20 Best Suburbs for Retirees
The suburbs might be the ideal way for a retiree to squeeze every drop out of their hard-earned time off after the close of their career. You can spend the day in a nearby city to enjoy all the urban amenities that make them such popular destinations, but you’ll also be much closer to more natural settings that can provide for a whole different range of activities. And perhaps most importantly, you won’t have to worry as much about those big city prices running through your nest egg faster than you would like.
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That’s why GOBankingRates has compiled some of these exurban towns that are best suited for your golden years, using factors like the cost of housing, incomes in the area and the percentage of the population that is retirees. After scoring each category, the results were ranked to show which options are your best bet for saving money and having your best time yet.
So which suburb might be right for your retirement? Here’s a look at some American gems you might be interested in calling home.
20. Solomons, Maryland
Percentage of households collecting Social Security: 61.2%
Feb 2023 home value: $426,566
In Solomons, there are only 1,048 total households, and the average income they earn is $142,738. Retirees will be glad to know the median property tax rate here is pretty low, at 1.04%. The number of households here with retirement income is pretty high, 49.8%.
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19. Laguna Woods, California
Percentage of households collecting Social Security: 82.2%
Feb 2023 home value: $463,294
It’s a rare thing to find an affordable California neighborhood, but retirees have cornered the market here in Laguna Woods, where 82.2% of the 11,933 total households here are collecting Social Security, and the home value reflects a stable housing market.
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18. Freemansburg, Pennsylvania
Percentage of households collecting Social Security: 50.8%
Feb 2023 home value: $235,727
Freemansburg is a relatively small town, with only 1,274 total households. 38.8% of those households include someone claiming Social Security. The median property tax rate is only 1.49%.
Picture: Bethlehem, Pennsylvania
17. Prospect, Kentucky
Percentage of households collecting Social Security: 50.8%
Feb 2023 home value: $616,605
In Prospect, more than half of the 1,959 total households are collecting Social Security, suggesting a strong community of retirees. The average income of households with retirement income is $44,629 and property tax rate is among the lowest on this list at 0.82%.
16. The Hills, Texas
Percentage of households collecting Social Security: 63.1%
Median home listing price: $289,900
Retirees can find plenty to do in Mesquite, which has casinos, golf courses, entertainment venues and outdoor attractions in the Virgin River Valley. This town, one hour and 15 minutes away from Las Vegas, has nearly 8,000 households and a property tax rate of 0.966%. The cost of living in Mesquite is slightly above the national average but lower than the cost of living in Las Vegas.
15. Montara, California
Percentage of households collecting Social Security: 38.7%
Feb 2023 home value: $1,441,299
These California suburbs are small, but drawing a bigger crowd of retirees, as close to 40% of the 1,040 total households here are collecting Social Security. With a steep home value over $1.4 million, even with the astonishingly low 0.73% property tax rate, property taxes are still $10,521.48 per year.
Picture: Pacifica, California
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14. North Oaks, Minnesota
Percentage of households collecting Social Security: 44.3%
Feb 2023 home value: $823,232
This midwestern town is a growing place for retirees. Of its 1,835 total households, 37.6% have some form of retirement income (an average of about $70,921 per household), and 44.3% are drawing Social Security.
Picture: St. Paul, Minnesota
13. North Caldwell, New Jersey
Percentage of households collecting Social Security: 41.6%
Feb 2023 home value: $933,683
Though home values are on the higher end here, North Caldwell is attracting more retirees. 41.6% of its 2,322 total households are collecting Social Security.
12. Green Valley, Arizona
Percentage of households collecting Social Security: 84.7%
Feb 2023 home value: $312,678
Arizona has long been a refuge for retirees, due to its excellent weather and affordable prices. And the numbers don’t lie: 84.7% of its 12,847 are collecting Social Security here. And with a super low property tax rate of 0.65%, residents whose homes are the average value, around $312,000 are only paying around $2,000 per year in property taxes.
11. Ponce Inlet, Florida
Percentage of households collecting Social Security: 67.4%
Feb 2023 home value: $647,993
Ponce Inlet is another town that draws retirees in droves due to its incredible climate and beach access, as well as reasonable home prices. Here, close to 70% of the 1,632 total households in town are collecting Social Security.
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10. Bloomfield Hills, Michigan
Percentage of households collecting Social Security: 42.2%
Feb 2023 home value: $575,000
This area, near Metro Detroit is growing in retirees. Currently more than 42% of its 1,551 total households are collecting Social Security. With an average home value under $600,000 and a property tax rate of 1.38%, expenses can be managed here in retirement.
9. Richboro, Pennsylvania
Percentage of households collecting Social Security: 42.1%
Feb 2023 home value: $604,985
Richboro, Pennsylvania has a lot to offer retirees. 42.1% of its 2,541 total households are already collecting Social Security, and 35.3% of households are also drawing on some form of retirement income. That’s probably how people can afford the 1.49% property tax rate, which translates to a bit more than $9,000 in property taxes each year.
Picture: Washington Square, Pennsylvania
8. Estero, Florida
Percentage of households collecting Social Security: 62.8%
Feb 2023 home value: $559,029
This Florida burg is the second biggest on this list. When you consider that 62.8% of its 17,289 total households are collecting Social Security, you can imagine it has a thriving retiree community here.
7. Moreland Hills, Ohio
Percentage of households collecting Social Security: 38.9%
Feb 2023 home value: $589,254
The word is just starting to get out in the small town of Moreland Hills, Ohio, that it’s a good community for retirees. 38.9% of its 1,450 total households are collecting Social Security.
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6. Plantation, Florida
Percentage of households collecting Social Security: 81.7%
Feb 2023 home value: $570,715
The Miami suburb is another winner with retirees. 81.7% of its sizable 35,317 total households-the largest town on this list-are drawing Social Security. Here, it helps to have additional retirement income, which 60.1% of households do, because with an average home value of over $570,000, and a property tax rate of 0.91%, homeowners are paying $5,193.51 in property taxes each year.
5. Rio Verde, Arizona
Percentage of households collecting Social Security: 86.7%
Feb 2023 home value $798,178
This small Arizona town is on its way to becoming completely populated by retirees. 86.7% of its 1,346 total households are already collecting Social Security.
4. Timber Pines, Florida
Percentage of households collecting Social Security: 85.1%
Feb 2023 home value: $298,464
In Timber Pines, Florida, houses cost a lot less to purchase, as the average home value reflects. And retirees are flocking there, with 85.1% of its 3,008 total households are collecting Social Security. Who can blame them, with a property tax rate of 0.91%, retirees are paying less than $3K in property taxes each year.
3. Cherry Hills Village, Colorado
Percentage of households collecting Social Security: 30.1%
Feb 2023 home value: $2,812,408
Cherry Hills Village is a coveted place for only a small, select number of retirees, as evidenced by the lowest rate of those drawing Social Security on this list-30.1% of its 2,200 total households. That’s probably because home values are through the roof here. The average home value is over $2.8 million, and property taxes are over $15,000 per year.
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2. Venice, Florida
Percentage of households collecting Social Security: 74.2%
Feb 2023 home value: $487,678
No surprise that yet another Florida city takes the No. 2 spot on this list. Almost two-thirds of of its 13,385 total households are drawing Social Security. And the average home value reflects a stable housing market. The average property tax rate is only 0.91%, resulting in less than $5,000 in property taxes each year.
1. Kiawah Island, South Carolina
Percentage of households collecting Social Security: 58.4%
Feb 2023 home value: $2,098,562
South Carolina’s Kiawah Island is of extreme interest to retirees. More than half of its 1,028 total households are drawing Social Security, and another 51.4% have retirement income to draw on. They must need it, considering that the average home value is well over $2 million!
Jordan Rosenfeld contributed to the reporting of this article.
Methodology: To find 20 great suburbs for retirees, GOBankingRates looked at all communities in the U.S. with 1,000 to 50,000 totalhouseholds that are located within one of the country’s 100 largest metropolitan statistical areas by population, according tothe United States Census Bureau. These metrics were selected to ensure that each community is closely tied to a major urbanarea without being a large city itself. GOBankingRates then scored all qualifying cities on their (1) average household income,(2) percent of households that collect social security, (3) average income for households that collect social security, (4) percentof households with retirement income, (5) average income for households that collect retirement income, and (6) estimatedmedian property tax paid by residents. Factors (1-5) were sourced from the 2021 American Community Survey conducted by theCensus Bureau and higher values were considered preferable while factor (6) was calculated by multiplying Zillow’s February2023 typical home value for each city by the median property tax rate in each city’s state, as published by the Tax Foundationand a lower value was considered preferable. GOBankingRates then analyzed the 60 highest-scoring cities in more depth,scoring them against each other on their (7) 2020 cost of living index score from Sperling’s Best Places and (8) livability scorefrom AreaVibes in addition to factors (1-6). Lower values were considered preferable for factors (7) and (8). The final roundupof great suburbs represents those communities with the highest combined score on factors (1-8) with all factors weightedequally. To ensure a wide geographic spread of suburbs, only one suburb per major MSA was included in the final ranking. Alldata was collected on and up to date as of March 22, 2023.
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