According to the latest rankings by U.S. News & World Report, the best place to retire is now Harrisburg, Pennsylvania. In fact, seven Pennsylvania cities were recognized as top retirement destinations in the country, with Daytona Beach, Florida being the only southern town to make the top 10 at number 8.
Harrisburg has seen a rise in its ranking, moving up one spot to secure the coveted number one position for the 2024 listing. This is attributed to its exceptional healthcare services for older adults, favorable tax rates for retirees, and the overall happiness of its residents. Lancaster, Pennsylvania, which held the top spot previously, has now dropped to third place.
Other Pennsylvania towns that made it into the top 10 include Reading, Scranton, Allentown, York, and Pittsburgh. New York City secured the sixth spot on the list, while Youngstown, Ohio, claimed the ninth spot.
The U.S. News rankings evaluated the 150 most populous metropolitan areas in the country based on various factors that are important for a fulfilling retirement. These factors include affordability, healthcare, desirability of the location, retiree taxes, job market, and overall happiness. Affordability was given the most weight among these factors.
"As retirees consider where to spend their golden years, they want areas that not only give them the best bang for their buck, but places where they can live a happy, healthy life," says Harzog, highlighting the increasing importance of factors like affordability and quality of life.
For more details and the full rankings, please visit the U.S. News website.
Top Cities for Retirement: New York City Ranks No. 6
New York City has secured the No. 6 spot in the list of top cities for retirement, showcasing its exceptional healthcare system and numerous opportunities, according to financial expert Harzog. While the city is known for its high housing costs, the abundance of benefits it offers makes it an attractive option for those who can afford it.
Harzog highlights New York City's world-class healthcare facilities, as well as its job and volunteer opportunities, renowned restaurants, Broadway shows, and cultural museums. The city is a hub of diverse activities that ensures retirees will always find something to enjoy.
Methodology Adjustments and Impacted Rankings
U.S. News made adjustments to its ranking methodology for 2024, including new criteria for the desirability index. This index now considers weather as a factor, taking into account the number of days with moderate temperatures and minimal precipitation. Additionally, the establishment-to-population ratio was introduced, evaluating the concentration of restaurants, bars, and activities per 1,000 residents.
As a result of these changes, Florida faced a decline in its rankings due to its extreme weather conditions and high temperatures. Moreover, rising housing costs contributed to a decrease in Florida's desirability. However, the state still managed to secure six cities within the top 25.
Newcomers in the Top 25
Alongside established contenders, several newcomers made their way into the top 25 list. Winston-Salem in North Carolina, Trenton in New Jersey, and Rochester in New York are cities that gained recognition for their appealing retirement prospects.
Expanding the Affordability Index
The affordability index underwent modifications for this year's rankings. Previously focused solely on housing costs, it now takes into consideration the general cost of goods within an area. This update provides a more comprehensive view of affordability for potential retirees.
Reliable Data Sources
To compile these rankings, U.S. News utilized a range of reliable data sources, including the U.S. Census Bureau, the Federal Emergency Management Agency's National Risk Index, the Federal Bureau of Investigation, the Bureau of Labor Statistics, health and wellness company Sharecare, and U.S. News’ Best Hospitals rankings.
Making Informed Retirement Choices
U.S. News has developed a tool to assist individuals in making informed decisions about their retirement destination. This tool allows readers to narrow down their choices by analyzing data on housing, weather, taxes, healthcare, theater performances, hiking opportunities, and even craft breweries. It aims to provide retirees with comprehensive information for selecting the perfect place to spend their golden years.
