Beachin’ on a budget.
That can be a reality for retirees — that is, if they know where to look. The average over-65 household in America drops $49,000 a year on average on everything from housing to food, according to the Census Bureau. But you don’t have to spend that much, and in fact, can spend far less — and retire to a sunny beach town. (No, really.)
MarketWatch looked at beach towns across America, where the overall cost of living was significantly below average, housing was reasonably priced and where there are plenty of things to see and do. (Though we can’t promise that summers won’t be hot, and your hurricane risk is admittedly high.) We found four attractive beach towns where you could spend roughly $40,000 a year and live a decent lifestyle.
iStock
Bay St. Louis, Mississippi
All your friends may be flocking to Florida for retirement, but you can get plenty for your money — and a gorgeous beach — in Mississippi. One town to consider: Bay St. Louis. “Beach lovers with a penchant for old architecture and affordable renovation spaces will love this small town city…that’s a mix of Southern grace, mystery, and heat,” writes Coastal Living magazine.
After a day on the beaches here — which have “soft and buttermilk white” sand — you can nosh on gumbo, po-boys and fresh Gulf seafood, while strolling down the shop-lined Main Street and chatting with the friendly, creative-minded locals. And if you get bored with that, you can be in vibrant New Orleans, which is just about 60 miles away, in an hour.
Perhaps the best part: The low cost. Average home prices are under $150,000, you can find plenty of apartments for rent for well under $1,000 a month, and the cost of living is significantly less than average (though food does tend to cost a little more than average). And personal finance site SmartAsset notes that “property taxes here are also not too significant,” with the average property taxpayer spending about “$1,088 per year for an effective property tax rate of 1.64%.” No wonder Southern Living magazine named Bay St. Louis one of its favorite little towns in Mississippi.
By the numbers:
Population: 12,000
Average home value: $138,000
Cost of living index (100 is average): 93.9
Source: Sperling’s Best Places
iStock
Pensacola, Florida
Residents of Pensacola won’t be surprised that the city was ranked 37th in the annual “best places to live” in America by U.S. News & World Report. The city of roughly 50,000 people offers a compelling mix of low cost of living; sugar-sand beaches; and a walkable downtown with plenty to do.
Of course, you probably already know about the famed Florida beaches and those tranquil turquoise Gulf waters, so let’s start with all there is to do. The Saenger Theatre in town offers everything from orchestras to Broadway shows, the Pensacola Museum of Art has rotating exhibitions as well as permanent works from Andy Warhol, Pablo Picasso, Toulouse-Lautrec and more; and there are tons of events throughout the year from the popular seafood festival to bands on the beach. Locals also love the Saturday farmers’ market and the myriad restaurants and bars.
As one therapist recently joked about the area: “Pensacola is the most-disappointing market in the country for mental health professionals. The weather is so damn balmy and the lifestyle so unhurried that people are unnaturally healthy. This sets a bad example because it suggests that it’s possible to live a normal life without pills, couches or lobotomies.”
And then there’s the lower-than-average price tag. Florida became a hot retirement haven not only for its warm winters, but also for its lack of state income tax (retirement income isn’t taxed here either). And Pensacola in particular is affordable with a significantly lower than average cost of living, home prices that hover around $140,000, and reasonable property taxes.
By the numbers:
Population: 53,000
Average home value: $138,000
Cost of living index (100 is average): 93.1
Sources: Sperling’s Best Places
iStock
Park in Fort Pierce, Florida.
Fort Pierce, Florida
This affordable beach town roughly an hour north of West Palm Beach offers a charming downtown and Main Street — both Reader’s Digest and Travel & Leisure put it on their lists of the best main streets in America — lined with historic architecture, rustling palm trees, and restaurants and attractions.
While this isn’t a bustling town, there’s enough to do: Attend a Broadway show or a music or comedy act at the beautifully renovated Sunrise Theater; visit the Navy SEAL museum; shop the popular Saturday morning farmers’ market; or hit up Friday Fest, where you’ll enjoy music, food and other festivities on the first Friday of the month (it’s great fun for the grandkids too).
But perhaps the big draw here is the great fishing in uncrowded waters. You can nab fish like mahi-mahi, tuna, pompano, amberjack, cobia, snapper and grouper; and some people have even broken records with the huge fish they’ve pulled in. It’s also a good spot for nature lovers, who can visit the Indian River Lagoon Estuary, home to more than 4,000 plant and animal species; or the Heathcote Botanical Garden.
It’s inexpensive too, with a cost of living that’s significantly below average, home prices that are around $150,000, and Florida’s retiree-friendly tax laws. Even better: According to Census Bureau data, the median housing costs for Fort Pierce residents are under $10,000 a year.
By the numbers:
Population: 44,000
Average home value: $152,000
Cost of living index (100 is average): 91.5
Sources: Sperlings Best Places
iStock
Padre Island
Corpus Christi, Texas
If the idea of a little town freaks you out a bit — where will you shop, what if you get sick of the restaurants? — but you still want a solid beach life, Corpus Christi is worth a look.
“There’s something for five-and fifty-year-olds alike, thanks to a lively downtown anchored by a slew of skyscrapers and busy shoreline lined with condos and seafood restaurants,” Travel & Leisure notes. “There’s also a beach for every personality, from sports enthusiasts to nature lovers.”
Indeed, you won’t be bored in Corpus Christi. The Texas State Aquarium boasts 360 species of underwater life; there are a handful of museums, including the well-regarded Art Museum of South Texas; and pretty much any kind of restaurant you could want from fresh seafood to Mexican to Thai, French and Italian.
There are also lots of options for the beach, including the 18-mile Mustang Island, as well as the Padre Island National Seashore, which is the longest stretch of undeveloped barrier island in the world, boasting 70 miles of coastline, a solid nesting ground for sea turtles and more than 380 bird species.
Plus, average home values are around $150,000, the cost of living is the lowest of the cities on this list, and Texas doesn’t charge income tax.
By the numbers:
Population: 323,000
Average home value: $147,000
Cost of living index (100 is average): 90.1
Sources: Sperling’s Best Places
