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The 12 Most Expensive Luxury Retirement Cities in America in 2024

July 9, 2024

3 min Read

Written by Vance Cariaga

Edited by Daria Uhlig

Jim Glab / iStock.com

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“Luxury” means different things to different people, especially when it comes to where you live. But as a general rule, it typically means you live near upscale amenities, stunning scenery and pricey homes. For retirees, you can add warm weather to the mix, though that’s not always a deal breaker.

You don’t necessarily need to spend a lot of money to enjoy a luxe lifestyle, but it certainly helps. Unfortunately, most Americans don’t have nearly enough savings to finance a luxurious retirement in an expensive city.

As GOBankingRates previously reported, a recent Prudential Financial survey found that 55-year-olds have median retirement savings of less than $50,000, which is “significantly short of the recommended goal of having eight times one’s annual income saved by this age.”

A nest egg of $50,000 is not enough to retire comfortably in most U.S. cities, let alone pricey ones that offer access to a luxurious lifestyle. No matter where you live, you need at least $500,000 to retire comfortably, even if you wait until age 70 to retire. In some places, you need more than $1 million.

Research from GOBankingRates looked at all U.S. cities with populations over 15,000 and 65-plus populations of more than 25% to find some of the most expensive cities to retire in. Here were some of the key findings:

California is home to the largest number of expensive retirement cities, while Florida ranks second.
Naples, Florida, has the largest percentage of 65+ residents of any area on the list. More than half (55%) of its population is age 65 or older.
The median income in the richest retirement town in America is $166,747.

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When it comes to expensive retirement cities that also throw in large doses of luxury, you need to find cities or towns with easy access to high-end shops, restaurants and resort areas, as well as amenities that might range from award-winning golf courses to Instagram-ready beaches or mountains.

Here’s a look at 12 of the most expensive luxury retirement cities in America based on home prices and cost of living. Home prices are from the latest Realtor.com data, while cost-of-living scores are from BestPlaces. Any score above 100 means the cost of living is higher than the U.S. average.