Two in five US the elderly say they will “never move” from their home, according to a survey conducted by OnePoll on behalf of ClearMatchMedicarefor speaker.
However, Americans who are open to it moving into retirement there are several factors to consider – and one of the most important is cost of living.
Although many dream of a luxury, negligent pensionmost Americans face a different reality. The typical worker believes he'll need $1.46 million to retire comfortably, but the average retirement account balance stands at just $88,400 for a Northwestern Mutual study.
About half of US adults (52%) lived in middle-income households in 2022, according to a Pew Research Center analysis from the latest available government data. Those approaching retirement age may wonder where their savings will stretch the most.
A new study by GOBbanking prices set out to determine the 30 best cities for middle-class retirement.
The research was drawn from U.S. Census and Federal Reserve data and analyzed cities across the country with a minimum population of 10,000 and at least 25% of that population age 65 or older. GOBankingRates then factored in data including median household income, median home value, total annual cost of living and median Social Security benefits.
Perhaps not surprisingly, country no. 1 went to a city in Florida: The Villages, which boasts a median household income of $73,415 and an annual cost of living of $48,808.
Two cities in Arizona followed – Green Valley City, with a median household income of $57,785 and an annual cost of living of $41,989, and Sun City West, with a median household income of $61,941 and an annual cost of living of $48,781.
See the full list of the 30 best places for a middle class retirement, according to GoBankingRates data, below:
1. The Villages, Florida
- Median household income: $73,415
- Median single-family home value: $408,342
- Annual cost of living: $48,808
- Average Social Security benefits: $30,704
2. Green Valley City, Arizona
- Median household income: $57,785
- Median single-family home value: $321,915
- Annual cost of living: $41,989
- Average Social Security benefits: $27,102
3. Sun City West, Arizona
- Median household income: $61,941
- Median single-family home value: $398,930
- Annual cost of living: $48,781
- Average Social Security benefits: $28,190
4. Hot Springs Village, Arkansas
- Median household income: $68,580
- Median single-family home value: $305,455
- Annual cost of living: $41,487
- Average Social Security benefits: $28,754
5. Venice, Florida
- Median household income: $68,843
- Median single-family home value: $466,895
- Annual cost of living: $53,436
- Average Social Security benefits: $27,226
6. Sun City, Arizona
- Median household income: $51,263
- Median single-family home value: $329,036
- Annual cost of living: $44,204
- Average Social Security benefits: $25,346
7. Sun City Center, Florida
- Median household income: $64,661
- Median single-family home value: $341,594
- Annual cost of living: $45,845
- Average Social Security benefits: $26,759
8. Punta Gorda, Florida
- Median household income: $75,898
- Median single-family home value: $419,564
- Annual cost of living: $49,123
- Average Social Security benefits: $28,854
9. Mesquite, Nevada
- Median household income: $69,146
- Median single-family home value: $406,306
- Annual cost of living: $48,562
- Average Social Security benefits: $26,855
10. Englewood, Florida
- Median household income: $61,734
- Median single-family home value: $382,567
- Annual cost of living: $47,686
- Average Social Security benefits: $25,610
11. Murrells Inlet, South Carolina
- Median household income: $71,019
- Median single-family home value: $438,475
- Annual cost of living: $49,996
- Average Social Security benefits: $26,060
12. Pinehurst, North Carolina
- Median household income: $102,917
- Median single-family home value: $542,557
- Annual cost of living: $57,335
- Average Social Security benefits: $28,853
13. Oro Valley, Arizona
- Median household income: $101,394
- Median single-family home value: $525,380
- Annual cost of living: $56,423
- Average Social Security benefits: $29,587
14. Wildwood, Florida
- Median household income: $68,121
- Median single-family home value: $319,201
- Annual cost of living: $42,621
- Average Social Security benefits: $28,259
15. Sebastian, Florida
- Median household income: $65,650
- Median single-family home value: $362,710
- Annual cost of living: $46,421
- Average Social Security benefits: $23,019
16. Naples, Florida
- Median household income: $135,657
- Median single-family home value: $713,541
- Annual cost of living: $69,932
- Average Social Security benefits: $30,538
17. Middleburg Heights, Ohio
- Median household income: $74,109
- Median single-family home value: $279,112
- Annual cost of living: $38,585
- Average Social Security benefits: $23,154
18. Seven Hills, Ohio
- Median household income: $91,975
- Median single-family home value: $282,436
- Annual cost of living: $39,049
- Average Social Security benefits: $24,539
19. Lady Lake, Florida
- Median household income: $46,694
- Median single-family home value: $328,600
- Annual cost of living: $44,328
- Average Social Security benefits: $25,143
20. Centerville, Ohio
- Median household income: $79,509
- Median single-family home value: $329,817
- Annual cost of living: $42,813
- Average Social Security benefits: $25,906
21. North Myrtle Beach, South Carolina
- Median household income: $69,792
- Median single-family home value: $506,656
- Annual cost of living: $54,861
- Average Social Security benefits: $27,638
22. Golden Canyon, Arizona
- Median household income: $83,654
- Median single-family home value: $493,623
- Annual cost of living: $55,036
- Average Social Security benefits: $32,475
23. Tavares, Florida
- Median household income: $54,271
- Median single-family home value: $328,077
- Annual cost of living: $44,351
- Average Social Security benefits: $23,898
24. Kerrville, Texas
- Median household income: $58,797
- Median single-family home value: $354,444
- Annual cost of living: $44,075
- Average Social Security benefits: $21,751
25. Pahrump, Nevada
- Median household income: $54,988
- Median single-family home value: $350,128
- Annual cost of living: $44,349
- Average Social Security benefits: $23,592
26. Mountain House, Arkansas
- Median household income: $42,281
- Median single-family home value: $224,906
- Annual cost of living: $34,449
- Average Social Security benefits: $23,209
27. Greenville, Ohio
- Median household income: $45,746
- Median single-family home value: $159,902
- Annual cost of living: $159,902
- Average Social Security benefits: $19,574
28. Lyndhurst, Ohio
- Median household income: $84,697
- Median single-family home value: $225,429
- Annual cost of living: $35,093
- Average Social Security benefits: $22,809
29. Hermitage, Pennsylvania
- Median household income: $66,922
- Median single-family home value: $210,762
- Annual cost of living: $34,178
- Average Social Security benefits: $24,091
30. Ormond Beach, Florida
- Median household income: $65,238
- Median single-family home value: $399,777
- Annual cost of living: $48,401
- Average Social Security benefits: $22,946