3 Best States for Seniors Who Want To Live in a Retirement Community
Written by
Jake Safane
Edited by
Rebekah Evans
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Choosing where to live in retirement can make a big difference in your well-being and financial security. While the majority of retirees stay in the homes that they lived in pre-retirement, over one-third have moved, according to a Transamerica survey.
Among those who did move, the top five most important factors were moving closer to family and friends, starting a new chapter in life, reducing expenses, downsizing and moving to a better climate.
For some, that means moving to a new state where they can enjoy benefits like warmer weather and more affordable housing compared to many other areas of the country.
And because having social ties is very important, some retirees choose to move into a retirement community, such as developments that are built specifically for residents ages 55 and older. If you don’t have a big family or social circle, for example, you might prefer to live near other retirees and have access to community amenities like tennis courts and walking trails.
Keep in mind that you also don’t have to specifically move into a 55 and older community to forge new ties in retirement. Even if an area isn’t designated as a retirement community, you might find certain areas are well-suited for retirees where you can build your own community.
With that in mind, here are three states for retirees to consider, as recommended by Desiree Avila, board certified realtor at Charles Rutenberg Realty in Fort Lauderdale — not surprisingly, Florida has some of the best and most affordable retirement communities.
Florida
Florida is one of the best states for seniors who want to live in a retirement community, as over one in five Florida residents is 65 and older, according to the Population Reference Bureau.
“I may be partial to Florida because I live in and absolutely love Florida. As the name suggests, Florida is the Sunshine State. We get lots of sunshine year round. In addition, we have beautiful beaches, great weather — except during hurricane season — and a variety of places for retirees to choose from,” Avila said.
And while Florida overall is getting more expensive, there are still places you can find good deals.
“There is a lot of focus on South Florida because of Miami and Fort Lauderdale, but Florida is very large and there is no dearth of affordable housing around the state and a plethora of 55 and over communities, which are even more affordable than all-age homes,” Avila said.
“Florida has become known for retirees and developers have taken notice. They build communities that cater to retirees, offer resort-style living” and there’s often somewhere that meets their budget, she said. Plus, there’s no state income tax.
Tennessee
Another state for retirees to consider is Tennessee. Even if it doesn’t have the same popularity as Florida for being a retirement destination, it still has a lot to offer.
“Tennessee does not have as much sunshine as Florida, but it has milder climes, which can make living there during the colder months bearable. While they don’t have as many 55 and over options for retirees as Florida, there is plenty of affordable real estate in Tennessee. If retirees want land, mountains and tranquility, there is a corner of Tennessee for them,” Avila said.
Or if you want more liveliness, you can find 55 and older communities in cities like Nashville or Murfreesboro.
Plus, there’s no state income tax in Tennessee either, Avila said.
Texas
Texas is another state that could be attractive to retirees looking to live in a retirement community. With its growing senior population, you can find lots of 55 and over communities throughout the state or there’s plenty of open space if you end up deciding to live in a more rural community that’s not formally for residents of a certain age.
“Texas is a very large state, so there are plenty of places to choose from where homes are affordable,” Avila said. “Like Florida, Texas also has sunshine and beaches but if a retiree is looking for something where there is more land [or] ranch-like living, they can find that in Texas too.”
Similar to parts of Florida and Tennessee, the popularity of Texas has driven up home prices in some areas, but there are still plenty of communities within the large state to find good deals. And overall, despite home prices rising sharply during the pandemic in Texas, over the past year prices actually dipped by nearly 1%, according to Redfin.
Plus, like Tennessee and Florida, Texas has no state income tax, Avila said.
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