When listing the reasons why Austin, Texas, is a good place to settle down for retirement, you can point to things like its bustling downtown area full of entertainment and dining venues, a wide variety of outdoor activities and attractions, and an abundance of adult communities.

But a chief attraction of Texas's fourth-largest city and state capital may be a bit more subtle: It's a retirement destination that is overflowing with options.

"There's something here for everyone," said Justin Fort, founder and president of Fort Wealth Management, which is based in the city.

With a population of just under a million, Austin is so vibrant and expansive that people can get creative when it comes to finding a place to live in the city that can serve as a home through retirement, advisors say.

At first glance, that may be hard to believe, particularly when you consider that Austin's median home price is about $350,000, with property taxes that are above average. (That $350,000 Austin home, for example, is going to cost you almost $8,000 a year in property taxes, according to the Travis County Tax Office.)

But look beyond the numbers, and beyond Austin's city center, and prospective retirees will find areas of affordability, advisors say.

Fort, for example, noted that the Austin area is home to more than 120 communities for people 55 and older. And while real estate prices and property taxes can be high, he said, the city is otherwise relatively affordable.

"You can really live where you want to if you're creative and you're not hung up on having the bigger house and those kinds of things," Fort said.

In fact, he said, many people prefer living outside of the downtown area because it suffers from frequent traffic congestion.

"A lot of out clients don't want to live in the downtown area or Austin proper—they want to live in the outskirts," he said.

William Parrott, founder, president and CEO of Parrott Wealth Mangement in Austin, feels that the attractions offered by downtown Austin—including daily music festivals and "superb" dining—combined with the areas' many lakes, rivers and hiking trails, and access to the arts and cultural offerings of the University of Texas, make the city among the nation's most attractive retirement destinations, along with places such as Las Vegas, Arizona and Florida.

"I don't think the price spread between Austin and Phoenix is that much different," Parrott said. "And it's certainly a lot cheaper than Southern California."

How low can retirees go in terms of savings to retire in Austin?

For a 65-year-old retiree who will be getting a monthly Social Security check, and who wants to buy rather than rent their own home, Fort feels the total minimum assets needed for a comfortable life amount to about $650,000 to $750,000. For a couple of the same age, he would add about $200,000 to that total.

About $250,000 of that would go toward the purchase of a home, which Fort feels is doable in areas outside of downtown Austin. For that price, he said, a retiree should be able to find a home with 2,100 square feet of living space and two to three bedrooms. People may even be able to find such a home for a cheaper price the farther they're willing to live away from the city center, he added.

The abundance of housing construction in the Austin area, he said, has made affordable housing easier to find.

"Austin has a large surrounding area that has seen a lot of growth," he said. "The city has grown into almost multiple cities."

While Parrott agrees half a million saved for retirement can get it done in Austin, such a person would be forced to retire with a "frugal lifestyle." He recommends that a 65-year-old person have $1 million to $1.2 million in savings for retirement in Austin. That will ensure an annual income of $75,000, when Social Security is included, and allow retirees to fully enjoy the city lifestyle, he said. Parrott recommends between $1.5 million and $2 million for a couple of the same age.

With all that said, there is one other thing about Texas that retirees need to consider: the weather.

"The weather is the only thing people might complain about," Fort said. "It can get really hot in the summertime."