9 Small Southern Towns Retirees Can Live Like Millionaires on $45,000 a Year

As you build a retirement plan, deciding where to call home plays a significant role in your budget. If you're trying to make your retirement dreams come true on a budget, opting to put down roots in an affordable small town could be critical.

This guide explores some small towns in the South where retirees can live well on $45,000 a year.

Editor's note: All housing and cost of living data comes from BestPlaces.net, unless otherwise stated.

Median home price: $173,700

Average rent price: $830 per month

Minimum annual income to live comfortably as a single person: $25,200

Florence sits on the north bank of the Tennessee River, right across from Muscle Shoals. In both towns, a long history of hosting legendary musicians has left a legacy of live music. With a cute downtown with endless shops and restaurants to stroll through and several museums dotted throughout the city, many can find a lot to like about living in Florence.

Average home price: $181,400

Median rent price: $800

Minimum annual income to live comfortably as a single person: $26,400

Only around 30 minutes from the Florida border, this small town is dripping in southern charm. Dothan is a growing town with several golf courses, museums, and an expanding food scene. It's also home to the National Peanut Festival, which takes place each fall.

Median home price: $197,900

Average rent price: $850

Minimum annual income to live comfortably as a single person: $27,200

Jonesboro is the home of Arkansas State University, which gives residents of this small town access to more entertainment amenities. For example, fall football games and spring baseball offer lots of opportunities to cheer on a hometown team. An extensive array of parks can give you easy access to nature. And the vibrant downtown hosts a range of live music events and a growing restaurant scene.

Median home price: $231,700

Average rent price: $850

Minimum annual income to live comfortably as a single person: $26,000

You'll find this affordable small town near the gates of Hot Springs National Park. For retirees hoping to spend more time in nature, easy access to this national park could make getting outside possible year round. Even when you're in town, you'll likely appreciate the natural beauty that pours in from all angles.

Median home price: $174,300

Average rent price: $930

Minimum annual income to live comfortably as a single person: $30,000

On the eastern side of North Carolina, Rocky Mount residents are right along I-95. That makes it easy to travel up or down the Atlantic coast, which could be a valuable asset to some retirees with plans to visit family or friends along that particular major interstate. Several scenic nature parks and a reliable public transport system could make this a good fit for many retirees.

Median home price: $183,330

Average rent price: $870

Minimum annual income to live comfortably as a single person: $28,400

Tucked in the northeast corner of Mississippi, Tupelo offers a true small town vibe. Its main claim to fame is that Elvis Presley was born in this bastion of southern charm. Of course, you can still visit the house where the famous musician grew up. But the town offers much more than that, with a quaint downtown area, several nature parks, and plenty of live music.

Median home price: $183,800

Average rent price: $970

Minimum annual income to live comfortably as a single person: $32,000

As home to the University of Southern Mississippi, Hattiesburg offers more than similarly sized towns in terms of entertainment options. With an influx of new students every year, this growing community has a thriving arts scene and quaint downtown. For retirees seeking mild winters and lots of young energy in the area, Hattiesburg could be a good fit.

Median home price: $234,900

Average rent price: $930

Minimum annual income to live comfortably as a single person: $31,600

Bowling Green is just 35 minutes away from Mammoth Cave National Park, which is the Bluegrass State's only national park. It offers lots of nature trails and volunteering opportunities. In addition to this major perk, the affordable small town includes a walkable downtown with several highly rated restaurants and several museums to explore.

Median home price: $233,400

Average rent price: $950

Minimum annual income to live comfortably as a single person: $31,600

Johnson City rests in the heart of the Appalachian Mountains, making an ideal destination for retirees seeking easy access to nature. You'll find lots of trails to explore. When you're in town, the many restaurant options and interesting cultural activities, like numerous art galleries, can keep your belly and heart full.

Retiring on $45,000 a year could help you live like a millionaire, if you choose to live in an affordable small town. If you opt for a more expensive retirement destination, your nest egg might not last as long.

When choosing a place to call home, the numbers aren't the only factor. But this retirement money move can free up your retirement budget.

This article is for informational purposes only and should not be considered investment advice.