24 Affordable US Cities With Large Populations of Retirees
When planning for retirement, it’s important to decide where you’ll live out your golden years. Not only should you be thinking about economic factors such as cost of living when determining where to retire, you should also consider whether you’ll have peers in your community. Is there a large population of other retirees?
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GOBankingRates conducted a thorough analysis to find the most affordable places with a large population of retirees, factoring in data from the U.S. Census American Community Survey, the Bureau of Labor Statistics and the Federal Reserve, among others.
Here’s a look at 24 affordable cities that have many retirees as residents. Each of these cities is made up of at least 50% folks aged 65 and older.
Estero, Florida
Livability: 79
Household median income: $100,543
Total cost of living annually: $68,420
Population total: 36,685
Percentage of population of people 65 and older: 50.6%
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Lady Lake, Florida
Livability: 70
Household median income: $46,694
Total cost of living annually: $45,969
Population total: 16,047
Percentage of population of people 65 and older: 50.9%
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Skidaway Island, Georgia
Livability: 61
Household median income: $119,210
Total cost of living annually: $86,736
Population total: 9,292
Percentage of population of people 65 and older: 51.6%
Punta Gorda, Florida
Livability: 76
Household median income: $75,898
Total cost of living annually: $51,473
Population total: 19,605
Percentage of population of people 65 and older: 52.5%
Daytona Beach Shores, Florida
Livability: 75
Household median income: $65,334
Total cost of living annually: $52,716
Population total: 5,087
Percentage of population of people 65 and older: 53.2%
Siesta Key, Florida
Livability: 68
Household median income: $113,500
Total cost of living annually: $127,426
Population total: 5,535
Percentage of population of people 65+: 53.9%
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Naples, Florida
Livability: 79
Household median income: $135,657
Total cost of living annually: $73,598
Population total: 19,315
Percentage of population of people 65 and older: 54.6%
Gold Canyon, Arizona
Livability: 60
Household median income: $83,654
Total cost of living annually: $57,411
Population total: 11,565
Percentage of population of people 65 and older: 54.9%
Micco, Florida
Livability: 65
Household median income: $46,434
Total cost of living annually: $39,125
Population total: 9,164
Percentage of population of people 65 and older: 55.9%
Fort Myers Beach, Florida
Livability: 69
Household median income: $87,204
Total cost of living annually: $84,860
Population total: 5,650
Percentage of population of people 65 and older: 56.3%
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Englewood, Florida
Livability: 72
Household median income: $61,734
Total cost of living annually: $49,797
Population total: 19,378
Percentage of population of people 65 and older: 58.2%
Marco Island, Florida
Livability: 70
Household median income: $105,315
Total cost of living annually: $130,196
Population total: 15,942
Percentage of population of people 65 and older: 58.6%
Hot Springs Village, Arkansas
Livability: 66
Household median income: $68,580
Total cost of living annually: $42,618
Population total: 16,843
Percentage of population of people 65 and older: 61.0%
Venice, Florida
Livability: 79
Household median income: $68,843
Total cost of living annually: $55,948
Population total: 25,710
Percentage of population of people 65 and older: 61.2%
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Sanibel, Florida
Livability: 67
Household median income: $111,683
Total cost of living annually: $104,161
Population total: 6,420
Percentage of population of people 65 and older: 63.6%
South Pasadena, Florida
Livability: 81
Household median income: $48,490
Total cost of living annually: $56,126
Population total: 5,334
Percentage of population of people 65 and older: 64.6%
Sun City Center, Florida
Livability: 77
Household median income: $64,661
Total cost of living annually: $47,644
Population total: 29,290
Percentage of population of people 65 and older: 66.9%
Longboat Key, Florida
Livability: 63
Household median income: $141,250
Total cost of living annually: $131,546
Population total: 7,479
Percentage of population of people 65 and older: 69.9%
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Sun City, Arizona
Livability: 71
Household median income: $51,263
Total cost of living annually: $45,692
Population total: 37,748
Percentage of population of people 65 and older: 75.4%
Green Valley, Arizona
Livability: 58
Household median income: $57,785
Total cost of living annually: $43,423
Population total: 20,937
Percentage of population of people 65 and older: 80.5%
Laguna Woods, California
Livability: 72
Household median income: $56,928
Total cost of living annually: $56,813
Population total: 17,452
Percentage of population of people 65 and older: 82.6%
Timber Pines, Florida
Livability: 67
Household median income: $52,720
Total cost of living annually: $45,317
Population total: 5,059
Percentage of population of people 65 and older: 83.1%
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The Villages, Florida
Livability: 70
Household median income: $73,415
Total cost of living annually: $50,581
Population total: 79,108
Percentage of population of people 65 and older: 85.9%
Sun City West, Arizona
Livability: 62
Household median income: $61,941
Total cost of living annually: $50,501
Population total: 26,639
Percentage of population of people 65 and older: 86.4%
Methodology: For this study, GOBankingRates analyzed places to find the most affordable places with a large population of retirees. First, GOBankingRates found cities with the highest population of retirees using the U.S. Census American Community Survey to find the population of all residents and the population of residents aged 65 and over, enabling the calculation of percent of the population aged 65 and over. For each city, a number of factors were found, including: cost of living indexes as sourced from Sperlings BestPlaces; the average single family home value from the Zillow Home Value Index; and the number of households and the household median income, both sourced from the U.S. Census American Community Survey. The average expenditure cost for residents aged 65 and over was sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, and using the cost of living indexes, the average expenditure costs can be calculated for each city. Using the average home value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The average mortgage and average expenditure costs can be used to find the average total cost of living. The livability index was sourced from AreaVibes as supplemental information. The percent of the population aged 65 and over was scored and weighted at 0.75, the average expenditure cost was scored and weighted at 2.00, and the average mortgage cost was scored and weighted at 2.00. All the scores were summed and sorted to show the most affordable U.S. cities with a large population of retirees. All data was collected on and is up to date as of July 29, 2024.
Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.
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This article originally appeared on GOBankingRates.com: 24 Affordable US Cities With Large Populations of Retirees