In September, GOBankingRates ranked the best retirement towns in the U.S. for the middle class in 2024.
To qualify for this study, a city had to have a population of at least 10,000 residents, with at least 25% of the population aged 65 and over.
The following factors were then considered for each city:
- Total population
- Population aged 65 and over
- Total households
- Median household income
- Number of households receiving Social Security benefits
- Number of households receiving retirement income
- Average Social Security benefits for households receiving them
- Average retirement income for households receiving it
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The data sources used for the report include the U.S. Census American Community Survey, Zillow's Home Value Index and more.
GOBankingRates' study found that middle-class Americans will have the most success retiring in Florida, Ohio, and Arizona. Five cities in the Sunshine State alone are in the top 10.
"Florida is long established as a destination for retirees. The middle class has always flocked to Florida because of its affordability," Ray Marek, GOBankingRates' media outreach manager, tells CNBC Make It.
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Marek added that despite the rising cost of living in Florida, the data shows that Florida is still a top destination for middle-class retirees who want to live in a place that offers a balance between affordability and quality of life.
The best retirement town for the middle class: The Villages, Florida
The Villages is located in central Florida and is northwest of Orlando.
GOBankingRates' study found that the annual cost of living in The Villages is $48,808 and the household median income is $73,415.
The Villages had the largest percentage of residents with Social Security benefits, according to GoBankingRates. The average Social Security benefit is $30,704 — one of the highest study-wide.
The Florida town also had a high livability score of 70 out of 100, Marek added.
According to U.S. Census data, The Villages is one of the nation's fastest-growing metros. The population grew by 4.7% from July 1, 2022, to July 1, 2023.
The average value for a single-family home in The Villages is $408,342, according to Zillow.
The 10 best retirement towns for America's middle class
- The Villages, Fla.
- Green Valley City, Ariz.
- Sun City West, Ariz.
- Hot Springs Village, Ark.
- Venice, Fla.
- Sun City, Ariz.
- Sun City Center, Fla.
- Punta Gorda, Fla.
- Mesquite, Nev.
- Englewood, Fla.
Green Valley City, Arizona, is the second-best retirement town for America's middle class.
The Arizona town had 85% of households receiving Social Security income, the third highest in the study. The average social security benefit received by those in Green Valley City is $27,102.
The study found the annual cost of living in Green Valley City is $41,989, while the household median income is $57,785.
Green Valley City is 20 miles south of Tucson and is home to dozens of retirement communities. A bonus for retirees looking to live out their golden years in the state: Arizona doesn't apply state income tax on social security benefits.
The area has many golf courses, including several public ones. It is also home to Green Valley's Community Performance & Art Center, which hosts dozens of concerts annually.
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