Thanks to spiralling costs and the impact of climate change, Florida is quickly losing its lustre as a retirement destination. In fact, when Forbes magazine compiled its list of the best places to retire – considering factors such as housing costs, taxes, healthcare, air quality, crime rates and risk of natural hazards – only one city in the Sunshine State made the cut.
Click through the gallery to discover the new retirement hotspots where the living is good and your 401(k) goes further…
(Figures accurate as of May 2024)
If your dream retirement is all about improving your golf handicap, look no further than the beautiful river city of Augusta in Georgia. It’s home to The Masters tournament, held at the Augusta National Golf Club every spring. That course is only open to members and guests, but there are eight other courses across the city. Other selling points include a median home price of $172,000 (£133,032), 56% below national average, and a high rate of doctors-per-capita. Your Social Security is tax exempt, plus up to $65,000 per person of retirement income and there are no state estate taxes either.
Nestled in Virginia’s gorgeous Blue Ridge Mountains, Roanoke is quickly becoming a favourite with retirees looking for a unique metro mountain mix of arts, culture and outdoor fun. It’s very walkable and bikeable, the fresh mountain air is invigorating and the city offers a range of cultural and educational activities aimed directly at retirees. The median home price is only $257,000 (£198,775), and there are no state taxes on Social Security, estates or inheritance. Another benefit is that Roanoke is located just off the Interstate 81, making it easy to visit family living in the east coast’s bigger cities. Or better still, for them to visit you.
Located in the heart of the Piedmont region of North Carolina, Charlotte is a four-season city, surrounded by nature and perfect for the active retiree. It’s a cultural hotspot too, with an upcoming foodie scene in the artsy NoDo district (pictured). The median house price of $399,000 (£308,605) is just 1% over the national average, the cost of living is about 2% below. There’s no state income tax on Social Security, no estate or inheritance tax and a booming job market should you want to supplement your retirement income.
Enjoying your retirement sitting under a palm tree and gazing out across azure waters is more affordable than you think. The beautiful city of Dorado in the US commonwealth of Puerto Rico offers a high ratio of primary care doctors, a median home price of $375,000 (£290,042) that is 5% lower than the US national average and a serious crime rate well below the US average too. Puerto Rico also offers a very positive retiree tax climate and a lively cultural scene unlike anywhere on the mainland. Make sure to brush up on your Spanish for a full cultural immersion.
Greenville sits in the foothills of the Blue Ridge Mountains and offers the perfect mix of beautiful nature and Southern hospitality. House prices are affordable, with the median house price of just $307,000 (£237,448) a staggering 22% below the national average. The city’s gorgeous Falls Park ranks in Tripadvisor’s Top Ten Parks in America, the cultural and foodie scene is buzzy and everywhere is easily reached by foot or by bicycle. There’s no state estate tax or tax on Social Security benefits either.
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This bustling Sonoran Desert city is perfect for seniors looking for year-round warmth. For the active, it’s an outdoor playground, with Saguaro National Park straddling the east and west of the city, while those who like the finer things in life will be pleased to hear that Tucson is a UNESCO City of Gastronomy. There is no shortage of primary care doctors, no estate or inheritance tax and a median house price of just $329,000 (£254,876), 17% below the national average.
The charming central Kentucky town of Lexington sits in the heart of the state’s famous horse country. Unsurprisingly, the air quality here is excellent, and the city is literally surrounded by serene rolling hills of bluegrass. However, it still offers all the benefits of a lively modern city, including some of the country’s leading bourbon distilleries. The median home price of $298,000 (£230,487) sits 24% below the national median, there’s a high ratio of primary care physicians and although there is a state inheritance tax, anything left to close relatives is exempt.
There’s no denying that it gets cold in Rochester in winter, with temperatures hovering between 25-29°F (-3.9/-1.7°C) – but this charming Minnesotan town has so much else going for it as a place to retire. It is home to the world-famous Mayo Clinic, boasts 100 city parks, 85 miles (137km) of bike trails and the gorgeous Silver Lake sits just a mile from downtown. There’s a buzzing arts and foodie scene, an outstanding ratio of primary care doctors and a median house price of $320,000 (£247,624), 19% below the national average. In summary, Rochester is well worth rugging up for.
If you can live with the very cold winters, there’s a lot to recommend this famous college town in southeastern Iowa. It has a very high ratio of primary care physicians, it is eminently bikeable and walkable and it has a very low rate of serious crime. In fact, Livability.com ranked Iowa City as one of the best places to live in the USA, stating that the city offered “plenty of outdoor activities, opportunities to flex your creative muscle, and a low cost of living." Budget on a median house price of $285,000 (£220,433) and no state income tax on Social Security or other retirement income.
Pack up your 401(k) to this gorgeous river town on the edge of Texas Hill Country and there will be times when you feel as though you’ve retired to Europe. Particularly in early November when New Braunfels celebrates its Germanic heritage with the annual Wurstfest, a distinctly Texan take on Germany’s famous Oktoberfest. With a median house price of $359,000 (£277,667), 9% below national median and no state income, estate or inheritance tax, you’ll be able to celebrate with an extra stein or two.
Pennsylvania’s Steel City has undergone a huge transformation over the past couple of decades, becoming one of the most affordable retirement destinations in the country, with tight-knit communities, an abundance of downtown parks and trails and top-notch medical facilities. The median house price is 42% below the national average at $227,000 (£175,752) and the state's flat 3.07% income tax excludes Social Security benefits.
If there is a more charming place to retire than the gracious river city of Savannah in Georgia, we don’t know of it. Spanish moss hangs from majestic oaks, cobbled streets are lined by stately townhouses and there are countless cafes, galleries and museums to while away the day. With the median house price sitting 20% below the national average at $316,000 (£244,409) it’s affordable too, especially when your Social Security and up to $65,000 (£50,274) of your retirement income is exempt from state taxes.
If you’re looking for a Seattle lifestyle at a fraction of the cost, you should consider retiring to the lovely Washington river town of Spokane, just 280 miles (451km) to the east. The gourmet coffee – and weather, it has to be said – are on par with Seattle, but where the median house price in the Emerald City is around $879,000 (£679,858), it’s only $386,000 (£298,550) in Spokane. Throw in good air quality, a low risk of natural hazards, plenty of primary care doctors and no state income tax, and a Pacific Northwest retirement is more affordable than you might think.
With its warm summers, mild winters and a golden beach that seems to stretch on forever, Virginia Beach offers everything seniors like about Florida, but without a lot of the downsides. The city sits at the mouth of Chesapeake Bay, just 200 miles (322km) south of Washington DC, there are no state taxes on your Social Security and the median house price is barely above the national median at $398,000 (£307,833). It’s like Florida, but in a location where your east coast family can easily drop in and visit.
Athens, Georgia, is a vibrant college town where seniors will feel immediately at home. It’s a rare mix of southern heritage and a buzzing music and arts scene, where college sports events at the University of Georgia are an integral part of life. The median house price of $320,000 (£247,504) is19% below national average, the retiree tax climate is as agreeable as the actual climate and there are plenty of free outdoor activities to keep you busy too. There's no shortage of hip neighbourhoods to explore either and the even brighter lights of Atlanta are only 70 miles (113km) away.
Bethlehem is another former steel town reinventing itself, this time in the lovely Lehigh Valley, about 75 miles (121km) north of Philadelphia and 85 miles (137km) west of New York City. The former steel stacks on the south side of the city (pictured) have been transformed into buzzing cultural centres, the historic Moravian District is full of award-winning cafes and there are plenty of places to hike, bike and kayak throughout the Lehigh Valley. Median house prices are 18% below the national average at $322,000 (£249,051), the serious crime rate is low and there is a high number of primary care physicians.
Midway between St. Louis and Kansas City, Columbia is a classic college town with a thriving cultural scene. For more active seniors, nearby Rock Bridge State Park offers incredible hiking trails, while the MKT Trail is a nine-mile (14.5km) rail trail built on the bed of the Missouri–Kansas–Texas Railroad. Co-Mo, as the locals call it, is affordable too. The median home price is $292,000 (£225,847), 26% below national median, there’s a high ratio of primary care doctors and the top state income tax rate has just been lowered to 4.80% – with Social Security benefits now completely exempt.
Fargo is North Dakota’s largest city, famous for its Art-Deco hotels, vibrant arts community and friendly Great Plains vibe. Population-wise, it’s a relatively young city. The average age sits around 31 years old, but there’s much to recommend Fargo to seniors too. The air quality is good, it’s easily bikeable or walkable and there is a high number of primary care doctors. The majestic Great Plains are on the doorstep, beckoning to be explored and the median house price is a very affordable $291,000 (£225,074). The only real downside is the state income tax on Social Security benefits.
You’ll certainly enjoy a full and varied retirement in this sunny college town high in the Chihuahuan Desert. The town is bursting with galleries, international theatre productions and cultural centres and is surrounded by stunning national and state parks offering desert trails famous for their birdlife. It’s compact and bikeable, the median home price of $248,000 (£191,814) is 28% below the national average and you’ll enjoy a warm, dry climate for most of the year. The only drawback is the distinctly average retiree tax climate. There’s a marginal tax rate of 5.9% from which your Social Security is not completely exempt.
This bicycle-friendly town can be found just 40 miles (64km) west of Kansas City and is home to two colleges. It has a bohemian heart with plenty of great things to see and do and an array of hip places to eat and drink. The city boasts over 50 public parks and a median home price of $302,000 (£233,582), 23% below national median. Lawrence also has a terrific live music scene, especially in summer when the gazebo in South Park hosts a range of free public concerts.
Nebraska doesn’t immediately spring to mind as a great place to retire, but if you’re looking for big city charm in a rural setting, you can’t beat the state capital, Lincoln. Life is a little more relaxed and slower paced, but you’ll find everything you need. The cost of living is low, the median house price of $276,000 (£213,472) is 30% below the national average and the job market is strong should you want to supplement your retirement income.
Pretty Pittsfield sits nestled in the Berkshire mountains of Western Massachusetts and offers seniors a four-season retirement. Nature is quite literally on your doorstep, offering trail hiking in warmer months and winter sports when the temperatures drop. The city is famous for its world class theatres, live music and art shows too, especially in the summer. There’s a high ratio of primary care physicians, the median house price is an affordable $283,000 (£218,992) and the state estate tax threshold has just been doubled to $2 million (£1,547,650).
South Dakota’s largest city takes its name from the series of falls that the mighty Big Sioux River thunders over in Falls Park, right near the centre of town. It’s the most historic part of the city too, home to the farmers’ markets, cafes, museums and galleries that make Sioux Falls an excellent retirement base for seniors. The median home price is $322,000 (£249,171) and there’s no state income, estate or inheritance tax.
Seniors are guaranteed a warm welcome in the Colorado River city of Yuma. It’s sunny 91% of the year, alfresco dining is the norm rather than the exception and the river activities – from kayaking and jet skiing to just hanging out on a beach – are endless. The median house price sits 26% below the national average at $290,000 (£224,409), there’s no estate or inheritance tax and your Social Security is exempt from tax.
If you really have your heart set on Florida, there is only one place in the Sunshine State you should consider, according to Forbes: the sunny Panhandle city of Pensacola. It offers all the things retirees love about Florida – a great climate, long sandy beaches and no state income, estate or inheritance taxes, as well as a median house price 34% below the national average at $262,000 (£202,643). More importantly, it rates lower on the FEMA National Risk Index than other parts of the state.
Read on for the most popular foreign countries where Americans retire to…