Understanding the needs of older adults who relocate for retirement is critical for real estate agents wanting to serve the 65 and older population. Let’s discuss those needs and then analyze the best locations for retirement – according to Forbes.
What to Consider When Choosing a Place for Retirement
Relocating for retirement has become increasingly popular. Several reasons lead seniors to set up retirement homes in a new area.
1. Proximity to family
Retirees often want to live near adult children and grandchildren so that visiting and being a part of their daily lives becomes easier.
2. Lower cost of living
High-cost-of-living areas, such as around many major cities, might work well for people during their working years. However, moving to lower-cost-of-living areas might make it easier for people to stretch their retirement income further.
3. Climate and weather conditions
Some retirees decide they need a change of weather and move to areas that allow them to avoid cold winters.
4. Hobbies and interests
When people retire, they generally have more time to spend on the hobbies that interest them the most. Living in an environment that facilitates the enjoyment of their hobbies is appealing.
5. Lower crime rate
Many people consider an area’s crime rate before choosing to relocate.
6. Access to healthcare
Some seniors consider the proximity of healthcare facilities when they move for retirement.
The Best Cities to Retire To in the U.S.
Forbes has identified 25 places that provide an excellent environment for retirement. These places will appeal to a variety of people, as they offer different climates and costs of living. Those interested in retiring will want to evaluate each location according to their priorities.
Please note that we used various sources to compare retirement locations. We used the AdvisorSmith Cost of Living Index, which sets the average cost of living in the U.S. at 100. Index values above 100 indicate that the city has an above-average cost of living.
We used the BestPlaces Comfort Index to compare the weather in each location. The index is based on the total number of days in a year within the comfort range of 70-80 degrees without excessive humidity. The U.S. comfort index average is 7.8.
Here’s a list of great retirement cities in the U.S.
1. Athens, Georgia
Athens, Georgia, is a vibrant college town known for its rich music scene, historic architecture, and diverse cultural offerings. Home to the University of Georgia, it combines Southern charm with a thriving arts community, making it a dynamic and engaging destination for residents.
Why Choose Athens, Georgia for Your Retirement
Population: 127,000
Cost of Living: 95
Taxes: Social Security benefits and up to $65,000 per person of retirement income are exempt from state income tax. In addition, there’s no state estate tax.
Comfort Index: 6.5/10
Crime Rate: Above the national average
Median Home Price: $290,000
Median Monthly Rent: $1,650
2. Augusta, Georgia
Augusta, Georgia, is renowned for hosting the prestigious Masters Tournament. Beyond golf, Augusta features a blend of history, outdoor recreation along the Savannah River, and a growing arts and culinary scene.
Why Choose Augusta, Georgia for Your Retirement
Population: 202,000
Cost of Living: 91.6
Taxes: Social Security benefits and up to $65,000 per person of retirement income are exempt from state income tax. In addition, there’s no state estate tax.
Comfort Index: 7.3/10
Crime Rate: Above the national average
Median Home Price: $173,000
Median Monthly Rent: $1,271
3. Bethlehem, Pennsylvania
Bethlehem, Pennsylvania, has a rich industrial history known for its steel production heritage. Today, it’s a vibrant cultural hub with attractions like SteelStacks arts and entertainment complex, showcasing historic charm and modern amenities.
Why Choose Bethlehem, Pennsylvania for Your Retirement
Population: 76,000
Cost of Living: 98.9 (for nearby Allentown)
Taxes: No state income tax on most retirement income
Comfort Index: 7.1/10
Crime Rate: Low
Median Home Price: $173,000
Median Monthly Rent: $1,899
4. Charlotte, North Carolina
Charlotte, North Carolina, is a bustling city known for its strong financial sector, with major banks and financial institutions headquartered there. It offers a mix of urban amenities, cultural attractions like the NASCAR Hall of Fame, and a growing culinary scene, making it a dynamic and diverse destination.
Why Choose Charlotte, North Carolina for Your Retirement
Population: 919,000
Cost of Living: 97.9
Taxes: No state income tax on Social Security
Comfort Index: 6.7/10
Crime Rate: Above the national average
Median Home Price: $375,000
Median Monthly Rent: $1,927
5. Cincinnati, Ohio
Cincinnati, Ohio, is a vibrant city along the Ohio River, known for its rich history, diverse neighborhoods, and thriving arts scene. It’s also recognized for its sports teams.
Why Choose Cincinnati, Ohio for Your Retirement
Population: 313,000
Cost of Living: 92.4
Taxes: No state income tax on Social Security. No state estate tax
Comfort Index: 8.3/10
Crime Rate: Above the national average
Median Home Price: $223,000
Median Monthly Rent: $1,300
6. Columbia, Missouri
Columbia, Missouri, is a lively college town anchored by the University of Missouri’s flagship campus, offering a blend of academic vibrancy and cultural diversity. It boasts a vibrant arts scene, outdoor recreational opportunities, and a welcoming community spirit.
Why Choose Columbia, Missouri for Your Retirement
Population: 132,000
Cost of Living: 89.8
Taxes: No state estate tax
Comfort Index: 7.2/10
Crime Rate: Above the national average
Median Home Price: $277,000
Median Monthly Rent: $1,350
7. Fargo, North Dakota
Fargo, North Dakota, is a vibrant city known for its friendly community, strong economy driven by industries like healthcare, technology, and education, and a growing arts and cultural scene. It offers a blend of urban amenities, outdoor recreational opportunities along the Red River, and a welcoming Midwestern atmosphere.
Why Choose Fargo, North Dakota for Your Retirement
Population: 126,000
Cost of Living: 91.4
Taxes: No state estate tax
Comfort Index: 6.4/10
Crime Rate: Low
Median Home Price: $279,000
Median Monthly Rent: $1,065
8. Green Valley, Arizona
Green Valley, Arizona, is a scenic retirement community located south of Tucson, known for its tranquil desert landscapes, golf courses, and recreational opportunities. It offers a relaxed lifestyle with amenities such as hiking trails, cultural activities, and easy access to the natural beauty of the Sonoran Desert.
Why Choose Green Valley, Arizona for Your Retirement
Population: 23,000
Cost of Living: 97.7 (based on nearby Tucson
Taxes: No state income tax on Social Security. No state estate tax
Comfort Index: 7.7/10
Crime Rate: Low
Median Home Price: $291,000
Median Monthly Rent: $1,700
9. Greenville, South Carolina
Greenville, South Carolina, is a city nestled in the foothills of the Blue Ridge Mountains, known for its picturesque downtown area, vibrant arts scene, and thriving culinary offerings. It offers outdoor recreational opportunities, cultural attractions like the Peace Center for the Performing Arts, and a strong sense of community.
Why Choose Greenville, South Carolina for Your Retirement
Population: 74,000
Cost of Living: 95
Taxes: No state income tax on Social Security and up to $25,000 of retirement income per year. No state estate tax
Comfort Index: 7.5/10
Crime Rate: Above the national average
Median Home Price: $282,000
Median Monthly Rent: $1,800
10. Indianapolis, Indiana
Indianapolis, Indiana, is a Midwest city famous for hosting major sporting events. It boasts a thriving arts and cultural scene, with museums, theaters, and a lively downtown area offering dining and entertainment options.
Why Choose Indianapolis, Indiana for Your Retirement
Population: 908,000
Cost of Living: 90.2
Taxes: No state income tax on Social Security. No state estate tax
Comfort Index: 7.0/10
Crime Rate: Above the national average
Median Home Price: $219,000
Median Monthly Rent: $1,375
11. Iowa City, Iowa
Iowa City, Iowa, is a vibrant college town anchored by the University of Iowa. It offers a blend of academic excellence, artistic endeavors, and outdoor recreational opportunities along the Iowa River.
Why Choose Iowa City, Iowa for Your Retirement
Population: 77,000
Cost of Living: 93.5
Taxes: No state income tax on retirement income
Comfort Index: 7.0/10
Crime Rate: Low
Median Home Price: $275,000
Median Monthly Rent: $1,100
12. Jacksonville, Florida
Jacksonville, Florida, is a sprawling city along the Atlantic coast known for its beautiful beaches, vibrant arts scene, and outdoor recreational opportunities. It offers a mix of urban amenities, cultural attractions like the Cummer Museum of Art & Gardens, and a diverse culinary scene showcasing regional flavors.
Why Choose Jacksonville, Florida for Your Retirement
Population: 988,000
Cost of Living: 99
Taxes: No state income or estate tax
Comfort Index: 7.2/10
Crime Rate: Above the national average
Median Home Price: $295,000
Median Monthly Rent: $1,650
13. Lawrence, Kansas
Lawrence, Kansas, is a lively college town characterized by its historic downtown, vibrant arts scene, and strong sense of community. Home to the University of Kansas, it offers a mix of cultural events, outdoor activities along the Kansas River, and a welcoming atmosphere.
Why Choose Lawrence, Kansas for Your Retirement
Population: 96,000
Cost of Living: 91.6
Taxes: No state estate tax
Comfort Index: 7.2/10
Crime Rate: Above the national average
Median Home Price: $284,000
Median Monthly Rent: $1,130
14. Lexington, Kentucky
Lexington, Kentucky, is a charming city known for its horse farms, bourbon distilleries, and rich history in thoroughbred racing. It offers a blend of Southern hospitality, cultural attractions like the Kentucky Horse Park and Keeneland Racecourse, and a thriving arts and culinary scene.
Why Choose Lexington, Kentucky for Your Retirement
Population: 331,000
Cost of Living: 91.1
Taxes: No state income tax on Social Security and up to $31,100 of retirement income.
Comfort Index: 7.3/10
Crime Rate: Low
Median Home Price: $276,000
Median Monthly Rent: $1,449
15. Lincoln, Nebraska
Lincoln, Nebraska, is a vibrant city with a strong sense of community and a rich cultural heritage, anchored by the University of Nebraska-Lincoln. It offers a blend of academic opportunities, outdoor recreational activities along the Platte River, and a growing arts and dining scene.
Why Choose Lincoln, Nebraska for Your Retirement
Population: 301,000
Cost of Living: 94.7
Taxes: No tax breaks for retirees
Comfort Index: 7.2/10
Crime Rate: Low
Median Home Price: $264,000
Median Monthly Rent: $1,235
16. Pittsburgh, Pennsylvania
Pittsburgh, Pennsylvania, is a dynamic city nestled between three rivers, known for its industrial heritage, innovative technology sector, and thriving cultural scene. It offers a mix of historic landmarks like the Andy Warhol Museum, outdoor recreational opportunities in parks like Schenley Park, and a diverse culinary landscape.
Why Choose Pittsburgh, Pennsylvania for Your Retirement
Population: 302,000
Cost of Living: 93.1
Taxes: No state income tax on Social Security and most retirement income
Comfort Index: 7.1/10
Crime Rate: Above the national average
Median Home Price: $219,000
Median Monthly Rent: $1,400
17. Pittsfield, Massachusetts
Pittsfield, Massachusetts, is a charming city located in the scenic Berkshire Mountains, known for its cultural attractions, outdoor recreational opportunities, and historic architecture. It offers a blend of artistic experiences, including museums and theaters and access to hiking trails, lakes, and ski resorts, making it a vibrant destination for residents.
Why Choose Pittsfield, Massachusetts for Your Retirement
Population: 42,000
Cost of Living: 106.4
Taxes: No state income tax on Social Security
Comfort Index: 6.4/10
Crime Rate: Above the national average
Median Home Price: $258,000
Median Monthly Rent: $1,350
18. Rochester, Minnesota
Rochester, Minnesota, is a bustling city renowned for the prestigious Mayo Clinic, one of the world’s leading medical centers. It offers a blend of healthcare excellence, cultural attractions like the Rochester Art Center, and outdoor recreational opportunities along the nearby Zumbro Rover. It is a hub of healthcare innovation and community vibrancy.
Why Choose Rochester, Minnesota for Your Retirement
Population: 126,000
Cost of Living: 97.3
Taxes: Minnesota taxes Social Security and most forms of retirement income.
Comfort Index: 6.5/10
Crime Rate: Low
Median Home Price: $309,000
Median Monthly Rent: $1,695
19. San Antonio, Texas
San Antonio, Texas, is a vibrant city steeped in history and culture, known for its iconic River Walk lined with restaurants, shops, and museums. It boasts attractions like the historic Alamo, Spanish colonial architecture in places like the San Antonio Missions National Historical Park, and a diverse culinary scene showcasing Tex-Mex flavors.
Why Choose San Antonio, Texas for Your Retirement
Population: 1.5 million
Cost of Living: 92.7
Taxes: No state income or estate tax
Comfort Index: 7.0/10
Crime Rate: Above the national average
Median Home Price: $262,000
Median Monthly Rent: $1,695
20. Savannah, Georgia
Savannah, Georgia, is a charming coastal city known for its picturesque historic district, cobblestone streets, and antebellum architecture. It offers a rich blend of Southern hospitality, cultural landmarks like Forsyth Park and the Mercer-Williams House, and a vibrant arts scene, making it a popular destination for history buffs and visitors seeking a unique Southern experience.
Why Choose Savannah, Georgia for Your Retirement
Population: 164,000
Cost of Living: 97.3
Taxes: No state income tax on Social Security and up to $65,000 of other retirement income
Comfort Index: 7.1/10
Crime Rate: Above the national average
Median Home Price: $275,000
Median Monthly Rent: $2,111
21. Sioux Falls, South Dakota
Sioux Falls, South Dakota, is a dynamic city known for its stunning waterfalls along the Big Sioux River, vibrant downtown area, and growing arts and culture scene. It offers various outdoor recreational opportunities, including parks and trails, and a strong economy driven by the healthcare, finance, and technology industries.
Why Choose Sioux Falls, South Dakota for Your Retirement
Population: 203,000
Cost of Living: 92.8
Taxes: No state income or estate tax
Comfort Index: 6.8/10
Crime Rate: Above the national average
Median Home Price: $316,000
Median Monthly Rent: $1,051
22. Spokane, Washington
Spokane, Washington, is a picturesque city nestled in the Inland Northwest, known for its natural beauty, outdoor recreational opportunities, and vibrant arts and culture scene. It offers stunning views of the Spokane River Falls, diverse dining options, farm-to-table restaurants, and various activities such as hiking, skiing, and visiting local breweries and wineries.
Why Choose Spokane, Washington for Your Retirement
Population: 235,000
Cost of Living: 100.4
Taxes: No broad state income tax
Comfort Index: 6.7/10
Crime Rate: Above the national average
Median Home Price: $375,000
Median Monthly Rent: $1,395
23. Sun City, Arizona
Sun City, Arizona, is a retirement community near Phoenix known for its active adult lifestyle, golf courses, and recreational amenities. It offers a range of leisure activities, social clubs, and access to healthcare services, making it a popular destination for retirees seeking a vibrant and fulfilling lifestyle.
Why Choose Sun City, Arizona for Your Retirement
Population: 43,000
Cost of Living: 104.3 (based on nearby Phoenix)
Taxes: No state income tax on Social Security and no estate tax
Comfort Index: 7.2/10
Crime Rate: Low
Median Home Price: $293,000
Median Monthly Rent: $2,150
24. Virginia Beach, Virginia
Virginia Beach, Virginia, is a coastal city known for its beautiful beaches, bustling boardwalk, and outdoor recreational activities such as surfing and fishing. It offers a mix of cultural attractions, including the Virginia Aquarium and Marine Science Center, diverse dining options showcasing fresh seafood, and a lively nightlife scene along the oceanfront.
Why Choose Virginia Beach, Virginia for Your Retirement
Population: 466,000
Cost of Living: 99
Taxes: No state income tax on Social Security and no estate tax
Comfort Index: 7.5/10
Crime Rate: Low
Median Home Price: $371,000
Median Monthly Rent: $2,000
25. Winchester, Virginia
Winchester, Virginia, is a historic city nestled in the picturesque Shenandoah Valley, known for its charming downtown area, Civil War history, and scenic beauty. It offers a mix of cultural attractions, including museums and art galleries, outdoor recreational opportunities such as hiking and exploring nearby state parks, and a welcoming community atmosphere, making it a delightful destination for residents and visitors alike.
Why Choose Winchester, Virginia for Your Retirement
Population: 29,000
Cost of Living: 97.2
Taxes: No state income tax on Social Security and no estate tax
Comfort Index: 7.2/10
Crime Rate: Low
Median Home Price: $348,000
Median Monthly Rent: $1,650
How to Choose the Best Place to Retire
As a real estate agent, you must understand people’s motivations when choosing a retirement location. This can help you highlight senior-friendly homes for sale in your area.
Are you interested in working with retirees? Learn more about the real estate needs of seniors by partnering with a real estate education provider like Colibri Real Estate. We offer online resources and continuing education classes to help you better serve senior clients. Contact us today and get started.
Sources:
- 2024 Compare Climate & Weather. Accessed March 25, 2024. https://www.bestplaces.net/climate/.
- Barrett, William P. “Best Places to Retire in 2023: Pittsburgh and Other Affordable Hot Spots.” Forbes, May 17, 2023. https://www.forbes.com/sites/williampbarrett/2023/05/12/best-places-to-retire-in-2023-pittsburgh-and-other-affordable-hot-spots/?sh=60c64db42cf9.
- “List Your Rental. Screen Tenants.Sign a Lease. Get Paid.” Zillow Rental Manager – Online Property Management Tools. Accessed March 25, 2024. https://www.zillow.com/rental-manager/.
- Mak, Adrian. “Home.” AdvisorSmith, June 5, 2020. https://advisorsmith.com/data/coli/.
