The state of Florida no longer has the most cities ranked in the top 10 greatest places to retire in the United States, according to the most recent rankings by U.S. News & World Report.
Instead, metropolitan cities in Pennsylvania dominated the top ranks on the list, with Lancaster claiming the top spot for its high-quality health care for seniors, low tax rates for retirees, and general resident happiness.
The city was voted fifth best place to retire last year. The trend towards Pennsylvania is a result of Americans placing a greater emphasis on home affordability in their golden years, making this metric the most heavily weighted in the retirement rankings. Most retirees’ main expense is their home.
Researchers assigned scores to the top 150 metropolitan regions based on a weighted average of points achieved in the following six categories:
- Housing affordability (24%)
- Resident happiness (22%)
- Health care quality (16%)
- Retiree tax rates (16%)
- Desirability (13%)
- Job opportunities (9%)
Cities in Pennsylvania claimed five of the top 10 places to retire. Last year, cities in Florida made up eight of the 10 top places on the list to retire.
Here are the top 10 place to retire for 2022-2023:
- Lancaster, PA
- Harrisburg, PA
- Pensacola, FL
- Tampa, FL
- York, PA
- Naples, FL
- Daytona Beach, FL
- Ann Arbor, MI
- Allentown, PA
- Reading, PA
Undoubtedly, Florida remains a very desired state for retirees, with nine areas ranked among the top 25 places to retire by U.S. News & World Report. Sixty-eight percent (68%) of the top 25 metropolitan areas for retirement are in either Florida or Pennsylvania
Housing costs
Last year, housing prices in cities such as Austin, Texas, Phoenix, Salt Lake City, and Denver skyrocketed. And despite the fact that property prices in the United States are beginning to moderate, affordability remains crucial for seniors on fixed incomes.
According to the Mortgage Bankers Association, the average interest rate on a conventional 30-year mortgage topped 7% last month, the highest level since 2001.
“Retirees are extremely concerned about finding an inexpensive place to live due to inflation,” said Emily Brandon, senior editor of U.S. News. If you are living on a fixed income, it is crucial that your budget stretches as far as possible, since housing is the largest expense for the majority of individuals.
Obtaining affordable accommodation can free up funds for groceries, other essentials, and recreational activities. Brandon continued, “It can help the retirement budget go further than it would otherwise.”
In addition to incorporating factors such as crime rates and air quality, inhabitants of the polling area provided the data for the happiness rankings. Given that many retirees seek out part-time work to be active or to supplement their incomes, employment alternatives were also evaluated.
Florida communities continue to receive excellent grades in a variety of categories, and the state remains an appealing location for older Americans wishing to live near the beach. However, the rising cost of housing in many Florida communities has made it unaffordable for some retirees.
“Still, retirees have an interest in Florida and beach retirements. In view of the slightly higher housing costs in Florida, budget-conscious individuals may reconsider their decision. However, many Florida locations continue to be highly popular for those seeking that experience “Brandon stated.
Click here for the complete rankings.