8 College Towns That Are Surprisingly Perfect for Retirees on Social Security

Finding a balance between quality of life and cost of living isn't easy, particularly when you're a retiree trying to stretch your retirement dollars, which has an average monthly payout of just under $2,000. You want to find a place with community, cultural opportunities, affordability, and health care. But where do these unicorn places exist?

It turns out, college towns are the answer. This is where you'll find charm, community, and hospitals that have access to top-notch doctors and cutting-edge technology.

If you're hoping to find a place where you could spend your golden years enjoying an active lifestyle, an affordable cost of living, and access to some of the best health care in the country, here are eight college towns to explore.

Editor's note: All home prices are sourced from Zillow.com, rental prices are from Apartments.com, and cost-of-living figures are sourced from PayScale.com.

Average rent: $1,284

Median home sale price: $281,507

Jacksonville is a college town that's home to several colleges and universities. With so many institutions of higher learning present, there's always something to do, whether it's attending a sporting event or an arts performance.

House prices are an average of $281,507, which could be possible on Social Security. Plus, the River City is home to a Mayo Clinic, which is beneficial for retirees, even those in good health. Plan on spending your golden years by the water? Jacksonville also has several popular beaches.

Average rent: $1,720

Median home sale price: $228,933

You may not think of Philly as a college town, but Philadelphia is actually home to several highly ranked universities. The University of Pennsylvania is known for its medical school, and many retirees value proximity to a premier research hospital.

And, while the cost of living in Philly is 4% higher than the national average, that makes it affordable compared to other big cities, like New York, Washington, DC, or Boston, especially when you consider the median home price is $228,933.

Average rent: $1,079

Median home sale price: $319,811

Home to the University of Kentucky, Lexington is a sports enthusiast's dream, whether you prefer basketball or horse racing. UK also has a medical school, which provides a resource for retirees looking for a modern health care system.

The median home price is slightly higher than in other college towns at $319,811, but the cost of living is 8% lower than the national average, making it attainable for retirees looking to find a place to live while drawing from their Social Security.

Average rent: $908

Median home sale price: $258,002

The Sooners of the University of Oklahoma call Norman home, and so do retirees looking for a place to live with college town charm, outdoor activities, golf, breweries, and more. Norman is actually Oklahoma's third-largest city, so you'll find that it's rich in museums, cultural activities, and restaurants.

The median home price in Normal is $258,002, and the cost of living is 6% below the national average, which makes it affordable for retirees looking for somewhere to land comfortably.

Average rent: $1,275

Median home sale price: $319,644

Greenville is starting to make a splash for its small town charm and mountain setting in the Palmetto State, but it's still affordable for retirees thanks to its cost of living that's 7% below the national average. That low cost of living makes Greenville affordable for retirees on Social Security, even though the median home price is slightly higher than expected at $319,644.

There's not just one college in this town that sits along the Reedy River. You'll find several well-known universities in close proximity: Clemson University, Furman University, and more.

Average rent: $1,246

Median home sale price: $316,628

The University of Tennessee-Chattanooga calls the mountain town of Chattanooga home, and that brings with it a medical school offering research-backed health care for seniors and other members of the community. The region is known for its stunning natural beauty and its views of the mountains (just picture fall here). Lookout Mountain and the Tennessee River are destinations for seniors still looking to stay active and enjoy the outdoors.

The cost of living is 11% lower than the national average, which helps to balance out the high median home sale cost.

Average rent: $1,221

Median home sale price: $208,449

Syracuse University calls its namesake city, Syracuse, home, and it's a great place to live if the snowbird life doesn't appeal to you. If you're a retiree looking to move here, you need to know two things: first, Syracuse gets over 100 inches of snow a year, and, second, many people are into basketball.

The median home price in Syracuse is just $208,449, making it affordable even if you're a senior living on Social Security.

Average rent: $1,045

Median home sale price: $291,072

If you like winter weather, then head to Iowa City, where you'll have the appeal of a college town thanks to the University of Iowa, and you'll also see cold, snowy winters. When it is nice out, you could stroll the pedestrian mall, which is a great example of a revitalized urban area. It also might come as a surprise that there's a vibrant creative community here, thanks to the famed Iowa Writers' Workshop.

The median home price in Iowa City is $291,072, and the cost of living is 10% below the national average, so retirees on Social Security could find a comfortable life here.

Not every college town is affordable, but most offer you the opportunity to lower your financial stress.

Consider renting your home on big weekends, homecoming, rivalry football games, and graduation, and you could possibly make a chunk of change that could help pay down your housing costs for the year. It all comes down to getting creative and seeing the opportunity in where you're located.