Editor’s Observe: This story initially appeared on SmartAsset.com.
Not everybody retires in Florida. For some People, the Northeast is a preferable retirement vacation spot for its seasonal adjustments, mix of cities and countryside, and wealthy historical past. Regardless of usually excessive prices of dwelling in comparison with different areas of the nation, a cushty retirement in the Northeast is feasible if you recognize the place to look.
To find out the finest locations to retire in the Northeast, we thought-about cities with populations of at the least 65,000 residents in these 9 states: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. We in contrast 55 cities throughout eight totally different metrics: share of the inhabitants above the age of 65, housing prices as a share of retirement revenue, estimated tax burden for seniors, variety of retirement communities, variety of medical facilities, violent crime price, property crime price and unemployment price. For particulars on our information sources and the way we put all the info collectively to create our remaining rankings, learn the Knowledge and Methodology part at the finish.
1. Bethlehem, PA
Positioned 70 miles north of Philadelphia, the metropolis of Bethlehem, Pennsylvania, is the top-rated place to retire in the Northeast. Bethlehem has the seventh-most retirement communities per 10,000 residents throughout our examine (0.79) and eighth-highest share of residents who’re 65 and older (18.07%). In the meantime, housing prices in this metropolis of 76,000 residents are 29.77% of the common retirement revenue, the Eleventh-lowest share out of all 55 cities that we studied.
2. Danbury, CT
With almost 85,000 residents, Danbury, Connecticut, ranks extremely for its relative low crime charges. Danbury has the fifth-fewest violent crimes per 100,000 residents (114) and eighth-fewest property crimes per 100,000 residents (1,227). This metropolis in southeastern Connecticut additionally has the Eleventh-most medical facilities per 10,000 residents (15.14) and Twelfth-highest share of residents who’re 65 and older (16.63%).
3. Erie, PA
Positioned in the northwestern nook of the state, Erie, Pennsylvania, has the third-lowest housing prices in contrast to common retirement revenue (23.24%). This metropolis of over 95,000 folks additionally has the Eleventh-most retirement communities per 10,000 residents (0.70) and Fifteenth-lowest estimated senior tax burden (15.99%). In the meantime, just below 16% of the inhabitants in Erie is 65 and older, the Sixteenth-highest share throughout our examine.
4. Portland, ME
One in every of the smallest cities in our examine (66,000 residents), Portland, Maine, shouldn’t be neglected as a retirement vacation spot. Positioned on the picturesque Maine shoreline, Portland has the second-most retirement communities and medical facilities per 10,000 residents (1.02 and 17.76, respectively). With an estimated senior tax burden of 14.51%, Portland ranks third total for this metric. This metropolis additionally has the ninth-highest share of the inhabitants age 65 and older throughout our examine, with 18%.
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5. Nashua, NH
With zero gross sales tax and no state revenue tax on earned wages, it’s no shock that Nashua, New Hampshire, has the lowest estimated senior tax burden in our examine (11.07%). Nashua additionally has the fifth-most retirement facilities per 10,000 residents (0.86) and the seventh-fewest violent crimes per 100,000 residents every year with 144.
6. Warwick, RI
Warwick, Rhode Island, has the highest focus of retirement communities in our examine with 1.10 per 10,000 residents. The metropolis additionally has the second-highest proportion of residents who’re 65 and older (20.84%), in addition to the third-lowest violent crime price (94 per 100,000 residents).
7. Scranton, PA
Scranton, Pennsylvania, isn’t simply the setting of the cult TV present “The Office,” it’s additionally a viable place to retire in the Northeast. Scranton has the fourth-most retirement communities per 10,000 residents (0.91), in addition to housing prices which are solely 24.05% of the common retirement revenue, the fifth-lowest throughout our examine. In the meantime, 18.33% of Scranton’s inhabitants is 65 and older, the seventh-highest share out of all 55 cities included in our evaluation.
8. New Britain, CT
New Britain, Connecticut, ranks in the prime 20 for 5 totally different metrics: retirement communities per 10,000 residents (0.63), medical facilities per 10,000 residents (14.87), estimated senior tax burden (16.18%), share of the inhabitants that’s 65 and older (15.57%) and housing prices as a p.c of common retirement revenue (33.72%).
9. Pittsburgh, PA
With 300,000 residents, Pittsburgh is the largest metropolis in the prime 10. The Metal Metropolis has the third-most retirement communities (1.01) and medical amenities (17.31) per 10,000 residents. Housing prices in the Pennsylvania metropolis are additionally comparatively low, at simply 28.39% of the common retirement revenue, which is nice for the eighth-lowest throughout our examine.
10. Toms River, NJ
Toms River, New Jersey, positioned 60 miles due east of Philadelphia, has the fifth-highest share of residents 65 and older (19.24%). This Jersey Shore city of almost 92,000 folks has the fifth-lowest estimated senior tax burden of 15.18%. Toms River additionally has the second-lowest violent crime price throughout our examine (77 per 100,000 residents).
Knowledge and Methodology
SmartAsset discovered the finest locations to retire in the Northeast by inspecting 55 cities, all with populations of at the least 65,000 residents, after which evaluating them throughout eight metrics:
- Proportion of the inhabitants that’s 65 and older. Knowledge comes from the Census Bureau’s 2019 1-year American Group Survey.
- Housing prices as a share of common retirement revenue. Common retirement revenue consists of non-public retirement revenue from financial savings, IRAs, 401(ok)s or pensions together with Social Safety revenue. Knowledge comes from the Census Bureau’s 2019 1-year American Group Survey.
- Estimated senior tax burden. This estimates the revenue and gross sales tax burden for seniors. Particularly, we calculated efficient revenue tax charges based mostly on a retiree incomes $35,000 yearly (from retirement financial savings, Social Safety and part-time employment). We subtracted revenue taxes paid from gross revenue to decide disposable revenue. From there, we factored in gross sales taxes, assuming disposable revenue was spent on taxable items. Knowledge comes from SmartAsset’s tax calculators.
- Retirement communities per 10,000 residents. Knowledge comes from the Census Bureau’s 2019 County Enterprise Patterns information.
- Medical facilities per 10,000 residents. Medical facilities embody physicians’ workplaces and different well being workplaces. Knowledge comes from the Census Bureau’s 2019 County Enterprise Patterns information.
- Violent crime price. That is the variety of violent crimes per 100,000 residents. Knowledge comes from the FBI Uniform Crime Reporting Program and is for 2019. We used information from Neighborhood Scout for cities the place FBI information was not out there.
- Property crime price. That is the variety of violent crimes per 100,000 residents. Knowledge comes from the FBI Uniform Crime Reporting Program and is for 2019. We used information from Neighborhood Scout for cities the place FBI information was not out there.
- Unemployment price. This information comes from the Bureau of Labor Statistics and is for August 2021.
First, we ranked every metropolis in every metric, assigning a double weight to the share of the inhabitants that’s 65 and older and housing prices as a share of common retirement revenue. We assigned a half weight to the two crime-related metrics and a single weight to the remaining metrics. Utilizing these weightings, we discovered every metropolis’s common rating. The metropolis with the finest common rating obtained a rating of 100. The metropolis with the worst common rating obtained a rating of 0.