10 Small Towns Where Retirees Can Live Like Millionaires on $65,000 a Year

Many dream of relocating to a new town where retirement living is easy, whether that's because of the weather, convenience, or cost. And while budgeting for your golden years is no easy feat, it can be much simpler if you can find an area where the cost of living helps you stretch those retirement dollars further.

If you're hoping to live large on a moderate retirement income, consider these 10 towns where $65,000 a year can feel more like millions.

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

Average rent: $849

Average home price: $133,210

Carbondale is located in southern Illinois and, in addition to an incredibly low cost of living, boasts proximity to plenty of natural beauty, from stunning rivers and lakes to the Shawnee National Forest.

For outdoorsy types looking to make the most of their retirement savings, Carbondale could check all the boxes as Illinois exempts nearly all retirement income from taxes.

Average rent: $1,007

Average home price: $195,694

While Niles itself is a quaint area with a charming downtown and very low cost of living, it's also ideally located for those who appreciate big city living — sometimes. It's about 90 miles east of Chicago and just over the border from South Bend, Indiana, and Notre Dame's famed campus. Not to mention you'll be nestled along the St. Joseph River.

Average rent: $1,145

Average home price: $247,548

Paris, France, may not be a realistic relocation goal for retirement, but Paris, Kentucky, might be. The city is charming, historic, and even has its own mini replica of the Eiffel Tower.

The tax situation in Kentucky is also a big draw for retirees. Social Security income is exempt from taxation, and other retirement income is often eligible for significant tax deductions.

Average rent: $769

Average home price: $142,070

Your retirement dollars will stretch far in Weirton, a small town in West Virginia that is already quite popular with retirees. About a quarter of the population is 65 and over.

Though it maintains an incredibly low cost of living, there is still plenty to do in the community, from quaint stores and restaurants to state parks and the Mountaineer Casino, Racetrack & Resort.

Average rent: $1,595

Average home price: $260,156

Retirees hoping to enjoy coastal living without breaking the bank will find plenty of perks in Elizabeth City. The town is located in northeastern North Carolina, and while big draws like the Outer Banks are not far, it still maintains that quaint and pleasant charm of a small community.

Plus, Social Security benefits are not taxed in the state.

Average rent: $700

Average home price: $171,554

Emporia offers a lively and walkable downtown with an excellent mix of dining and shopping options while maintaining its small-town charm and low cost of living.

And while Kansas may not offer the best weather, it certainly has other perks for retirees, such as tax exemptions on Social Security income and public pensions.

Average rent: $1,247

Average home price: $219,387

Decatur, located in northern Alabama along the Tennessee River, is another great option for those who want to avoid the cold and make their retirement dollars stretch as far as possible.

Even in winter, Decatur's average temperatures tend to stay in the 40s and 50s. Plus, Alabama homeowners enjoy some of the lowest property taxes in the U.S.

Average rent: $1,600

Average home price: $257,893

Texas is often considered a "tax-friendly" state, and those who retire to the Lone Star State won't have to pay taxes on any type of retirement income.

Sherman, located in north Texas, also offers a particularly low cost of living and easy access to major city amenities when needed, as Dallas is about an hour drive away.

Average rent: $994

Average home price: $132,659

Altoona offers a healthy mix of natural beauty and rich history. With national historic landmarks and historical and cultural museums, it's the perfect place to pass time in your golden years.

But it's the tax situation that has many retirees considering the central Pennsylvania city. Not only is the price to buy or rent a home, but the state also exempts income from Social Security and retirement accounts from taxes.

Average rent: $1,990

Average home price: $319,257

About 40 miles north of Tampa, Dade City is an excellent option for retirees who want to enjoy all the weather and tax perks of Florida without as many of the crowds.

The area is packed with beautiful historic buildings, a lively downtown, and absolutely stellar options when it comes to Southern dining.

Retirement goals rarely involve pinching pennies, and relocating to an area with a low cost of living and/or a favorable retirement tax situation is one of the key ways to ensure you can live large in your golden years.

And according to the most recent data from the U.S. Census Bureau, almost one million people 60 and over crossed state lines to make a new home in 2023. You could, too, and these options each offer financial perks that can help you stretch those retirement dollars long-term.