U.S. News analyzed 100 largest metropolitan areas for its 2019 Best Places to Retire rankings. The analysis surveyed pre-retirees aged 45-59 and retirement-age individuals over the age of 60. The ranking is based on six indexes: Housing Affordability, Happiness, Desirability, Retiree Taxes, Job Market and Healthcare Quality.
Top 5 cities for retirement and the cost of living
1. Lancaster, Pennsylvania
Lancaster is the most popular choice due to affordability compared to other major metro areas. Homes are less expensive than the national median home sale price. Other living expenses like food, health, transportation, and miscellaneous expenses fall in line with the national average. The housing cost in Lancaster this year is $179,408.
2. Fort Myers, Florida
Though Fort Myers residents benefit from a lack of state income taxes, the home prices have been seen a steady rise and are expected to continue with the upward trend. The housing cost in Fort Myers this year is $210,133.The city offers a lower value than similarly sized metro areas compared to housing costs to median household income.
3. Sarasota, Florida
Sarasota, in comparison to larger Florida regions like Miami, is affordable. However, families are finding it increasingly harder to buy a home at a reasonable cost, the analysis pointed out. There is a shift of focus on upscale living due to the influx of wealthy residents. Sarasota is at $224,613 in terms of housing cost for the current year. The city is also counted among ones offering a lower value than similarly sized metro areas compared to housing costs to median household income.
4. Austin, Texas
Austin offers a better value than similarly sized metro areas when you compare housing costs to median household income. Though Austin is rising in popularity, many aspiring homeowners find it hard to buy a house in the city as the median sale price for a single-family home in Austin is well above the national median. The median home value in Austin is $278,608 as of 2018.
5. Pittsburg, Pennsylvania
While housing is cheaper in Pittsburgh in comparison with other major areas, there is a gradual rise in housing costs. Gentrification has pushed lower-income residents out of some neighborhoods, the report indicated. The median home value in Pittsburg is $137,550.
Read the full report here.