The No. 1 city in the United States for retirees is not in Florida.
Many Florida cities remain popular retirement destinations, but a city in Pennsylvania ranks as the finest spot to spend your post-work years.
Lancaster, Pennsylvania, is the best place to retire, according to the most recent “Best Places to Retire in the U.S.” list from U.S. News & World Report.
U.S. News & World Report used data from several sources, including the U.S. Census Bureau and the Tax Foundation, to evaluate the 150 largest metropolitan areas in the U.S., including Puerto Rico. Based on six parameters, the research gives each city a retirement score overall.
1. Housing affordability
2. Desirability
3. Happiness
4. Quality of health care
5. Retiree taxes
6. Job market
In order to determine which of these areas would be most significant to people in retirement, the researchers polled 3,100 adults aged 45 and older. Based on their responses, the categories were then given weights.
According to the analysis, Lancaster received especially good marks in the health-care area but received lower points in the housing-affordability category on its way to an overall score of 7.2 out of 10.
Rolling farmlands and a vibrant downtown coexist in this city, which also holds arts and cultural activities like “First Fridays,” which showcases exhibitions and performances by regional artists. The study’s findings also show that around 18% of the population is older than 65.
Lancaster’s housing costs are lower than the national average, which is good news for retirees wanting to cut spending. Approximately $290,354 is the median property price there, according to U.S. News & World Report. According to the St. Louis Federal Reserve Bank, the national median home price in the first quarter of 2023 will be roughly $436,800.
The second-ranked city on the list is Harrisburg, the state capital of Pennsylvania. It received good grades in the housing-affordability part but received significantly lower marks in the health-care category, which hurt its position.
With Pensacola in the third slot, Florida makes its first entry on the list. The beach town’s ranking was negatively impacted by its poor performance in the health-care area, despite receiving a slightly higher housing-affordability score.
It is obvious that Florida and Pennsylvania take the top ranks on the list of the greatest places to retire. There are tax benefits for retirees in both states. According to Kiplinger, Florida does not tax income, while Pennsylvania does not tax retirement pensions, withdrawals from 401(k)s, IRAs, or Social Security.
According to U.S. News & World Report, these are the top 10 American cities for retirees:
1. Lancaster, Pennsylvania
2. Harrisburg, Pennsylvania
3. Pensacola, Florida
4. Tampa, Florida
5. York, Pennsylvania
6. Naples, Florida
7. Daytona Beach, Florida
8. Ann Arbor, Michigan
9. Allentown, Pennsylvania
10. Reading, Pennsylvania
While looking at suitable retirement places, lists like these can be useful, keep in mind that everyone’s ideal retirement is different and is influenced by varied goals. For instance, you might desire to relocate to a state with a lower cost of living than where you are now in order to be nearer to your family.
The original article can be found on CNBC