13 Small Towns Where Retirees Can Live Like Millionaires on $55,000 a Year

As you head into retirement, finding the right place to call home could make all the difference to your retirement savings. If you are looking at a retirement income of around $55,000 per year, you might be looking for a spot to help you stretch your savings without scrimping.

Here are several small towns with affordable housing and plenty of amenities, which could help you avoid wasting money in retirement and live like a king or queen on $55,000 a year.

Editor's note: Unless otherwise noted, all data listed below on rent and housing costs come from Zillow.com.

Waycross, Georgia

Average rent: $1,075

Average home price: $145,264

In Southern Georgia, Waycross is home to around 14,000 residents. It's a classic small town with a nationally recognized Main Street City that stands out with a quaint historic downtown district.

As a new resident, the series of classes about a range of hobbies, like crafting and hiking, might offer an easy way to get plugged into the community.

Tryon, North Carolina

Average rent: $1,500

Average home price: $342,410

Beyond the simple fact that Tryon offers a mild climate at a relatively reasonable price point, the small town offers a rich community filled with plenty of activities to help you live large in retirement.

For starters, the downtown's mix of local shops and restaurants provides a nice backdrop to your new life. The town's rather extensive events schedule might offer a surprise change of pace to enjoy in your golden years.

Youngstown, Ohio

Average rent: $1,067

Average home price: $71,210

Around 60,000 people call Youngstown home, and with its mix of affordability and community, it's easy to see why. For retirees looking to make the most of their retirement savings, the housing costs in Youngstown are hard to beat.

In addition to affordability, Youngstown offers a range of museums, parks, and local shops to make living in this small town an enjoyable adventure.

Douglas, Arizona

Average rent: $900

Average home price: $174,204

If you are looking to head West, the desert beauty surrounding Douglas might be the right fit. In addition to extremely affordable housing costs, you'll find a small town with extensive historic roots. As a crossroads town for centuries, the mix of cultures has planted the seed for a thriving community.

It's the perfect spot for retirees who want to steep themselves in history without breaking the bank.

Richmond, Indiana

Average rent: $865

Average home price: $161,850

Richmond's relatively low housing costs set the stage for a retirement that might make you feel like a millionaire. You'll find several "themed trails" to help you explore town, including Antique Alley, the Chocolate Trail, and the Enchanted Fairy Trail. The town also offers several parks with walking trails and easy access to nature, which might help you stay active in retirement.

Paducah, Kentucky

Average rent: $1,250

Average home price: $190,460

In terms of what this small town has to offer, Paducah's relatively affordable housing costs are the tip of the iceberg. The town has earned the distinction of being a "UNESCO Creative City," which essentially means it's home to an internationally recognized and thriving arts community. The strong community filled with a mix of interesting people might make it the perfect place to call home.

Muskogee, Oklahoma

Average rent: $951

Average home price: $145,790

Muskogee's small-town charm pairs perfectly with its relatively affordable housing costs. For retirees on a fixed income, the relatively cheap housing sets the stage for a financially stable retirement.

But cheap rent isn't all Muskogee has to offer. The city also boasts a handful of museums, a calendar packed with local festivals, and outdoor activities, like golfing and fishing.

Salina, Kansas

Average rent: $1,050

Average home price: $178,837

With a population of around 46,000, Salina offers a balance of affordability and community. Lower living costs might let you enjoy the local downtown scene, which includes local shops, restaurants, and a community theater, without stretching your budget.

Thibodaux, Louisiana

Average rent: $1,200

Average home price: $231,327

Thibodaux is home to Nicholls State University, which puts on several cultural events each year. At around an hour from New Orleans, you'll have easy access to the major international airport, which might be a key detail for retirees looking to spend lots of time traveling in retirement.

The Southern charm, complete with beautiful cypress swamps and live oaks throughout, makes this a timeless spot to enjoy your golden years.

Bristol, Tennessee

Average rent: $1,500

Average home price: $238,434

As the "birthplace of country music," this town offers a bustling live music scene in the town's historic downtown. Fans of speed could also find that the city's famous speedway offers plenty of entertainment.

Just outside of town, you'll find easily accessible hiking options to help you soak in the peace and quiet.

Hickory, North Carolina

Average rent: $1,564

Average home price: $298,293

Hickory consistently shows up on lists of cheapest places to live. Once you look at the numbers, it's easy to see why. Beyond relatively low housing costs, you'll find an extensive greenway that opens up access to hiking and mountain biking. Plus, a quaint downtown offers highly-rated local restaurants and shops.

Alpena, Michigan

Average rent: $900

Average home price: $196,939

Alpena sits on the banks of Lake Huron, making it easy for retirees to access freshwater recreational activities, like boating and fishing. With relatively low housing costs, you might have room in your budget for these somewhat expensive hobbies.

Although winters are often harsh here, the collection of cultural activities, like an orchestra, art gallery, and several museums, might make it an enjoyable place to call home year-round.

Sidney, Ohio

Average rent: $1,200

Average home price: $219,162

Sidney boasts easy access to a historic downtown and bustling arts calendar, including an old-time theatre and several museums. You'll also find golfing options and a nearby nature reserve that might help you get outside. With around 20,000 residents, you might find it easy to get connected in this small town.

Bottom line

Choosing a budget-friendly place to settle down in retirement could stretch your retirement savings further and give you more financial freedom. Before committing to a move, though, it's wise to spend some time there first to be sure it's the right fit.

If selling your current home is part of the plan, taking a few strategic steps now could help you maximize your home equity before making the transition.

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