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GOBankingRates determined the safest wealthiest cities for retirees by analyzing data from the U.S. Census American Community Survey, Sperling’s BestPlaces and the Bureau of Labor Statistics Consumer Expenditure Survey. Only cities where at least 25% of the population was age 65 or more were included. Each city’s livability score was sourced from AreaVibes, along with the average single-family home value from the Zillow Home Value Index for September 2024.
Key Findings
Oro Valley, Arizona, ranks as the safest and wealthiest U.S. retirement town. Six more Arizona locations — Prescott, Lake Havasu City, Scottsdale, Prescott Valley, Apache Junction, and Bullhead City — received mentions in the top 30.
Within the ranking, 12 of the safest and richest retirement towns are located in California. These include Rancho Palos Verdes, Lincoln, Laguna Woods, Walnut Creek, Novato, La Quinta, Seal Beach, Rancho Mirage, Cerritos, Banning, Palm Desert, and Palm Springs.
There were no Florida-based retirement towns in the top 30.
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city and/or county mentioned in the article was used.
Methodology: For this study, GOBankingRates analyzed cities across the country to find the safest and wealthiest city for retirees. Cities with a population percentage of ages 65 and over of at least 25% were sourced from the U.S. Census American Community Survey. For each location, GOBankingRates found total population, population ages 65 and over, total households, housing units for residents ages 65 and over with owner costs as a percentage of household income under 30% and over 30%, percentage of households with retirement income, average retirement income for households with retirement income, and household median income — all sourced from the Census American Community Survey. Using this data, the percentage of the population ages 65 and over was calculated. The cost-of-living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous indexes. Using the cost-of-living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. The livability index was sourced from AreaVibes for each location. The average single-family home value was sourced from Zillow Home Value Index for September 2024. Using the average single-family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living was calculated. Using the Crime Data Explorer from the Federal Bureau of Investigation, the property crimes and violent crimes were sourced. The crime rate per 1,000 residents was calculated for both property and violent crime rates. The property crime rate per 1,000 residents was scored and weighted at 1.00, the violent crime rate per 1,000 residents was scored and weighted at 1.00, the selected monthly owner costs as a percentage of household income for residents aged 65 and over were scored and weighted at 1.00, the percentage of households that receive retirement income was scored and weighted at 1.00 and the average retirement income for households whom receive retirement income was scored and weighted at 1.00. All the scores were summed and sorted to show the wealthiest and safest places to live for a retiree. All data was collected on and is up to date as of Nov. 8, 2024.
