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By Giulia Carbonaro
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For the second year in a row, Michigan's Midland was voted the best place to retire in the U.S., while retirement haven Florida followed in second place with Homosassa Springs in the latest U.S. News & World Report.
"Retirees are seeking a place that gives them a sense of security and comfort as they live out their golden years," Megan Wood, a staff assistant managing editor at the outlet, said in a statement. "Whether that comfort prioritizes scenic nature spots, access to multicultural experiences, or everyday affordability, places like Midland, Michigan, offer financial safety while still providing a good quality of life."
Top 10 Cities To Retire in the US
The study evaluated more than 850 U.S. cities based on how well they meet American retirees' expectations against measures such as quality of life, affordability, health care, retiree taxes, job market and population and migration for retirees aged 55 and above.
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Seven out of the top 10 U.S. cities to retire in the country are in the South, with Florida and Texas boasting two cities each on the list. One city is in the Midwest, one in the West and one in the Northeast.
The cities are:
- Midland, Michigan
- Homosassa Springs, Florida
- Weirton, West Virginia
- The Woodlands, Texas
- Spring, Texas
- Rio Rancho, New Mexico
- Altoona, Pennsylvania
- Paducah, Kentucky
- Lynchburg, Virginia
- Palm Coast, Florida
The common thread between these 10 cities "is the ability to live well without housing costs crowding out everything else," TD Bank's Head of Community Development Lending Andrew Warren told Newsweek.
"It's not simply about finding the lowest-priced home. It's about finding a place where the cost of living supports the life you want to lead after you stop working. That means access to health care, groceries, transportation and places to connect with other people," Warren said.
"When housing and services are nearby, it makes it possible for seniors to stay independent and sustain the same quality of life they had while working even as their needs change," he added. "For someone living on a fixed income, a lower rent only goes so far if getting to a doctor or buying everyday essentials stretches the rest of the budget. Giving affordability more weight recognizes how closely those things are connected."
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Why Is Midland the Best US Destination for Retirees?
Midland, a leafy, family-friendly Michigan city of 42,828 people with a median age of 39.1, may lack Florida's warm, sunny weather, but it makes up for it with an attractively low cost of living, according to U.S. News & World Report.
Housing costs especially, which have been rising all across the country since the pandemic, are somewhat affordable: The median home value in the city is $206,176, nearly half of the national median home value of $359,870. The median rent is $790.
"Midland's position two years in a row shows that a retirement destination doesn't have to be a high-cost coastal market or a Sunbelt state," Warren said. "Strong affordability scores help explain some of the attractions, but hospitals, parks, cultural venues, restaurants and regional amenities make an area like that stand out."
"From a housing perspective, the important takeaway is what manageable and accessible costs make possible: more room in the budget for everyday needs and more flexibility for retirees as circumstances change," he added.
Is Florida Losing Its Luster?
Among the 250 best U.S. cities to retire in, 41 were in Florida. Texas, meanwhile, accounted for 44, beating out the traditional retirement haven by a narrow margin. Together, the two dominated the list.
While Florida remains a desirable destination for retirees "based on the lifestyle options it provides" and its friendly tax environment, the state "has seen higher costs and lower affordability recently," Warren said.
That is especially true when it comes to housing costs, as property taxes have soared in step with home values in the years following the start of the pandemic, and homeowners association fees and homeowners insurance premiums continue climbing.
Property tax revenues across Florida's 67 counties increased from about $32 billion in 2019 to more than $60 billion this year, according to data shared by Governor Ron DeSantis' office this month. The average home insurance cost in Florida is $8,458 this year, the highest in the nation, according to Insurify.
These rising costs have rewritten the map of affordable cities in Florida, changing where in the state movers want to relocate to rather than dissuade them from moving there entirely.
"The bigger trend is that high-cost cities are being replaced on the list with rural and suburban targets that bring many of the amenities that are attractive to seniors, like year-round warm weather and beaches within striking distance," Warren said.
"Florida is not one housing market, and a statewide label can miss meaningful differences between communities," he continued. "The broader lesson for community development is that preserving and adding affordable housing matters in desirable places so people have the option to stay rather than having to move to make their budgets work."
Contact Newsweek editors on this story: Matthew Robinson and Shakeema Edwards.
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