The 10 Best Small Cities for Retirement

The 10 Best Small Cities for Retirement

Editor’s Be aware: This story initially appeared on SmartAsset.com.

Almost 400,000 individuals moved for retirement in 2020, a examine carried out by HireAHelper discovered. Whereas the examine’s knowledge confirmed that retirees are twice as more likely to transfer to a brand new state than all different movers, greater than 1 / 4 of retirees who moved in 2020 selected to go away bigger cities and metropolitan areas.

Smaller cities usually have decrease prices of residing than large cities, making them supreme for retirees on mounted incomes.

To find out which small cities are finest for retirement, we in contrast 247 cities (every with 65,000 to 100,000 residents) throughout eight totally different metrics: share of inhabitants above the age of 65, housing prices as a share of retirement earnings, 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 knowledge sources and the way we put all the knowledge collectively to create our remaining rankings, learn the info and methodology part under.

1. North Port, FL

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North Port, Florida has the examine’s highest share of residents who’re 65 and older (32.42%). Housing prices in North Port are simply 18.51% of the typical retirement earnings, fifth-lowest throughout our examine.

Situated on Florida’s western coast, North Port has the examine’s Twentieth-lowest estimated senior tax burden (14.51%). This metropolis of 70,722 residents additionally has the Forty sixth-lowest violent crime price and the Forty sixth-lowest property crime price.

2. Troy, MI

Troy, Michigan
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Troy, Michigan, has greater than 21 medical facilities per 10,000 residents, the seventh-most throughout our total examine.

Situated about 25 miles north of Detroit, Troy has the Sixteenth-lowest unemployment price of all 247 cities that we studied, 3.2% as of July 2021. Troy additionally has the Fiftieth-highest share of senior residents, 18.33%.

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3. Largo, FL

Largo, Florida
Mike Focus / Shutterstock.com

Largo is the second of the 5 Florida cities in our prime 10. Situated simply south of Clearwater, Largo has the ninth-highest share of residents who’re 65 or older (24.03%) and an estimated senior tax burden of 14.51%, tied for Twentieth-best throughout our total examine.

In the meantime, this metropolis of almost 85,000 residents additionally has the Twenty second-most medical facilities per 10,000 residents (18.90), cementing its spot close to the highest of our rankings.

4. Deerfield Seaside, FL

Deerfield Beach, Florida
Mike Kuhlman / Shutterstock.com

Situated alongside Florida’s japanese coast, Deerfield Seaside has a large senior inhabitants. The small metropolis of almost 81,000 individuals has the seventh-highest share (24.26%) of residents who’re 65 and over.

Deerfield Seaside, positioned simply south of Boca Raton, additionally ranks eighth-lowest for its estimated senior tax burden (13.59%) and has 18.73 medical facilities per 10,000 residents, Twenty fourth-most throughout our examine.

5. Palm Coast, FL

Palm Coast, Florida
Jon Bilous / Shutterstock.com

Palm Coast, Florida, has our examine’s second-highest share of people who find themselves 65 and older. Some 30.22% of Palm Coast’s 90,000 residents qualify as senior residents, second solely to North Port.

Palm Coast, which is positioned on Florida’s japanese coast between St. Augustine and Daytona Seaside, has the Seventeenth-lowest property crime price and ties for Twentieth-lowest estimated senior tax burden (14.51%) of all 247 cities included in our examine.

6. Georgetown, TX

Georgetown, Texas
B Norris / Shutterstock.com

Georgetown, Texas, ranks fourth general for its excessive share of senior residents (27.12%) and boasts the Fifteenth-lowest property crime price (932 crimes per 100,000 residents).

In Georgetown, housing prices are 23.66% of the typical retirement earnings, which places this small Central Texas metropolis of almost 80,000 within the prime 35 for this metric.

7. Jupiter, FL

Jupiter, Florida
droneworldadventure.com / Shutterstock.com

No place on this examine has a better share of medical facilities than Jupiter, Florida. Located between West Palm Seaside to the south and Port St. Lucie to the north, Jupiter has almost 23 medical facilities for each 10,000 residents, probably the most of all 247 cities within the examine.

Jupiter additionally has the eighth-highest share of residents 65 and over (24.15%) and an estimated senior tax burden of 14.51%, tied for Twentieth-lowest.

8. Medford, OR

Medford, Oregon
Ahturner / Shutterstock.com

The first of two Western cities within the prime 10, Medford, Oregon has the third-lowest estimated senior tax burden (12.18%) and the fourth-most retirement communities per 10,000 residents (2.90).

In the meantime, 18.55% of the inhabitants on this southern Oregon metropolis is 65 or over, which places Medford within the prime 50 for this metric.

9. Mission Viejo, CA

Mission Viejo, California
bonandbon / Shutterstock.com

The first and solely California locale within the prime 10, Mission Viejo has the Tenth-lowest property crime price and Tenth-lowest violent crime price throughout our examine.

With almost 20 medical facilities per 10,000 residents, this Orange County metropolis ranks Thirteenth for this metric. Mission Viejo, which has over 94,000 residents, additionally ranks Thirteenth-highest for its share of the inhabitants 65 and older (23.04%).

10. Youngstown, OH

(*10*)
Henryk Sadura / Shutterstock.com

Youngstown, Ohio advantages from housing prices which can be comparatively low. On this metropolis of greater than 65,000 residents, housing prices are simply 20.32% of the typical retirement earnings, Tenth-lowest throughout the examine.

In the meantime, Youngstown additionally ranks within the prime 35 for the share of its inhabitants that’s 65 and older (19.40%) and comparatively low estimated senior tax burden (14.82%).

Information and Methodology

Man analyzing data on a laptop
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SmartAsset discovered one of the best small cities to retire within the U.S. by knowledge on 247 cities – all with populations between 65,000 and 100,000. We in contrast cities throughout eight metrics:

  • Share of the inhabitants that’s 65 and older. Information comes from the Census Bureau’s 2019 1-year American Neighborhood Survey.
  • Housing prices as a share of common retirement earnings. Common retirement earnings consists of non-public retirement earnings from financial savings, IRAs, 401(okay)s or pensions together with Social Safety earnings. Information comes from the Census Bureau’s 2019 1-year American Neighborhood Survey.
  • Estimated senior tax burden. This estimates the earnings and gross sales tax burden for seniors. Particularly, we calculated efficient earnings tax charges primarily based on a retiree incomes $35,000 yearly (from retirement financial savings, Social Safety and part-time employment). We subtracted earnings taxes paid from gross earnings to find out disposable earnings. From there, we factored in gross sales taxes, assuming disposable earnings was spent on taxable items. Information comes from SmartAsset’s tax calculators.
  • Retirement communities per 10,000 residents. Information comes from the Census Bureau’s 2019 County Enterprise Patterns knowledge.
  • Medical facilities per 10,000 residents. Medical facilities embody physicians’ workplaces and different well being workplaces. Information comes from the Census Bureau’s 2019 County Enterprise Patterns knowledge.
  • Violent crime price. That is the variety of violent crimes per 100,000 residents. Information comes from the FBI Uniform Crime Reporting Program and is for 2019. We used knowledge from Neighborhood Scout for cities the place FBI knowledge was not out there.
  • Property crime price. That is the variety of violent crimes per 100,000 residents. Information comes from the FBI Uniform Crime Reporting Program and is for 2019. We used knowledge from Neighborhood Scout for cities the place FBI knowledge was not out there.
  • Unemployment price. This knowledge comes from the Bureau of Labor Statistics and is for July 2021.

We discovered the imply for every metric and the way every metropolis fell comparatively (i.e. what number of normal deviations above or under the imply).

From there, we calculated an general rating, assigning a single weight to all metrics besides violent and property crime charges, each of which have been assigned a half weight. The metropolis rating as one of the best place to retire obtained a rating of 100 whereas town rating worst obtained a rating of 0.

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