15 Small Towns Where Retirees Can Live Like Millionaires on $50,000 a Year

Retirement costs can add up quickly. When you consider that the average Social Security benefit is $2,071 per month according to the Social Security Administration, making your dollars stretch in retirement is often a priority.

When planning for retirement, choosing the right spot to enjoy your golden years can make all the difference to your budget. If you expect to bring in a retirement income of around $50,000, it's a good idea to opt for an affordable town. In some cities, you could even stretch your savings without feeling pinched.

This list includes many small towns with affordable housing to help you live like royalty in retirement.

Editor's note: All rental and mortgage data pulled from Zillow unless otherwise noted.

Average rent: $850

Average home price: $105,770

Bluefield sits in the iconic Appalachian Mountains, which offer a peaceful background for your retirement years. With cool summers and ample small-town charm, you'll find lots to love about this beautiful place. And the nearby New River Gorge National Park provides easy access to nature.

Over 20% of the town's population is over 65, giving you plenty of opportunities to connect with fellow retirees.

Average rent: $1,100

Average home price: $200,270

You'll find Florence on the banks of the Tennessee River, just across from Muscle Shoals. With a reputation for great music, both cities offer lots of live music venues and festivals year-round.

When you want to get out into nature, you'll find lots of nearby hiking trails. In town, you'll find an active senior center with activities most days of the week.

Average rent: $1,100

Average home price: $152,259

Danville's historic setting offers a charming downtown with plenty of dining and shopping opportunities. With a speedway near town, you can enjoy watching some of the best road racing in the country, which is sure to get your blood pumping from the stands.

Over 20% of the town's residents are at least 65 years old, which could make it easy to find new friends. Plus, the local senior center offers lots of classes, such as dance, exercise, art, and more, to help you get plugged into the community quickly.

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Average rent: $700

Average home price: $140,960

Corning offers some of the most affordable housing costs on this list. It's easy to stretch your budget further when you can find a rental for around $700 per month, leaving plenty of space for other expenditures that make you smile.

Around 19% of the town's population is at least 65 years old, which could make it easy to find new friends here.

Average rent: $1,200

Average home price: $306,813

If you're looking for a retirement destination with Western flair, Santa Rosa could fit the bill. It sits on the historic Route 66, with an interesting past that has drawn in a community of artists and creatives from around the country.

Interestingly, Santa Rosa even offers diving in its deep blue waters, something retired thrill-seekers may appreciate.

Average rent: $1,150

Average home price: $197,596

Tupelo offers the small-town charm that Southern states are known for. Just outside of town, you can hop on the Natchez Trace Parkway, which offers 444 miles of natural beauty to explore, and with highly-rated restaurants, you'll never run out of delicious fare to try.

A local senior center offers activities four days a week, with a popular bridge club that draws in card players.

Average rent: $1,000

Average home price: $131,888

Enid offers a chance to steep yourself in Western living at an affordable price point. If you've been dreaming of an adventure, Enid might be it. With six state parks all within a 90-minute drive that offer a variety of landscapes to explore, you'll never run out of places to explore.

The town's historic nature means you'll also find chances to learn more about days gone by, including at the Cherokee Strip Regional Heritage Center.

Average rent: $865

Average home price: $156,982

Eufaula sits on the Chattahoochee River, across the water from Georgia. Nearby, you'll find the Eufaula National Wildlife Refuge, a perfect spot for hiking, paddling, and birding.

In town, there's plenty of history to soak up and charming live oaks nestled throughout the buildings.

Average rent: $722 (Apartments.com)

Average home price: $120,331

As one of the most cost-efficient small towns on this list, Freeport could be a great option for retirees who want to put down roots in a forever home for their golden years. The quaint downtown offers several dining and shopping options.

There are even a couple of community theatres and groups that host events each month, like the Winneshiek Players, to keep you entertained all year round.

Average rent: $1,090

Average home price: $202,097

Cedar Rapids boasts lots of entertainment options, including McGrath Amphitheater, Indian Creek Nature Center, and the Cedar Rapids Kernels, a minor league baseball team. With multiple museums, a bustling city market, and a junior hockey team to cheer on, there's always something happening here.

Average rent: $1,650

Average home price: $257,008

Morristown sits near the idyllic Cherokee Reservoir, boasting plenty of access to nature through nearby state parks. It's even the disc golf capital of Tennessee, which could be a great new hobby to try.

Beyond outdoor activities, you'll also find a historic downtown packed with restaurants and boutiques.

Average rent: $1,700

Average home price: $180,936

On the banks of Lake Huron, Alpena delivers laid-back lakeside appeal in spades. Although it's known for cold winters, the summers are downright pleasant. With nearby state parks and easy access to the outdoors via the lake, you'll find a lot to explore here.

Plus, the local senior center offers daily activities to help you stay active year-round.

Average rent: $1,100

Average home price: $197,799

Lake Charles sits in southwestern Louisiana. As you'd expect from a city in the Bayou State, there are swamps and rivers to explore by boat. In town, the food scene doesn't disappoint. And for a true taste of local culture, one of the state's largest Mardi Gras celebrations takes place here every year.

Average rent: $1,345

Average home price: $240,694

Hot Springs might be best known for the nearby Hot Springs National Park. But the beautiful great outdoors is just the starting point of what this town has to offer. In town, a growing arts scene puts on many festivals each year, and foodies will love what the highly-rated restaurants have to offer.

Average rent: $1,150

Average home price: $213,638

Hattiesburg boasts more than a low cost of living. As home to the University of Southern Mississippi, this town punches above its weight in many ways. Thanks in part to the college town vibes, a surprising number of cultural events happen throughout the year.

Add in several museums and a vibrant downtown, and seniors will find plenty to love about this small town.

Choosing a budget-friendly location can help you make the most of your retirement savings. In addition to locking in an affordable place to call home, consider tapping into overlooked senior benefits, like discounts from everyday stores and specially-priced travel, to stretch your dollars even further.