What a Comfortable Retirement Costs in America’s Cheapest Beach Towns

Caitlyn Moorhead

31 May 2024 at 8:00 am·7-min read

A retirement plan that includes comfortably living in a beach town doesn’t have to be an unattainable dream. By choosing one of America’s cheaper coastal locales, you can enjoy the best of seaside living without compromising your financial stability or your nest egg. These towns offer affordable housing, reasonable daily expenses and a good quality of life, ensuring a relaxing and fulfilling retirement by the sea.

Check Out: 16 Best Places To Retire in the US That Feel Like Europe

Up Next: 7 Common Debt Scenarios That Could Impact Your Retirement — and How To Handle Them

GOBankingRates conducted a study that evaluated the cost-of-living indexes and national average expenditure costs for retirees, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, to calculate the average expenditure cost in each city. Using the average mortgage and expenditure costs the average total cost of living for each city can be calculated. The cities were sorted to show the cheapest to the most expensive.

Here are some other key takeaways:

Of the cities found, Texas has 4 of the top 10 cheapest beach towns for retirees.
Westport, Washington, had the highest average home value on the list coming in around $297,761.77.
Texas had the biggest city by population on this list with Corpus Christi which has about 317,804 residents, 45,963 of whom are of retirement age at 65 and over.

Take a look at 25 cheap beach towns you can fit into your retirement goals, ranked from lowest to highest income needed to retire comfortably after Social Security is factored in.

DenisTangneyJr / Getty Images/iStockphoto

1. Retiring in Port Arthur, Texas

Retirement age population (65 and up): 7,352
Average mortgage cost: $629.65
Average monthly cost of living: $2,361.35
Income needed (after Social Security) for a comfortable retirement: $993.65

Learn More: I’m a Financial Planner: 5 Ways Not To Spend Down Your Savings in Retirement

Do You? 5 Signs Boomers Have Enough Savings To Last in Retirement

Wealthy people know the best money secrets. Learn how to copy them.

2. Retiring in Pascagoula, Mississippi

Retirement age population (65 and up): 3,308
Average mortgage cost: $811.81
Average monthly cost of living: $2,553.99
Income needed (after Social Security) for a comfortable retirement: $1,378.94

3. Retiring in Michigan City, Indiana

Retirement age population (65 and up): 5,552
Average mortgage cost: $979.04
Average monthly cost of living: $2,608.85
Income needed (after Social Security) for a comfortable retirement: $1,488.67

4. Retiring in Freeport, Texas

Retirement age population (65 and up): 1,299
Average mortgage cost: $849.45
Average monthly cost of living: $2,709.94
Income needed (after Social Security) for a comfortable retirement: $1,690.85

5. Retiring in Port Lavaca, Texas

Retirement age population (65 and up): 2,027
Average mortgage cost: $1,063.03
Average monthly cost of living: $2,801.88
Income needed (after Social Security) for a comfortable retirement: $1,874.72

See More: 4 Places To Retire That Are Better Than Florida — and Way Cheaper

6. Retiring in Palacios, Texas

Retirement age population (65 and up): 723
Average mortgage cost: $1,125.66
Average monthly cost of living: $2,878.66
Income needed (after Social Security) for a comfortable retirement: $2,028.28

7. Retiring in Gulfport, Mississippi

Retirement age population (65 and up): 10,570
Average mortgage cost: $1,141.12
Average monthly cost of living: $2,885.66
Income needed (after Social Security) for a comfortable retirement: $2,042.29

8. Retiring in Grand Isle, Louisiana

Retirement age population (65 and up): 166
Average mortgage cost: $1,085.70
Average monthly cost of living: $2,944.66
Income needed (after Social Security) for a comfortable retirement: $2,160.27

9. Retiring in Mobile, Alabama

Retirement age population (65 and up): 31,516
Average mortgage cost: $1,145.03
Average monthly cost of living: $2,991.74
Income needed (after Social Security) for a comfortable retirement: $2,254.44

10. Retiring in Algoma, Wisconsin

Retirement age population (65 and up): 775
Average mortgage cost: $1,342.04
Average monthly cost of living: $2,997.06
Income needed (after Social Security) for a comfortable retirement: $2,265.08

Peaceful Living: 7 Places To Retire That Are Similar to Europe but Way Cheaper

11. Retiring in Texas City, Texas

Retirement age population (65 and up): 8,118
Average mortgage cost: $1,293.68
Average monthly cost of living: $3,037.44
Income needed (after Social Security) for a comfortable retirement: $2,345.84

12. Retiring in Biloxi, Mississippi

Retirement age population (65 and up): 7,415
Average mortgage cost: $1,310.21
Average monthly cost of living: $3,056.68
Income needed (after Social Security) for a comfortable retirement: $2,384.32

13. Retiring in Waveland, Mississippi

Retirement age population (65 and up): 1,276
Average mortgage cost: $1,254.29
Average monthly cost of living: $3,062.18
Income needed (after Social Security) for a comfortable retirement: $2,395.32

14. Retiring in Cameron, Louisiana

Retirement age population (65 and up): 33
Average mortgage cost: $1,146.58
Average monthly cost of living: $3,141.66
Income needed (after Social Security) for a comfortable retirement: $2,554.28

Election Year: I’m an Economist: Here’s My Prediction for Social Security If Biden Wins the 2024 Election

15. Retiring in Corpus Christi, Texas

Retirement age population (65 and up): 45,963
Average mortgage cost: $1,337.76
Average monthly cost of living: $3,167.45
Income needed (after Social Security) for a comfortable retirement: $2,605.86

16. Retiring in Brunswick, Georgia

Retirement age population (65 and up): 2,711
Average mortgage cost: $1,448.61
Average monthly cost of living: $3,174.57
Income needed (after Social Security) for a comfortable retirement: $2,620.10

17. Retiring in Atlantic City, New Jersey

Retirement age population (65 and up): 6,070
Average mortgage cost: $1,408.71
Average monthly cost of living: $3,225.49
Income needed (after Social Security) for a comfortable retirement: $2,721.94

Cut Expenses: Retirement Spending: 9 Things Even Spendthrifts Don’t Waste Money On

18. Retiring in Ocean Springs, Mississippi

Retirement age population (65 and up): 3,427
Average mortgage cost: $1,549.72
Average monthly cost of living: $3,337.20
Income needed (after Social Security) for a comfortable retirement: $2,945.37

19. Retiring in Portland, Texas

Retirement age population (65 and up): 2,727
Average mortgage cost: $1,563.26
Average monthly cost of living: $3,356.36
Income needed (after Social Security) for a comfortable retirement: $2,983.67

Kanokwalee Pusitanun / Getty Images/iStockphoto

20. Retiring in Pensacola, Florida

Retirement age population (65 and up): 10,927
Average mortgage cost: $1,557.19
Average monthly cost of living: $3,367.48
Income needed (after Social Security) for a comfortable retirement: $3,005.93

21. Retiring in Hampton, Virginia

Retirement age population (65 and up): 21,761
Average mortgage cost: $1,602.44
Average monthly cost of living: $3,470.16
Income needed (after Social Security) for a comfortable retirement: $3,211.27

Be Aware: 4 Ways Baby Boomers Become ‘House Poor’ in Retirement

22. Retiring in Panama City, Florida

Retirement age population (65 and up): 6,176
Average mortgage cost: $1,693.63
Average monthly cost of living: $3,509.08
Income needed (after Social Security) for a comfortable retirement: $3,289.12

23. Retiring in Westport, Washington

Retirement age population (65 and up): 536
Average mortgage cost: $1,772.13
Average monthly cost of living: $3,510.13
Income needed (after Social Security) for a comfortable retirement: $3,291.21

Sergey Dolgikh / Getty Images/iStockphoto

24. Retiring in Essex, Maryland

Retirement age population (65 and up): 6,701
Average mortgage cost: $1,662.23
Average monthly cost of living: $3,541.80
Income needed (after Social Security) for a comfortable retirement: $3,354.55

Look Forward: 7 Bills You Never Have To Pay When You Retire

25. Retiring in Daytona Beach, Florida

Retirement age population (65 and up): 15,772
Average mortgage cost: $1,768.03
Average monthly cost of living: $3,570.83
Income needed (after Social Security) for a comfortable retirement: $3,412.62

Methodology: For this study, GOBankingRates analyzed beach cities from across the country to find the cheapest place to retire comfortably in the cheapest beach towns. First GOBankingRates found almost 200 unique beach towns across the country as sourced from Far&Wide, Thrillist, Realtor, EnjoyTravel, and WSAZ3. For each city a number of factors were found including; the total population, population aged 65 and over both sourced from the US Census American Community Survey, the average single-family home value from April 2024 as sourced from the Zillow Home Value Index, the cost of living indexes as sourced from Sperlings BestPlaces, and livability index as sourced from AreaVibes. The cost of living indexes were used with the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for retired residents, to calculate the average expenditure cost in each city. By assuming a 10% downpayment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost for each city can be calculated. Using the average mortgage cost and the average expenditure costs the average total cost of living for each city can be calculated. The cities were sorted to show the cheapest to the most expensive. To find the amount needed for a comfortable retirement, GOBankingRates used the 50/30/20 rule that states the needs should be half of the household income. To find the amount needed for a comfortable retirement, the total cost of living was doubled. All data was collected on and is up to date as of May 24, 2024.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: What a Comfortable Retirement Costs in America’s Cheapest Beach Towns

Reuters
German car industry urges EU to drop tariffs on China-made cars
BERLIN (Reuters) -Germany's VDA auto association has urged the European Commission to drop its planned tariffs on China-made electric vehicles in a last-ditch effort to influence negotiations ahead of the tariffs which take effect on Thursday. The association said in a statement on Wednesday the tariffs would hurt European and U.S. carmakers exporting from China and risked retaliation by China with counter-tariffs, which would hit the German industry hard given its high volume of exports to China.
Associated Press
Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies
After the United States passed new subsidies designed to boost domestic electric vehicle production and cut into Beijing’s supply chain dominance, Chinese manufacturers began investing in an unlikely place: Morocco. In the rolling hills near Tangiers and in industrial parks near the Atlantic Ocean, they have announced plans for new factories to make parts for EVs that may qualify for $7,500 credits to car buyers in the United States. Similar investments have been announced in other countries that share free trade agreements with the United States, including South Korea and Mexico.
AFP News
Indonesia launches first EV battery plant
Indonesia launched its first electric vehicle battery plant on Wednesday, President Joko Widodo said, as Southeast Asian countries move to gain a foothold in the emerging industry.The plant is part of a $9.8 billion electric vehicle battery deal signed between Indonesia and LG in 2020.
Simply Wall St.
Exploring Three SGX Stocks With Intrinsic Value Discounts Ranging From 43% To 47.2%
Amidst a landscape of heightened vigilance against financial fraud, as highlighted by initiatives from major banks like National Australia Bank, investors in the Singapore market may find reassurance in focusing on fundamentally sound investments. In this context, identifying stocks trading below their intrinsic value can offer a prudent strategy, especially when market conditions underscore the need for careful investment choices.
GOBankingRates
I’m a Financial Planning Expert: You’re Right About Your Retirement Savings If …
Finding the magic number for your retirement savings is no easy feat. According to a recent survey of over 1,000 Americans conducted by GOBankingRates, more than a third (35.48%) of the respondents...
AFP News
China's BYD opens EV plant in Thailand despite slowdown, tariff row
China's electric vehicle giant BYD opened a factory in Thailand on Thursday, continuing its international expansion despite a market slowdown and hours before the European Union was due to impose swingeing tariffs on Chinese EV firms.China has led the global shift to electric vehicles, with almost one in three cars on its roads set to be electric by 2030, according to the International Energy Agency's annual Global EV Outlook.
AFP News
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union on Thursday slapped extra provisional duties of up to 38 percent on Chinese electric car imports because of Beijing's "unfair" support, a move that risks escalating tensions with Beijing.- Expected cut to imports - The United States has already hiked customs duties on Chinese electric cars to 100 percent, while Canada is considering similar action.
The Telegraph
BMW attacks EU tariffs on Chinese electric car imports
BMW has accused the European Union of protectionism as Brussels prepares to hit imported Chinese electric cars with a wave of tariffs.
AFP News
Why are Chinese electric cars in EU crosshairs?
The European Union will impose additional provisional duties of up to 38 percent on Chinese electric cars from Friday after concluding manufacturers in China benefited from unfair state support.The EU will now impose provisional duties between 20 and 38 percent on top of the current 10 percent tariff on Chinese electric cars.
The Guardian
‘We’re in limbo’: Boeing takeover leaves longtime Belfast factory under threat
Workers and politicians fear steep job cuts at Northern Ireland’s Spirit AeroSystems, which has about 3,500 workers
BBC
EU hits Chinese electric cars with new tariffs
The move poses a challenge to Beijing, which hopes EVs will help revive the country's flagging economy.
Reuters
MG, Nio hint at car price increases this year following EU EV tariff decision
Chinese brands MG and Nio suggested on Thursday they might raise prices of their cars in Europe later this year, following the European Union's decision to confirm tariffs on Chinese-imported EVs. The EU will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels' largest trade case yet. Chinese automaker Nio said in a statement it might adjust prices of its cars in Europe as a result of the EU's decision on tariffs.
Moneywise
Here are 5 ways Americans can boost their retirement income — without having to save or work more
55% of Americans are concerned they can’t achieve financial security in retirement.
Fortune
The workplace attention span is dead: 60% of employees can’t go 30 minutes without getting distracted
As more workers return to the office, they risk getting distracted by coworkers, manager check-ins, and meetings.
Benzinga
The Surprising Retirement Hotspots Growing Fastest In America — None In Florida But Even Hotter
According to a report from the Alliance for Lifetime Income, America is expected to see record numbers of retired citizens over the next four years, and that means they'll be looking for a retirement destination. Move over, Florida, because American retirees are casting their sights on other surprising retirement hot spots. Don't Miss: The average American couple has saved this much money for retirement — How do you compare? This Jeff Bezos-backed startup will allow you to become a landlord in j
The Telegraph
What Labour has in store for your pension
The pensioner vote has been a key battleground in this election. One of the Conservatives’ key pledges was the introduction of the “triple lock plus” – extra tax breaks for the retired. But it is highly unlikely the policy will see the light of day, so what does Labour have in store for your retirement savings – and what can you do about it?
CoinDesk
Bitcoin Bottom Is Near as Miners Capitulating Near FTX Implosion Level: CryptoQuant
Bitcoin miners are showing signs of capitulation, an event that is typically tied to a market bottom following a 13% decline over the past 30-days.
Reuters
Russian firms raise zinc output to meet government demand, sources say
Russian firms have boosted zinc metal production over the past month to benefit from rising state demand and reduce reliance on China as a destination for material, two sources familiar with the matter told Reuters. Russia's output of zinc used to galvanise steel is a fraction of the global total, but it will add to tightness in the global zinc concentrate market as seen in China's imports. Russia's commodity exports to China soared after Western sanctions were imposed on Moscow for its invasion of Ukraine in Feb. 2022.
Reuters Videos
China's BYD opens first EV factory in Southeast Asia
STORY: Step inside BYD's first electric vehicle plant in Thailand.It's part of the Chinese automaker's plan to expand in Southeast Asia, where BYD has become the dominant player.BYD CEO and President Wang Chuanfu."We are convinced that Thailand will have a golden development period for new energy vehicles. China and Thailand are geographically close, culturally close, and economic and trade cooperation is booming. New energy vehicles are not only a bridge between China and Thailand to enhance friendship, but also a link between BYD and Thailand."Thailand is a regional auto assembly and export hub.The country aims to convert 30% of its annual production of 2.5 million vehicles into EVs by 2030.Chinese EV makers clearly like the lure of the Thai government's subsidies and tax incentives.They've invested more than $1.4 billion setting up factories in the country, with BYD's new plant the latest addition.The sprawling facility is worth $490 million.And it will have a production capacity of 150,000 vehicles per year, including plug-in hybrids."It will provide over 10,000 jobs after reaching full capacity."As part of its expansion outside China, the world's largest EV maker is also building its first European production base in Hungary.Although BYD could feel some pain in that particular market.The European Commission has imposed tariffs of up to nearly 38% on Chinese-made EVs.
Reuters
Accounting firm RSM's US arm plans to more than double India headcount in 3 years
UK-based accounting firm RSM's U.S. arm is planning to more than double its India workforce to 5,000 over the next three years, a top executive said. The world's No. 6 accounting firm's U.S. arm employs 2,000 of its 17,000 employees in India, and is creating more consulting, audit and tax roles in the country to cater to its North American clients as a part of its global capability centre (GCC) expansion plan.

Straits Times Index

Nikkei

Hang Seng

FTSE 100

Bitcoin USD

CMC Crypto 200

S&P 500

Dow

Nasdaq

Gold

Crude Oil

10-Yr Bond

FTSE Bursa Malaysia

Jakarta Composite Index

PSE Index