2024 are scattered across the country, with not even one location in the southern Sunshine panhandle. To help you find the right place to retire, we dive into the top 10 cities that offer both affordability and an enticing retirement lifestyle, where moving can potentially amplify your retirement savings, enabling you to retire sooner or enjoy an enhanced quality of life.

1. Youngstown, Ohio

Nestled within an hour's drive of Pittsburgh and Cleveland, Youngstown, Ohio, clinches the top spot for the most affordable retirement place. Once an industrial hub, Youngstown has transformed, with Youngstown State University now reigning as the largest employer. With a median home price of $137,546 and a median mortgage of $653, retirees can relish the picturesque Mill Creek Park and its two senior-friendly golf courses.

2. Hickory, North Carolina

Known for its furniture manufacturing prowess, Hickory, North Carolina, offers retirees a unique blend of craftsmanship and natural beauty. Lake Hickory, boasting over 100 miles of shoreline, provides boating and fishing opportunities. With a median home price of $219,950 and a median mortgage of $756, Hickory allows retirees to enjoy moderate temperatures year-round at the foothills of the Blue Ridge Mountains.

3. Springfield, Missouri

As the Queen City of the Ozarks, Springfield, Missouri, is a hub for education and a major company headquarters. Its lively downtown, outdoor amenities, and lower cost of living make it an attractive retirement destination to make money moves. Retirees can relish the extensive parks, trails, and caves. The median home price in Springfield is $290,875, with a median mortgage of $764, providing affordability without compromising lifestyle.

4. Brownsville, Texas

Brownsville basks in a semitropical climate at the southernmost tip of Texas, making it an ideal locale for recreational activities. Brownsville offers an affordable alternative to other Texas cities, with a median home price of $276,671 and a median mortgage of $793. Its waterfront communities may come at a premium, but overall, residents enjoy a lower-than-average cost of living, ranking first for price parity.

5. Huntington, West Virginia & Ashland, Kentucky-Ohio

Straddling the Ohio River, this metro area combines Huntington in West Virginia and Ashland in Kentucky-Ohio, creating a haven for retirees with its large riverport and extensive park system. A median home price of $165,496 and a median mortgage payment of $758 make homeownership in this area accessible. Huntington's cultural offerings, including Marshall University and the Huntington Museum of Art, add to its allure.

6. Fort Wayne, Indiana

With its low cost of living and tranquil neighborhoods, Fort Wayne, Indiana, beckons retirees on a budget. The median-priced home is a modest $216,538, and the median mortgage is $706. Quirky special events, historical landmarks, and Amish communities in the surrounding farmland contribute to the city's charm.

7. Winston-Salem, North Carolina

Boasting a vibrant and walkable community, Winston-Salem, North Carolina, offers retirees affordable living with a median home price of $327,063 and a median mortgage of $841. The city's proximity to three North Carolina wine regions enhances the retirement experience, allowing residents to enjoy locally produced wines without breaking the bank.

8. Mobile, Alabama

Known for its rich cultural heritage and one of the oldest Mardi Gras celebrations, Mobile, Alabama, stands out as a unique retirement destination. With a median home price of $214,910 and a median mortgage of $837, the port city offers affordability alongside a thriving community. Residents are less than an hour away from Gulf Coast beaches, making it an appealing spot for leisure.

9. Toledo, Ohio

Affectionately known as the "Glass City," Toledo, Ohio, sits on the western edge of Lake Erie, providing a four-season climate. With a median home price of $157,983 and a median mortgage of $795, Toledo allows retirees to enjoy a high quality of life on a limited budget, according to their own detailed retirement planning process. Historic homes in the Old West End neighborhood add charm to the city's affordable housing options.

10. South Bend, Indiana

Home to the University of Notre Dame, South Bend, Indiana, retirees are offered the chance to attend sporting events, concerts, and lectures at the prestigious institution. With a median home price of $207,442 and a median mortgage of $730, South Bend's affordability extends to apartment rentals, with a median monthly rent of approximately $874. The four-season climate provides ample opportunities for various outdoor activities.

Bottom line

In pursuing an affordable retirement, these diverse cities (provided by the U.S. News study) present unique opportunities for retirees to enhance their financial outlook, retire sooner, or savor a higher quality of life. From the cultural richness of Mobile, Alabama, to the tranquil neighborhoods of Fort Wayne, Indiana, these retirement destinations prove that affordability need not come at the expense of a fulfilling lifestyle. As retirees consider leaping to a city with a lower cost of living, these top 10 choices offer an array of experiences, climates, and cultural amenities to suit various preferences.