Yahoo Finance 12 Up-and-Coming Retirement Towns to Consider in 2024
Ah, the dream of retirement! Sipping margaritas on a deck overlooking the ocean, anyone? As retirement approaches, many Americans start dreaming of relocating to a new city that offers a great quality of life, affordable living costs, and plenty of amenities.
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While traditional retirement destinations like Florida and Arizona remain popular, some exciting up-and-coming towns are attracting more and more retirees. GOBankingRates spoke with several experts to get their insights on the best places to retire in 2024.
Asheville, North Carolina
Chris Orestis, president at Retirement Genius, says Asheville is his top pick for retirees in 2024. This beautiful mountain town has a relatively mild climate year-round and is home to some of the most stunning natural beauty in the states, as well as a lively arts and culture scene. Not only that, Asheville is known for its historic architecture, thriving (and delicious!) food and craft beer scene, and proximity to outdoor recreation like hiking and golfing.
Orestis notes that Asheville has a lower cost of living compared to many other popular retirement destinations, as well as a strong healthcare system. North Carolina also has relatively low taxes, which can be a big draw for retirees on a fixed income.
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Boise, Idaho
Coming in at number two on Orestis’ list is Boise, the capital city of Idaho. While not a traditional retirement spot, Boise has been growing rapidly in recent years, thanks to its strong economy, affordable housing, and high quality of life. The city has a beautiful downtown area with great restaurants, shops, and cultural attractions. The Boise River Greenbelt is an especially beautiful place for retirees to stroll and enjoy their gorgeous new town.
Plus, Boise is outdoor activity heaven – skiing, hiking, fishing. There’s something to do all year round in this retiree paradise!
Harrisburg, Pennsylvania
Harrisburg, the state capital of Pennsylvania, takes the number three spot on Orestis’ list of up-and-coming retirement towns. Located along the Susquehanna River, Harrisburg offers a mix of urban amenities and natural beauty. The city has a low cost of living, with housing costs well below the national average.
Harrisburg is also home to several excellent healthcare systems, including Penn State Health Milton S. Hershey Medical Center. Pennsylvania offers some excellent tax breaks for retirees, including that retirement income is nontaxable.
Grand Rapids, Michigan
Grand Rapids, takes the fourth spot on Orestis’ list. The city has a relatively low cost of living and a strong economy, and a ton of culture, food, and nearby natural beauty.
The city also has an extensive park system and easy access to Lake Michigan beaches – great for visits from the grandkids! Michigan offers some good tax breaks for retirees, including an additional exemption of $1,900 on the state income tax returns of people 65 and older.
Colorado Springs, Colorado
Rounding out Orestis’ top five is Colorado Springs, a city located at the base of the iconic Pikes Peak mountain. It’s stunning! Colorado Springs has a mild climate, plenty of sunshine, and unbeatable natural scenery. Plus, the city has a vibrant downtown area and a growing arts and culture scene.
Colorado Springs is also a hub for outdoor recreation, with opportunities for hiking, biking, golfing, and more. Colorado also offers some tax perks for retirees, including generous deductions for retirement income and no estate or inheritance tax.
Pensacola, Florida
While many people think of cities like Miami or Orlando when considering retiring to Florida, Seamus Nally, CEO of TurboTenant, recommends looking at Pensacola. Located on the Gulf Coast in the Florida Panhandle, Pensacola offers beautiful white sand beaches, a laid-back lifestyle, and a lower cost of living compared to some other parts of the state.
“Everyone knows that Florida is a popular retirement state – it’s vacation-like with beaches for days, plus the cost of living in most Florida cities is lower than the national average,” said Nally. “Pensacola in particular offers great retirement communities but doesn’t quite have the retirement popularity of other cities like Daytona Beach or Sarasota yet.”
Gulf Coast Cities in Florida
Brian Durham, vice president of risk management and managing broker at Realty Group LLC and Realty Group Premier, also recommends several Gulf Coast cities in Florida for retirees. “With its warm weather, beaches, golf courses, and overall generally affordable living Florida is one of the top destinations for retirees,” Durham shared.
He suggests considering Tampa, Fort Myers, and Naples, which all have significant populations of residents over 65. “All these cities have things that make them desirable in different ways, from the theme parks in Tampa [and] the excellent affordability of Fort Myers to the luxury developments of the Blue Zones of the Naples area.”
Atlantic Coast Cities in Florida
For those who prefer the Atlantic side of Florida, Durham recommends cities like Miami and West Palm Beach, which offer gorgeous beaches and top-notch healthcare. However, the higher cost of living might make it more difficult for retirees on a budget.
As a more affordable option on the Atlantic coast, Durham suggests Port St. Lucie. “If you like the outdoors you can’t go wrong there,” he said, citing the city’s excellent golfing and fishing opportunities. Port St. Lucie also has a sizable retiree population, with just over 26% of residents aged 65 and older.
Factors To Consider
Orestis shared that 2024 is the time to look beyond “snowbird” states when it comes to retirement. “People are starting to migrate in new directions beyond just the snowbird states of Florida, Nevada, and Arizona,” he said. “Many of the states rising in popularity are set in the central and mountain time zones. These states are situated inland and are far away from climate challenges we have been watching become more frequent such as hurricanes, floods, wildfires, heatwaves, and drought. They are low-or-no tax states with lower cost of living, offer much for lifestyle, and have strong healthcare systems.”
Orestis says retirees need to consider factors like cost of living (including taxes, housing, essentials, and healthcare), environment (such as climate and potential risks from climate change), and quality of life (including proximity to loved ones, lifestyle and entertainment options, safety, and healthcare access).
When investigating whether a city is right for them, he suggests asking key questions like: “Will we get more or less out of our money? Will the environment enhance our retirement, and will it remain stable? Will our lifestyle thrive, grow, and extend our health?”
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This article originally appeared on GOBankingRates.com: 12 Up-and-Coming Retirement Towns to Consider in 2024