If you’re dreaming of a seaside retirement without breaking the bank, and without stepping out of the U.S., you’ll be thrilled to discover it’s a very achievable goal.
To figure out the top budget-friendly beach cities, we used Sperling’s Best Places to examine the cost-of-living index ratings for food, utilities, and healthcare. Following this, we relied on 2020 consumer expenditure statistics from the Bureau of Labor Statistics to identify the yearly cost for these outgoings in each city, all of which came in under $2,600.
We derived the average monthly rent for these prime beach cities from ApartmentList, while the livability scores, required to be 65 or above, were collected from AreaVibes. Additionally, it was a prerequisite for these cities to have a demographic where at least 10% of the population was aged 65 or above, as per the Census Bureau’s data.
Certain cities, including Myrtle Beach, South Carolina, and Savannah, Georgia, nearly made the cut, but their livability scores fell slightly short of the required 65. Other cities, such as San Diego and Virginia Beach, were not included due to their monthly expenditure exceeding $2,600. Continue reading to learn more about the ideal beach cities for retirement on a $2,600 monthly budgetโmost of which are situated in a particularly sun-soaked state.
10 Best Places For Retirement
10. Myrtle Beach, South Carolina
- Total monthly expenditures: $2,275
- Livability score: 64
Myrtle Beach, famous for its SkyWheel, boardwalk, and Atlantic Ocean shores, is a tourist hotspot. Its low cost of living, however, makes it a viable option for retirees seeking a permanent beachfront lifestyle. Homeowners with a mortgage face a median monthly cost of $1,296, while renters pay around $976.
Over a third of Myrtle Beach’s residents are 60 or older, making it a haven for retirees. Plus, it scores high on the desirability index, as per a U.S. News survey. Known for its variety of golf courses, Myrtle Beach offers recreational amenities alongside shopping centers, says Andrew Latenko, an RV travel blogger.
9. Portland, Maine
- Total monthly expenditures: $2,500
- Livability score: 67
- Total monthly expenditures: $2,275 Livability score: 64
For those desiring seaside retirement without tropical humidity, Portland makes an excellent choice. This city offers four distinct seasons, a rocky Atlantic coastline, and a diverse gastronomic scene. The median housing cost for homeowners is $1,694 per month, while renters pay a median of $1,115 monthly. Home to the University of Southern Maine, Portland is a vibrant college town.
8. Port St. Lucie, Florida
- Total monthly expenditures: $2,350
- Livability score: 72
Positioned midway between Miami and Orlando, Port St. Lucie offers an affordable, tranquil alternative to these bustling cities. “It’s a more economical option than larger retirement destinations like Sarasota or Melbourne,” says Snider. Scoring high on the desirability index, Port St. Lucie has over a third of its population aged 60 or older. Median housing costs are $1,521 monthly for homeowners and $1,194 for renters. Besides its Atlantic coast, the city is known for its freshwater marshes.
7. Sarasota, Florida
- Total monthly expenditures: $2,450
- Livability score: 76
Sarasota, with its beautiful beaches such as Lido Key and Siesta Key, is a popular choice among retirees. The unique quartz sand at Siesta Beach stays cool even under the sun. “Sarasota offers warm weather, beautiful beaches, cultural activities, and recreational opportunities.
The cost of living is reasonable, and there are many retirement communities and senior-friendly neighborhoods,” Latenko notes. Housing costs are moderate with a median of $1,563 per month for homeowners and $1,259 for renters. The city boasts major healthcare providers and several barrier islands separating Sarasota Bay from the Gulf of Mexico.
6. Jacksonville, Florida
- Total monthly expenditures: $2,393.49
- Livability score: 69
Monthly groceries and healthcare in Jacksonville are below the national average at $347.53 and $539.55, respectively. However, utilities are 2.8% higher than the national average at $324.08 You’ll also pay an average cost of $1,182 to rent a one-bedroom apartment here, which is neither the highest nor lowest in the study.
5. Corpus Christi, Texas
- Total monthly expenditures: $2,189.11
- Livability score: 69
You’ll get the most bang for your buck in this Gulf Coast city. Its total monthly expenses are the lowest in the study. The average monthly rent for a one-bedroom in Corpus Christi is just $984, which happens to be the lowest rent expense in the study.
The city also has the lowest monthly grocery cost at $325.11, which is about 7% under the national average. Monthly healthcare costs and utilities are neither the highest or lowest at $561.78 and $318.72, respectively. Even so, those costs are only 1.1% above the national average.
4. Fort Myers, Florida
- Total monthly expenditures: $2,591.54
- Livability score: 72
Fort Myers has the highest total monthly expenditures in the study, coming in right under $2,600. Rent is $1,271, the second-highest in the study, and monthly healthcare costs are 17.3% higher than the national average at $651.80. However, utilities are the second-lowest in the study at $307.37, also you can find a lot of good places to dine outside.
3. Clearwater, Florida
- Total monthly expenditures: $2,577.68
- Livability score: 74
If you’re an older retiree looking to be among your peers, you’ll be in good company in this Tampa Bay area city. According to the study, 22.8% of the population in Clearwater is 65 or older. However, you’ll pay a bit more to live here — total monthly expenditures are the second-highest in the study. The average monthly rent for a one-bedroom apartment is the highest in the study at $1,315, and groceries utilities and healthcare all hover above the national average, though not by much.
2. Panama City Beach, Florida
- Total monthly expenditures: $2,329.94
- Livability score: 76
Panama City Beach has the highest livability score in the study. The average rent for a one bedroom is the second-lowest in the study at $1,099 per month. And monthly healthcare expenses are 3% below the national average at $539.00 per month. However, the monthly cost for groceries is $358.74, or 2.4% above the national average, and monthly utilities are the highest in the study at $333.53 — 5.8% above the national average.
1. Melbourne, Florida
- Total monthly expenditures: $2,382.80
- Livability score: 75
Melbourne’s livability score is exceptional at 75 — ranking the second-highest in the study. The average one-bedroom rent is $1,201 and monthly grocery costs are $350.68, which are neither the highest or lowest in the study. Monthly healthcare costs, however, are 5.6% below the national average at $524.55, and monthly utilities are the lowest in the study at $306.74.
Research Methodology
For this analysis, the best beach cities for retirement were identified based on several sources such as Travel + Leisure, Thrillist, and U.S.News and World Report. These cities offered a desirable beach lifestyle for retirees on a budget of $2,600 or less. ApartmentList data from June 2022 was used to determine the average monthly rent for a one-bedroom apartment in each city. Cost of living indexes for groceries, utilities, and healthcare were acquired from Sperling’s Best for each city on the list.
Data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey was then utilized to estimate annual expenditures for groceries and healthcare for those aged 65 and older. This provided a basis for calculating how much an individual of this age group would spend monthly on groceries and healthcare in each city. The sum of these monthly costs (housing, groceries, healthcare) provided a total expenditure figure to identify cities where a retiree could live comfortably on $2,600 or less.
To be eligible for this study, each city had to fulfill two criteria: it had to possess a livability score of 65 or higher (as per AreaVibes data), and at least 10% of its population needed to be 65 or older (according to the Census Bureau’s 2020 American Community Survey).
The final ranking was determined based on total monthly expenditures, the percentage of the population over 65, and livability, with the lowest score indicating the best position. The livability score carried a weight of 1.5 times the other factors in this calculation. All data was collected and up-to-date as of July 18, 2022.
FAQ
What makes Myrtle Beach, South Carolina, an attractive option for retirement?
Myrtle Beach, South Carolina, is a tourist hotspot known for its SkyWheel, boardwalk, and Atlantic Ocean shores. It offers a low cost of living, making it a viable option for retirees seeking a permanent beachfront lifestyle. Over a third of Myrtle Beach’s residents are 60 or older, creating a retiree-friendly environment.
The city also scores high on the desirability index, according to a U.S. News survey. Myrtle Beach is renowned for its variety of golf courses and offers recreational amenities alongside shopping centers.
What makes Portland, Maine, a good choice for seaside retirement?
Portland, Maine, is an excellent choice for seaside retirement, especially for those who prefer a climate without tropical humidity. The city experiences four distinct seasons and offers a rocky Atlantic coastline. It has a diverse gastronomic scene and is home to the University of Southern Maine, giving it a vibrant college town atmosphere.
Why is Port St. Lucie, Florida, considered an affordable and tranquil alternative for retirement?
Port St. Lucie, Florida, is positioned midway between Miami and Orlando, offering an affordable and tranquil alternative to the bustling cities. It is considered more economical than larger retirement destinations like Sarasota or Melbourne.
With over a third of its population aged 60 or older, Port St. Lucie is a popular choice for retirees. The median housing costs for homeowners and renters are relatively moderate, and the city is known for its freshwater marshes along with its Atlantic coast.
What makes Sarasota, Florida, a popular choice among retirees?
Sarasota, Florida, is a popular choice among retirees due to its beautiful beaches, including Lido Key and Siesta Key. Siesta Beach, in particular, is known for its unique quartz sand that stays cool even under the sun.
Sarasota offers warm weather, cultural activities, recreational opportunities, and reasonable cost of living. The city has a range of retirement communities and senior-friendly neighborhoods. Major healthcare providers and several barrier islands separating Sarasota Bay from the Gulf of Mexico are additional attractions.
How does Jacksonville, Florida, fare in terms of monthly expenditures for retirement?
Jacksonville, Florida, has below-average monthly expenditures for groceries and healthcare compared to the national average. However, utilities in Jacksonville are slightly higher than the national average. The average cost to rent a one-bedroom apartment in the city is neither the highest nor the lowest among the cities analyzed.
What sets Corpus Christi, Texas, apart as a budget-friendly beach city for retirement?
Corpus Christi, Texas, offers the most affordable total monthly expenses among the cities analyzed. The average monthly rent for a one-bedroom apartment in Corpus Christi is the lowest in the study, and the city also has the lowest monthly grocery cost. The monthly healthcare costs and utilities are neither the highest nor the lowest but still remain relatively affordable.
What are the key factors to consider for retirement in Fort Myers, Florida?
Fort Myers, Florida, has the highest total monthly expenditures among the cities analyzed, coming in just under $2,600. Rent is the second-highest in the study, but utilities are the second-lowest. Monthly healthcare costs in Fort Myers are significantly higher than the national average.
What makes Clearwater, Florida, an appealing city for older retirees?
Clearwater, Florida, has a relatively high percentage of its population aged 65 or older, making it an appealing city for older retirees. However, the total monthly expenditures in Clearwater are the second-highest among the cities analyzed. The average monthly rent for a one-bedroom apartment is the highest in the study, and groceries, utilities, and healthcare costs all hover above the national average.
Why is Panama City Beach, Florida, ranked highly for retirement?
Panama City Beach, Florida, has the highest livability score among the cities analyzed. The average rent for a one-bedroom apartment is the second-lowest in the study, and healthcare expenses are below the national average. However, the monthly grocery cost in Panama City Beach is slightly above the national average, and utilities are the highest among the cities analyzed.
What factors contribute to Melbourne, Florida, being the top budget-friendly beach city for retirement?
Melbourne, Florida, tops the list as the best budget-friendly beach city for retirement. It has an exceptional livability score and relatively moderate housing costs. The monthly grocery costs are neither the highest nor the lowest, while healthcare costs and utilities are below the national average, making it an affordable choice for retirees.
Conclusion
In conclusion, achieving a seaside retirement without breaking the bank is indeed possible within the United States. The analysis of budget-friendly beach cities considered factors such as cost of living, yearly expenses, average rent, livability scores, and demographics of the population aged 65 and above.
Cities like Myrtle Beach, South Carolina, and Portland, Maine, offer attractive options for retirees seeking a beachfront lifestyle with affordable housing costs and a vibrant atmosphere. Port St. Lucie, Sarasota, and Jacksonville in Florida provide alternatives with tranquil environments, desirable amenities, and significant portions of their populations aged 60 and older.
