20 Most Affordable Southern Lake Towns
Americans with modest savings can still fulfill their dream of living in a charming lake town—especially in the South. An in-house GOBankingRates study has identified the 20 most affordable Southern lake towns where single-family home prices peak at an average of just $258,000 and total monthly cost-of-living expenses don’t exceed $3,300.
Below, you’ll find each town’s median household income, average single-family home value and estimated total cost of living per month. All data is current as of Sept. 3, 2025.
1. Grenada, Mississippi
• Median household income: $42,470
• Average single-family home value: $123,711
• Total cost of living (monthly): $2,493
2. Morgan City, Louisiana
• Median household income: $56,729
• Average single-family home value: $133,647
• Total cost of living (monthly): $2,660
3. Muskogee, Oklahoma
• Median household income: $48,735
• Average single-family home value: $140,587
• Total cost of living (monthly): $2,696
4. Corinth, Mississippi
• Median household income: $41,243
• Average single-family home value: $169,955
• Total cost of living (monthly): $2,748
5. Corsicana, Texas
• Median household income: $51,240
• Average single-family home value: $173,643
• Total cost of living (monthly): $2,849
6. Eufaula, Alabama
• Median household income: $45,550
• Average single-family home value: $164,612
• Total cost of living (monthly): $2,851
7. Paducah, Kentucky
• Median household income: $51,243
• Average single-family home value: $176,818
• Total cost of living (monthly): $2,927
8. Henderson, North Carolina
• Median household income: $38,780
• Average single-family home value: $187,277
• Total cost of living (monthly): $2,931
9. Augusta, Georgia
• Median household income: $53,134
• Average single-family home value: $174,452
• Total cost of living (monthly): $2,936
10. Russellville, Arkansas
• Median household income: $48,708
• Average single-family home value: $211,154
• Total cost of living (monthly): $2,954
11. Summersville, West Virginia
• Median household income: $52,321
• Average single-family home value: $173,043
• Total cost of living (monthly): $2,980
12. Sumter, South Carolina
• Median household income: $53,071
• Average single-family home value: $200,412
• Total cost of living (monthly): $3,044
13. Albertville, Alabama
• Median household income: $57,103
• Average single-family home value: $205,160
• Total cost of living (monthly): $3,048
14. Alexander City, Alabama
• Median household income: $42,367
• Average single-family home value: $198,595
• Total cost of living (monthly): $3,054
15. Lake Charles, Louisiana
• Median household income: $56,864
• Average single-family home value: $201,197
• Total cost of living (monthly): $3,067
16. Palatka, Florida
• Median household income: $33,628
• Average single-family home value: $206,953
• Total cost of living (monthly): $3,102
17. Florence, Alabama
• Median household income: $50,396
• Average single-family home value: $205,391
• Total cost of living (monthly): $3,128
18. Mountain Home, Arkansas
• Median household income: $42,103
• Average single-family home value: $239,130
• Total cost of living (monthly): $3,134
19. Hot Springs, Arkansas
• Median household income: $46,441
• Average single-family home value: $246,676
• Total cost of living (monthly): $3,253
20. Dayton, Tennessee
• Median household income: $56,692
• Average single-family home value: $257,079
• Total cost of living (monthly): $3,300
Methodology
We compiled our initial list of towns using Travel + Leisure’s, MSN’s and Thrillist’s rankings of America’s best lake towns. We then gathered data from the U.S. Census Bureau’s American Community Survey, Sperling’s BestPlaces, the Bureau of Labor Statistics and Zillow. We estimated average monthly mortgage payments assuming a 10% down payment and a 30-year fixed rate of 6.56% (as of Sept. 2, 2025). Finally, we combined mortgage costs with basic household expenditures to calculate total cost of living and ranked the towns from most to least affordable.
All data is as of Sept. 3, 2025. Photos are illustrative; in some cases, the closest major city image was used.
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