GOBankingRates recently ranked the best retirement towns in the U.S. for the middle class in 2024. To be included in the study, a city had to have a population of at least 10,000 residents, with at least 25% of the population being aged 65 and over. Factors considered for each city included total population, population aged 65 and over, median household income, and more. Data sources used for the report include the U.S. Census American Community Survey and Zillow’s Home Value Index. Middle-class Americans are most likely to find success retiring in Florida, Ohio, and Arizona, with five cities in Florida alone ranking in the top 10.
The best retirement town for the middle class according to the study is The Villages, Florida. Located in central Florida, The Villages boasts an annual cost of living of $48,808 and a household median income of $73,415. The town has the largest percentage of residents receiving Social Security benefits, with an average benefit of $30,704. With a high livability score of 70 out of 100, The Villages offers a balance between affordability and quality of life. The population of The Villages grew by 4.7% from July 2022 to July 2023, making it one of the nation’s fastest-growing metros. The average value for a single-family home in The Villages is $408,342, according to Zillow.
Following The Villages, the second-best retirement town for America’s middle class is Green Valley City, Arizona. Green Valley City had 85% of households receiving Social Security income, with an average benefit of $27,102. The annual cost of living in the town is $41,989, with a household median income of $57,785. Located 20 miles south of Tucson, Green Valley City is home to numerous retirement communities and is known for its lack of state income tax on social security benefits. The area offers many golf courses and is home to the Green Valley’s Community Performance & Art Center, which hosts many concerts annually.
Other top retirement towns for the middle class according to the study include Sun City West, Arizona; Hot Springs Village, Arkansas; Venice, Florida; Sun City, Arizona; Sun City Center, Florida; Punta Gorda, Florida; Mesquite, Nevada; and Englewood, Florida. The study highlights the affordability and quality of life offered by these towns, making them ideal retirement destinations for middle-class Americans. With a focus on factors such as household income, Social Security benefits, and cost of living, the rankings provide valuable information for those planning for retirement.
Overall, the data suggests that Florida, Ohio, and Arizona remain popular choices for middle-class retirees seeking a balance between affordability and quality of life. These states offer a range of retirement towns that cater to the needs and preferences of retirees, with amenities such as golf courses, cultural venues, and access to healthcare services. The study provides insights into the best retirement towns for the middle class in 2024, helping individuals make informed decisions about where to spend their retirement years. By considering factors such as income, cost of living, and social security benefits, retirees can choose a location that aligns with their financial goals and lifestyle preferences.
