According to a GoBankingRates survey, one-third of Americans have $500 or less saved, meaning if they were to retire, they would have to rely on Social Security benefits to do so. GoBankingRates analyzed the 100 largest cities with a large population of 65 and older and ranked them by home values, property tax rate, cost of groceries, utilities and health aide costs. After getting all the data, the best city to retire is: Foley Alabama. The picture here is for a brand new 3 bedroom, 2 bath, 1,693 square foot home for $299,990.
The annual cost of home health aide is low at $46,218 and yearly groceries at $4,326.11. Alabama does not tax Social Security benefits and yearly utilities are low at $3,858.26. Joining Foley on the top 10 list is Mountain Home, Arkansas, in the second-place spot, followed by Hot Springs Village, Arkansas, in third, The Villages, Florida, in fourth, and Bella Vista, Arkansas, at No. 5. Rounding out the top 10 is Pinehurst, North Carolina; Green Valley, Arizona; North Myrtle Beach, South Carolina; Fredericksburg, Texas; and Punta Gorda, Florida.
On the expensive side, the worst place to retire in the U.S. with no savings is Malibu, California, because all the costs there are so expensive. The website noted that the average 2023 home value was more than $3.8 million, while the average annual home health aide costs in Malibu can run at $73,216. The annual cost of groceries is also significantly higher than in Alabama at $5,315.45. The second worst place to retire with no savings is found right here in the SF Bay Area, Walnut Creek.
Foley, Alabama Statistics:
- Percentage of population 65 and older: 30.7%
- Average 2023 home value: $296,232
- Average 2023 property tax: 0.39%
- Whether the state taxes Social Security benefits: No
- Annual homemaker services costs: $45,760
- Annual home health aide costs: $46,218
- Annual grocery costs: $4,326.11
- Annual healthcare costs: $8,119.65
- Annual utilities cost: $3,858.26
- Annual transportation costs: $2,884.41
- Annual necessity costs: $19,188.44
