Here are Top 10 Cheap and Beautiful Places to Retire in the United States

10 cheap and beautiful places to retire in the United States are examined in this article.

Finding a Balance Between Cost and Beauty

Retirement in the United States is rarely the last-resort haven that people envision it to be. According to a recent SurveyMonkey study, 56% of Americans do not have enough money saved for retirement. The problem is made more difficult by rising healthcare costs; the Centers for Medicare & Medicaid Services (CMS) increased Medicare Part B enrollees’ monthly premiums by 6% just 30 days into 2024. Furthermore, a study by the Institute of Economic Affairs cited an increase in mental illnesses and found that after people permanently leave the workforce, their self-diagnosed depression rises by 40%. All of these factors suggest that retirement is more difficult than most people had expected.

The situation is made worse when you add the startling retirement-related problems to the staggering $1.8 million that Americans require for a comfortable retirement, according to data from The Charles Schwab Corporation.

Why aren’t people postponing their retirement to later years, given the high level of unpreparedness for retirement that is approaching? Rather than postponing, the typical American actually retires at age 62, when Medicare has not yet been activated and social security benefits have not yet reached their full potential. The answer is straightforward: retirement is not always a choice, especially given how rapidly US society is evolving.

In line with the 2023 trend, 2024 has seen a wave of tech layoffs that have affected companies like Google, SAP SE (NYSE:SAP), eBay Inc. (NASDAQ:EBAY), PayPal Holdings, Inc. (NASDAQ:PYPL), Microsoft Corporation (NASDAQ:MSFT), and eBay Inc. (NASDAQ:EBAY), resulting in the loss of nearly 30,000 jobs. As a result, for up to 56% of Americans, unemployment combined with rising health-related concerns frequently expedites the path to retirement. Furthermore, although prominent medical experts like Dr. Pinchas Cohen, the dean of the USC Davis School of Gerontology, and Lisa Renzi-Hammond, the director of the University of Georgia’s Institute of Gerontology, oppose this early retirement trend, the truth is far different.

When faced with this unplanned retirement phase, many Americans flee to other countries, but many also simply relocate within the country, with the most common reason being the hunt for the most affordable retirement locations in the United States. Even though inflation has increased overall—according to YCharts, the US inflation rate is higher than the long-term average of 3.28%—some US states still rank among the best financially for retirees, providing a pleasant lifestyle with low crime rates and stunning natural surroundings.

Among these choices are, among others, Oklahoma, Alabama, and Kansas. Even though saving money for retirement is always a good idea, things don’t always go as planned, and in many US cities, you can get by on as little as $2,000 a month. As a result, a lot of Americans who are retired can move one step closer to their ideal retirement years. However, the choice of where to live during these years shouldn’t be made only based on cost. Who is to say that an affordable location cannot also be gorgeous? We’ve put together this list of 10 cheap and beautiful retirement locations in the US to help retirees transition a little bit more easily.

Methodology

Our lists of the 20 Best Places to Retire in the US, the 30 Cheapest Places across America Where You Will Want to Retire, the 25 Best US Cities Where You Can Retire on $2,000 a Month, US News Real Estate, Conde Nast Traveler, and The Travel are just a few of the sources we consulted to create the list of the 10 cheap and beautiful places to retire in the US. Next, using data from Best Places, we ranked these locations according to how much it costs to live there. We also gave the location ratings based on Area Vibes, which we used to determine factors like livability, low pollution, and natural landscapes. When evaluating locations, both affordability and aesthetic appeal were taken into account equally. The compilation of the results is shown from lowest to highest scores in ascending order.

It is crucial to keep in mind that every location has advantages and disadvantages. The best course of action is to visit the city you intend to move to, speak with residents, get financial advice, and then make your final decision—personal preference is a major factor.

By the way, the investing website Insider Monkey follows the whereabouts of hedge funds and corporate insiders. We ascertain the top stock selections of over 900 hedge funds that invest in US stocks through the application of a comparable consensus method. Over the last ten years, the S&P 500 Index underperformed the top 10 hedge fund consensus stock picks by over 140 percentage points. Hedge funds and corporate insiders can offer valuable insights to investors of all skill levels who are seeking the best stocks to purchase.

Here are 10 cheap and beautiful places to retire in the US:

1. Grand Rapids, Michigan

Insider Monkey Score: 55
Cost of Living Index: 94.5
Livability Score: 83

All of it can be found in Grand Rapids, a nature lover’s paradise that includes the picturesque Riverside, Millenium, and Frederik Meijer Gardens & Sculpture Parks, as well as views of the Grand River and rolling meadows and wooded areas at the Blandford Nature Center. Grand Rapids has a cost of living that is 5% less than the national average, which makes it a popular place to retire.

2. Brownsville, Texas

Insider Monkey Score: 54
Cost of Living Index: 74.9
Livability Score: 78

Taking second place in Brownsville. With the Rio Grande to the south and the Gulf of Mexico to the east, retirees can take advantage of beautiful scenery, coastal landscapes, and abundant bird-watching opportunities. Brownsville is a top choice on our list and the dream destination for retirees due to its beaches and 25% cheaper cost of living.

3. El Paso, Texas

Insider Monkey Score: 53
Cost of Living Index: 81.9
Livability Score: 81

Another cheap and beautiful place to retire in the US is El Paso, a retirement community where 13% of the population is over 65. Retirees love this laid-back city with sunny skies, nestled between the majestic Rio Grande River and the breathtaking Franklin Mountains.

4. Lincoln, Nebraska

Insider Monkey Score: 50
Cost of Living Index: 92.6
Livability Score: 78

Lincoln, a university town, provides parks, nature gardens, and lower living expenses—8% on average. Lincoln’s vibrant business community is the ideal place to return to the workplace after retirement.

5. Melbourne, Florida

Insider Monkey Score: 49
Cost of Living Index: 95.6
Livability Score: 81

Melbourne, Florida, the Sunshine State, has an entry at number five. You’ll find yourself in a retirement paradise with a warm, sunny climate, a cost of living that is 4% less than the national average, and a variety of landscapes, from the beach to the mountains.

6. Corpus Christi, Texas

Insider Monkey Score: 47
Cost of Living Index: 83.5
Livability Score: 78

You can enjoy your golden years in Corpus Christi lounging on the white sand and sparkling waters of the beach. When you take affordability into account, you’ll find that you can unwind without worrying about money.

7. Decatur, Alabama

Insider Monkey Score: 45
Cost of Living Index: 83.1
Livability Score: 71

Natural beauty and a welcoming community can be found in Decatur, where living expenses are 17% less than the national average. It also has the National Wildlife Refuge and a well-liked retirement community destination called Point Mallard.

8. Wichita, Kansas

Insider Monkey Score: 44
Cost of Living Index: 82.2
Livability Score: 66

Wichita provides an inexpensive and enjoyable substitute for a difficult retirement phase, with monthly rent as low as $762 and an abundance of prairies to brag about.

9. Peoria, Illinois

Insider Monkey Score: 43
Cost of Living Index: 75.6
Livability Score: 74

Riverside Peoria is the ideal place for seniors on a tight budget because it combines beautiful scenery with reasonably priced housing. Botanical gardens, a healthy atmosphere, and a tranquil community that is perfect for retirement are available to retirees.

10. Cleveland, Ohio

Insider Monkey Score: 41
Cost of Living Index: 83
Livability Score: 71

Cleveland comes in at number ten. It has a lot of parks, a cost of living that is 17% lower than average, and a nice climate. An excellent decision for your retirement savings as well as a wise move for retirement.