Overview

A recent report by GoBankingRates has identified the top affluent cities in the United States for retirees in 2024. This study focused on towns with populations exceeding 15,000 and a significant percentage of residents aged 65 and older. The analysis aimed to highlight areas where wealth is more prominent, rather than affordability.

The report narrowed down to 131 cities and ranked them based on median household income, ultimately revealing the top 20 richest retirement towns.

Key details

  • The study considered towns with over 15,000 residents and at least 25% of the population aged 65 or older.
  • A total of 131 cities were analyzed for their median household income.
  • The 20th to 11th most affluent towns include Summerlin South, Nevada; Novato, California; Palm City, Florida; Lakewood Ranch, Florida; Creve Coeur, Missouri; Pearl City, Hawaii; Murrysville, Pennsylvania; Parole, Maryland; Palm Valley, Florida; and Mililani Town, Hawaii.
  • Cerritos, California, ranks as the tenth richest retirement town with a median household income of $124,460.
  • Cerritos has a population of approximately 49,000, with 25.5% (12,508 residents) aged 65 and older.
  • Cerritos is noted as the fourth-most popular town for senior residents in the ranking.
  • Naples, Florida, is highlighted as a growing expensive location for retirees, with a median income of $135,657.
  • Florida is often perceived as a retiree-friendly state due to its tax policies, but costs are rising.
  • The report emphasizes the increasing expense of living in some traditionally affordable retirement locations.
  • The analysis focuses solely on income, without considering other factors like cost of living or amenities.
  • The top 10 richest retirement towns were specifically highlighted for their wealth rather than affordability.
  • The study provides a snapshot of retirement options for those seeking affluent living conditions.

Context

This report sheds light on the changing landscape of retirement living in the U.S., where wealthier towns may be becoming more attractive to retirees despite rising costs. It reflects a growing trend among retirees who prioritize affluent living environments over economic considerations.

What happens next

As retirees evaluate their options for relocation, the findings from this report may influence their decisions on where to settle down, particularly in wealthier areas that offer a higher median income.

What we don't know yet

Details regarding the specific criteria used for ranking, the complete list of the top 10 cities, and additional demographic information about residents are not confirmed.