These Are the Best Places for a Middle-Class Retirement That Won't Break the Bank, According to New Research About half of U.S. adults live in middle-income households. Here's where they should consider spending their golden years.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- Two in five U.S. seniors say they'll "never" move out of their house.
- Retirees who do want to relocate must consider cost of living, among other factors.
Two in five U.S. seniors say they'll "never" move out of their house, according to a survey conducted by OnePoll on behalf of ClearMatchMedicare, per Talker.
However, Americans who are open to relocating in retirement have several factors to consider — and one of the most important is cost of living.
Although many dream of a luxurious, carefree retirement, the majority of Americans face a different reality. The typical worker believes they'll need $1.46 million to retire comfortably, but the average retirement account balance sits at just $88,400, per a Northwestern Mutual study.
Related: Retirees Are Raking in Billions With These 4 Side Hustles: 'There's No Age Limit to Innovation'
About half of U.S. adults (52%) lived in middle-income households in 2022, according to a Pew Research Center Analysis of the most recent available government data. Those approaching retirement age might wonder where their savings will stretch the furthest.
A new study from GOBankingRates set out to determine the top 30 best towns for middle-class retirement.
The research drew from U.S. Census and Federal Reserve data and analyzed cities across the country with a minimum population of 10,000 residents and at least 25% of that population aged 65 and over. Then, GOBankingRates factored in data including household median income, average home value, total annual cost of living and the average social security benefits.
Perhaps not surprisingly, the No. 1 spot went to a city in Florida: The Villages, which boasts a household median income of $73,415 and an annual cost of living of $48,808.
Two cities in Arizona followed — Green Valley City, with a household median income of $57,785 and an annual cost of living of $41,989 and Sun City West, with a household median income of $61,941 and an annual cost of living of $48,781.
See the full list of the best 30 places for a middle-class retirement, according to GoBankingRates' data, below:
1. The Villages, Florida
- Household median income: $73,415
- Single-family home average value: $408,342
- Annual cost of living: $48,808
- Average Social Security Benefits: $30,704
2. Green Valley City, Arizona
- Household median income: $57,785
- Single-family home average value: $321,915
- Annual cost of living: $41,989
- Average Social Security Benefits: $27,102
3. Sun City West, Arizona
- Household median income: $61,941
- Single-family home average value: $398,930
- Annual cost of living: $48,781
- Average Social Security Benefits: $28,190
4. Hot Springs Village, Arkansas
- Household median income: $68,580
- Single-family home average value: $305,455
- Annual cost of living: $41,487
- Average Social Security Benefits: $28,754
5. Venice, Florida
- Household median income: $68,843
- Single-family home average value: $466,895
- Annual cost of living: $53,436
- Average Social Security Benefits: $27,226
6. Sun City, Arizona
- Household median income: $51,263
- Single-family home average value: $329,036
- Annual cost of living: $44,204
- Average Social Security Benefits: $25,346
7. Sun City Center, Florida
- Household median income: $64,661
- Single-family home average value: $341,594
- Annual cost of living: $45,845
- Average Social Security Benefits: $26,759
8. Punta Gorda, Florida
- Household median income: $75,898
- Single-family home average value: $419,564
- Annual cost of living: $49,123
- Average Social Security Benefits: $28,854
9. Mesquite, Nevada
- Household median income: $69,146
- Single-family home average value: $406,306
- Annual cost of living: $48,562
- Average Social Security Benefits: $26,855
10. Englewood, Florida
- Household median income: $61,734
- Single-family home average value: $382,567
- Annual cost of living: $47,686
- Average Social Security Benefits: $25,610
11. Murrells Inlet, South Carolina
- Household median income: $71,019
- Single-family home average value: $438,475
- Annual cost of living: $49,996
- Average Social Security Benefits: $26,060
12. Pinehurst, North Carolina
- Household median income: $102,917
- Single-family home average value: $542,557
- Annual cost of living: $57,335
- Average Social Security Benefits: $28,853
13. Oro Valley, Arizona
- Household median income: $101,394
- Single-family home average value: $525,380
- Annual cost of living: $56,423
- Average Social Security Benefits: $29,587
14. Wildwood, Florida
- Household median income: $68,121
- Single-family home average value: $319,201
- Annual cost of living: $42,621
- Average Social Security Benefits: $28,259
15. Sebastian, Florida
- Household median income: $65,650
- Single-family home average value: $362,710
- Annual cost of living: $46,421
- Average Social Security Benefits: $23,019
16. Naples, Florida
- Household median income: $135,657
- Single-family home average value: $713,541
- Annual cost of living: $69,932
- Average Social Security Benefits: $30,538
17. Middleburg Heights, Ohio
- Household median income: $74,109
- Single-family home average value: $279,112
- Annual cost of living: $38,585
- Average Social Security Benefits: $23,154
18. Seven Hills, Ohio
- Household median income: $91,975
- Single-family home average value: $282,436
- Annual cost of living: $39,049
- Average Social Security Benefits: $24,539
19. Lady Lake, Florida
- Household median income: $46,694
- Single-family home average value: $328,600
- Annual cost of living: $44,328
- Average Social Security Benefits: $25,143
20. Centerville, Ohio
- Household median income: $79,509
- Single-family home average value: $329,817
- Annual cost of living: $42,813
- Average Social Security Benefits: $25,906
21. North Myrtle Beach, South Carolina
- Household median income: $69,792
- Single-family home average value: $506,656
- Annual cost of living: $54,861
- Average Social Security Benefits: $27,638
22. Gold Canyon, Arizona
- Household median income: $83,654
- Single-family home average value: $493,623
- Annual cost of living: $55,036
- Average Social Security Benefits: $32,475
23. Tavares, Florida
- Household median income: $54,271
- Single-family home average value: $328,077
- Annual cost of living: $44,351
- Average Social Security Benefits: $23,898
24. Kerrville, Texas
- Household median income: $58,797
- Single-family home average value: $354,444
- Annual cost of living: $44,075
- Average Social Security Benefits: $21,751
25. Pahrump, Nevada
- Household median income: $54,988
- Single-family home average value: $350,128
- Annual cost of living: $44,349
- Average Social Security Benefits: $23,592
26. Mountain Home, Arkansas
- Household median income: $42,281
- Single-family home average value: $224,906
- Annual cost of living: $34,449
- Average Social Security Benefits: $23,209
27. Greenville, Ohio
- Household median income: $45,746
- Single-family home average value: $159,902
- Annual cost of living: $159,902
- Average Social Security Benefits: $19,574
28. Lyndhurst, Ohio
- Household median income: $84,697
- Single-family home average value: $225,429
- Annual cost of living: $35,093
- Average Social Security Benefits: $22,809
29. Hermitage, Pennsylvania
- Household median income: $66,922
- Single-family home average value: $210,762
- Annual cost of living: $34,178
- Average Social Security Benefits: $24,091
30. Ormond Beach, Florida
- Household median income: $65,238
- Single-family home average value: $399,777
- Annual cost of living: $48,401
- Average Social Security Benefits: $22,946
