Most affordable places to retire? Two North Carolina cities rank among best in the US
North Carolina is home to two of the nation’s most affordable places to retire, a new report finds.
Winston-Salem ranks No. 6 and Greensboro is No. 10 on a list of cities offering favorable living conditions and lower costs for older adults, according to results published Jan. 4.
“Retirement should be a time of leisure and relaxation but unfortunately, you won’t be doing too much relaxing in the shade if you’re constantly stressing about money,” the personal finance website GOBankingRates wrote in its report. “Most people retire on a limited budget, which means seeking new places to live where you can stretch your money further.”
To create the list, GOBankingRates said it focused on the most populous cities across the country. It studied data from the federal government as well as Sperling’s BestPlaces and AreaVibes — websites that use the U.S. Census Bureau and other resources for their analyses.
“GOBankingRates analyzed and ranked the 100 biggest U.S. cities based on the annual retirement income needed to cover basic costs, including housing, healthcare, groceries, transportation and utilities,” the report said. “We also rated cities based on their livability, and only considered cities where the percentage of senior population was 10% or higher.”
Why are the NC cities top retirement destinations?
Of the two North Carolina cities that landed in the top 10, Winston-Salem ranked the highest at No. 6. The report said residents ages 65 and older face $42,391 in annual expenses, an amount lower than many other cities on the list.
“Winston-Salem is one of the best places to retire on a budget thanks to a cost of living that’s 18.7% lower than the national average,” GOBankingRates wrote. “Housing is also really affordable here, at 37.5% less than the national average, or $11,795 per year.”
Nearby, Greensboro earned similar praise for its lower costs, totaling $43,121 each year. Though St. Louis’ retirees faced the same annual expenses, the North Carolina city was found to have a larger portion of older residents and a higher score for livability — a measure of safety, amenities and other quality-of-life factors.
“Greensboro’s cost of living is 17.3% lower than the rest of the nation,” GOBankingRates wrote. “Housing here is especially affordable, at 33.6% lower than the national average, or $12,531 per year.”
So, how did other North Carolina cities fare in the rankings? Here are the places that made it into the top 50:
- Durham at No. 39
- Charlotte at No. 42
- Raleigh at No. 50
Nationwide, GOBankingRates said the “cheapest” place for retirees to call home is Toledo, Ohio. Rounding out the top five:
- Cleveland at No. 2
- Memphis, Tennessee, at No. 3
- Fort Wayne, Indiana, at No. 4
- Lubbock, Texas, at No. 5
The results were released after GOBankingRates last month named Black Mountain the best place to retire in North Carolina. But data for that report was gathered in June, before Hurricane Helene left a path of destruction in the town in September, The Charlotte Observer reported.
This story was originally published January 14, 2025 at 2:05 PM.
