If you're like most people facing retirement, you don't have an unlimited budget. Even so, that doesn't mean that you have to settle for living out what are supposed to be your golden years in a less-than-desirable locale just to make ends meet.

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Retirement should be about enjoying your life with minimal stress and spending some time in the sun. To do that on a budget though, you'll need to choose a retirement destination that's not only affordable but also features a hospitable climate. To assist you in your relocation plans, GOBankingRates looked at hundreds of U.S. cities to find the cheapest places to retire that feature favorable weather.

More often than not, retirees will find the most affordable and sunniest retirement destinations in the southernmost state of the continental U.S. -- Florida. In fact, one third of the 15 U.S. cities on this list are in Florida.

To rank in the study, each city had to meet the following requirements: More than 25% of the population had to be age 65 or older, the median home listing price must have ranked below the national average of $331,266 and the average annual temperature needed to fall in the moderate range. Check out these beautiful places to retire that won't stretch your bank account.

Sebring, Florida

• Median home value: $207,496

• Average temperature (Fahrenheit): 74

• Total population: 10,454

• Percentage of population 65 and older: 25.8%

Tarboro, North Carolina

• Median home value: $107,526

• Average temperature (Fahrenheit): 60.8

• Total population: 10,806

• Percentage of population 65 and older: 27.6%

Mountain Home, Arkansas

• Median home value: $171,770

• Average temperature (Fahrenheit): 69

• Total population: 12,463

• Percentage of population 65 and older: 29%

North Fort Myers, Florida

• Median home value: $315,928

• Average temperature (Fahrenheit): 73.8

• Total population: 42,315

• Percentage of population 65 and older: 47.1%