Many Florida cities remain popular retirement destinations, but a Pennsylvania city is the best place to spend your post-work years.
Lancaster, Pennsylvania is the #1 city to retire in, according to a recent US News & World Report “The best places to retire in the US“
US News & World Report evaluated the 150 largest metropolitan areas in the US, including Puerto Rico, using data from a variety of sources, including the US Census Bureau and the Tax Foundation. The report assigns each city an overall retirement score based on six factors:
- housing affordability
- Quality of health care
- retiree taxes
- Work market
The researchers surveyed 3,100 people age 45 and older about which of those categories would be most important to them in retirement and assigned weights to those categories accordingly.
Lancaster it scored particularly highly in the health care category, but scored lower in the housing affordability category on its way to an overall score of 7.2 out of 10, according to the analysis.
The city offers a combination of rolling farmland and a bustling downtown that hosts arts and cultural events such as “first Fridays,” which features exhibitions and performances by the local arts community. Additionally, about 18% of the population is over the age of 65, according to the study’s findings.
For those looking to save money on housing in retirement, those costs in Lancaster are below the national average. The median home price there is about $290,354, according to US News & World Report. Meanwhile, the national median home price as of the first quarter of 2023 is around $436,800, according to the Federal Reserve Bank of St. Louis.
A second Pennsylvania city, state capital Harrisburg, is number 2 on the list. It scored slightly lower in the health care category, dragging its ranking down, but scored highly in the housing affordability section.
Florida makes its first appearance on the list with pensacola in third place. Although the beach town received a slightly higher housing affordability score, it did not score well in the health care category, lowering its ranking.
It’s clear that Pennsylvania and Florida dominate the top spots on the list of best places to retire. Retirees benefit from certain tax breaks in both states. Florida does not tax income and Pennsylvania does not tax retirement pensions or distributions from 401(k), IRA, or Social Security. according to kiplinger.
Here are the top 10 US cities for retirees, according to US News & World Report:
- Lancaster, Pennsylvania
- Harrisburg, Pennsylvania
- Pensacola, Florida
- Tampa, Florida
- York, Pennsylvania
- Naples, Florida
- Daytona Beach, Florida
- Ann Arbor, Michigan
- Allentown, Pennsylvania
- Reading, Pennsylvania
While lists like these can be helpful when researching potential retirement locations, remember that everyone’s ideal retirement is unique and determined by different priorities. For example, you may want to be closer to your family or move to a state with a lower cost of living than where you currently are.
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