If you’re planning to retire in popular Florida cities like Boca Raton, The Villages or Sarasota, you might need a backup plan for more affordable retirement alternatives in the Sunshine State.
Before we dig into Florida, how was GOBankingRates able to determine America’s most expensive retirement towns? All U.S. cities with a total population greater than 25,000 and a retirement age population (age 65 and up) above 25% were isolated. Key factors, including the average 2024 home value and annual mortgage, were found for each city along with annual costs for groceries, healthcare, utilities. The annual expenditures for homeowners were also taken into consideration, as each city was ranked based on expenses for a homeowner.
Key Findings
- Nearly half of America’s 50 most expensive retirement towns are in Florida. Twenty-four of the 50 most expensive retirement towns were in the Sunshine State. The five highest ranked Florida towns were Aventura (12), Palm Beach Gardens (14), Boca Raton (15), Palm City (17) and Bonita Springs (18).
- While the Sunshine State dominated the top 50, no Florida city cracked the top 10. Among the 10 most expensive towns for retirement were six California cities and two Hawaii cities (Mililani at No. 5 and Pearl City at No. 8), along with Hilton Head Island, South Carolina, (9) and Fort Lee, New Jersey (#10).
- California swept the top 10, led by Rancho Palos Verdes. Other California cities that ranked include Walnut Creek (2), Seal Beach (3), Novato (4), Cerritos (6) and Palm Springs (7).
Keep reading to find out which 50 destinations ranked as America’s most expensive retirement towns.
1. Rancho Palos Verdes, California
- % of population 65+: 26.2
- Annual expenditures as a homeowner: $149,970
- 2024 home value: $1,995,454
- Yearly mortgage cost: $126,036
- Annual grocery cost: $5,277
- Annual healthcare cost: $6,801
- Annual utilities cost: $3,770
2. Walnut Creek, California
- % of population 65+: 29.3
- Annual expenditures as a homeowner: $118,693
- 2024 home value: $1,480,984
- Yearly mortgage cost: $93,541
- Annual grocery cost: $5,373
- Annual healthcare cost: $9,131
- Annual utilities cost: $4,346
3. Seal Beach, California
- % of population 65+: 43.7
- Annual expenditures as a homeowner: $117,197
- 2024 home value: $1,502,206
- Yearly mortgage cost: $94,881
- Annual grocery cost: $5,128
- Annual healthcare cost: $7,042
- Annual utilities cost: $4,134
4. Novato, California
- % of population 65+: 25.0
- Annual expenditures as a homeowner: $99,570
- 2024 home value: $1,198,683
- Yearly mortgage cost: $75,710
- Annual grocery cost: $5,368
- Annual healthcare cost: $8,302
- Annual utilities cost: $4,041
5. Mililani, Hawaii
- % of population 65+: 25.4
- Annual expenditures as a homeowner: $93,389
- 2024 home value: $1,026,769
- Yearly mortgage cost: $64,852
- Annual grocery cost: $6,687
- Annual healthcare cost: $7,668
- Annual utilities cost: $7,345
6. Cerritos, California
- % of population 65+: 25.5
- Annual expenditures as a homeowner: $92,771
- 2024 home value: $1,092,307
- Yearly mortgage cost: $68,992
- Annual grocery cost: $4,965
- Annual healthcare cost: $6,537
- Annual utilities cost: $4,215
7. Palm Springs, California
- % of population 65+: 33.2
- Annual expenditures as a homeowner: $89,863
- 2024 home value: $1,064,304
- Yearly mortgage cost: $67,223
- Annual grocery cost: $4,802
- Annual healthcare cost: $6,582
- Annual utilities cost: $4,825
8. Pearl City, Hawaii
- % of population 65+: 25.1
- Annual expenditures as a homeowner: $89,695
- 2024 home value: $967,106
- Yearly mortgage cost: $61,084
- Annual grocery cost: $6,701
- Annual healthcare cost: $7,668
- Annual utilities cost: $7,549
9. Hilton Head Island, South Carolina
- % of population 65+: 39.2
- Annual expenditures as a homeowner: $84,494
- 2024 home value: $1,012,359
- Yearly mortgage cost: $63,942
- Annual grocery cost: $5,128
- Annual healthcare cost: $7,894
- Annual utilities cost: $4,198
10. Fort Lee, New Jersey
- % of population 65+: 25.0
- Annual expenditures as a homeowner: $82,893
- 2024 home value: $917,040
- Yearly mortgage cost: $57,922
- Annual grocery cost: $5,224
- Annual healthcare cost: $7,382
- Annual utilities cost: $4,689
11. Scottsdale, Arizona
- % of population 65+: 25.1
- Annual expenditures as a homeowner: $82,131
- 2024 home value: $957,314
- Yearly mortgage cost: $60,465
- Annual grocery cost: $4,955
- Annual healthcare cost: $6,975
- Annual utilities cost: $4,338
12. Aventura, Florida
- % of population 65+: 28.3
- Annual expenditures as a homeowner: $77,315
- 2024 home value: $841,989
- Yearly mortgage cost: $53,181
- Annual grocery cost: $5,200
- Annual healthcare cost: $7,842
- Annual utilities cost: $4,084
13. La Quinta, California
- % of population 65+: 30.1
- Annual expenditures as a homeowner: $71,896
- 2024 home value: $783,236
- Yearly mortgage cost: $49,470
- Annual grocery cost: $4,816
- Annual healthcare cost: $6,582
- Annual utilities cost: $4,537
14. Palm Beach Gardens, Florida
- % of population 65+: 31.4
- Annual expenditures as a homeowner: $71,780
- 2024 home value: $773,214
- Yearly mortgage cost: $48,837
- Annual grocery cost: $5,243
- Annual healthcare cost: $7,615
- Annual utilities cost: $4,113
15. Boca Raton, Florida
- % of population 65+: 25.7
- Annual expenditures as a homeowner: $69,451
- 2024 home value: $734,478
- Yearly mortgage cost: $46,391
- Annual grocery cost: $5,286
- Annual healthcare cost: $7,615
- Annual utilities cost: $4,084
16. Highland Park, Illinois
- % of population 65+: 25.3
- Annual expenditures as a homeowner: $65,989
- 2024 home value: $713,464
- Yearly mortgage cost: $45,063
- Annual grocery cost: $4,984
- Annual healthcare cost: $7,261
- Annual utilities cost: $4,024
17. Palm City, Florida
- % of population 65+: 29.1
- Annual expenditures as a homeowner: $65,079
- 2024 home value: $690,978
- Yearly mortgage cost: $43,643
- Annual grocery cost: $5,234
- Annual healthcare cost: $7,811
- Annual utilities cost: $3,952
18. Bonita Springs, Florida
- % of population 65+: 41.3
- Annual expenditures as a homeowner: $64,644
- 2024 home value: $661,368
- Yearly mortgage cost: $41,773
- Annual grocery cost: $5,157
- Annual healthcare cost: $8,988
- Annual utilities cost: $4,160
19. Lincoln, California
- % of population 65+: 27.8
- Annual expenditures as a homeowner: $63,817
- 2024 home value: $649,593
- Yearly mortgage cost: $41,029
- Annual grocery cost: $5,123
- Annual healthcare cost: $7,736
- Annual utilities cost: $4,575
20. Estero, Florida
- % of population 65+: 50.6
- Annual expenditures as a homeowner: $63,677
- 2024 home value: $637,529
- Yearly mortgage cost: $40,267
- Annual grocery cost: $5,138
- Annual healthcare cost: $8,988
- Annual utilities cost: $4,168
21. Palm Desert, California
- % of population 65+: 36.1
- Annual expenditures as a homeowner: $62,557
- 2024 home value: $638,084
- Yearly mortgage cost: $40,302
- Annual grocery cost: $4,778
- Annual healthcare cost: $6,582
- Annual utilities cost: $4,677
22. Prescott, Arizona
- % of population 65+: 40.8
- Annual expenditures as a homeowner: $62,182
- 2024 home value: $620,393
- Yearly mortgage cost: $39,185
- Annual grocery cost: $4,802
- Annual healthcare cost: $9,764
- Annual utilities cost: $4,333
23. Delray Beach, Florida
- % of population 65+: 27.4
- Annual expenditures as a homeowner: $60,306
- 2024 home value: $590,696
- Yearly mortgage cost: $37,309
- Annual grocery cost: $5,080
- Annual healthcare cost: $7,615
- Annual utilities cost: $4,113
24. Palm Harbor, Florida
- % of population 65+: 28.1
- Annual expenditures as a homeowner: $55,214
- 2024 home value: $518,866
- Yearly mortgage cost: $32,772
- Annual grocery cost: $5,090
- Annual healthcare cost: $7,819
- Annual utilities cost: $4,427
25. Dunedin, Florida
- % of population 65+: 35.2
- Annual expenditures as a homeowner: $54,203
- 2024 home value: $503,123
- Yearly mortgage cost: $31,778
- Annual grocery cost: $5,056
- Annual healthcare cost: $7,819
- Annual utilities cost: $4,469
26. Oro Valley, Arizona
- % of population 65+: 35.3
- Annual expenditures as a homeowner: $54,091
- 2024 home value: $525,708
- Yearly mortgage cost: $33,204
- Annual grocery cost: $4,715
- Annual healthcare cost: $6,439
- Annual utilities cost: $4,566
27. Lake Havasu City, Arizona
- % of population 65+: 34.7
- Annual expenditures as a homeowner: $53,849
- 2024 home value: $490,948
- Yearly mortgage cost: $31,009
- Annual grocery cost: $4,691
- Annual healthcare cost: $9,885
- Annual utilities cost: $4,270
28. Sarasota, Florida
- % of population 65+: 29.6
- Annual expenditures as a homeowner: $52,467
- 2024 home value: $494,070
- Yearly mortgage cost: $31,206
- Annual grocery cost: $5,109
- Annual healthcare cost: $7,668
- Annual utilities cost: $3,990
29. Prescott Valley, Arizona
- % of population 65+: 28.5
- Annual expenditures as a homeowner: $52,406
- 2024 home value: $465,011
- Yearly mortgage cost: $29,371
- Annual grocery cost: $4,682
- Annual healthcare cost: $9,764
- Annual utilities cost: $4,308
30. Venice, Florida
- % of population 65+: 61.2
- Annual expenditures as a homeowner: $52,342
- 2024 home value: $485,620
- Yearly mortgage cost: $30,672
- Annual grocery cost: $5,123
- Annual healthcare cost: $7,668
- Annual utilities cost: $4,113
31. Tarpon Springs, Florida
- % of population 65+: 31.8
- Annual expenditures as a homeowner: $52,284
- 2024 home value: $476,439
- Yearly mortgage cost: $30,093
- Annual grocery cost: $5,051
- Annual healthcare cost: $7,819
- Annual utilities cost: $4,333
32. Merritt Island, Florida
- % of population 65+: 25.7
- Annual expenditures as a homeowner: $51,244
- 2024 home value: $480,528
- Yearly mortgage cost: $30,351
- Annual grocery cost: $4,955
- Annual healthcare cost: $7,532
- Annual utilities cost: $4,134
33. North Fort Myers, Florida
- % of population 65+: 47.9
- Annual expenditures as a homeowner: $50,806
- 2024 home value: $339,556
- Yearly mortgage cost: $21,447
- Annual grocery cost: $4,979
- Annual healthcare cost: $15,020
- Annual utilities cost: $4,100
34. New Smyrna Beach, Florida
- % of population 65+: 35.8
- Annual expenditures as a homeowner: $50,611
- 2024 home value: $461,788
- Yearly mortgage cost: $29,167
- Annual grocery cost: $4,927
- Annual healthcare cost: $7,744
- Annual utilities cost: $4,028
35. Georgetown, Texas
- % of population 65+: 28.5
- Annual expenditures as a homeowner: $50,429
- 2024 home value: $449,207
- Yearly mortgage cost: $28,373
- Annual grocery cost: $4,562
- Annual healthcare cost: $7,593
- Annual utilities cost: $4,291
36. Bradenton, Florida
- % of population 65+: 26.7
- Annual expenditures as a homeowner: $49,669
- 2024 home value: $447,011
- Yearly mortgage cost: $28,234
- Annual grocery cost: $4,979
- Annual healthcare cost: $7,510
- Annual utilities cost: $4,003
37. Banning, California
- % of population 65+: 27.6
- Annual expenditures as a homeowner: $48,629
- 2024 home value: $409,827
- Yearly mortgage cost: $25,885
- Annual grocery cost: $4,696
- Annual healthcare cost: $6,582
- Annual utilities cost: $4,842
38. Tamarac, Florida
- % of population 65+: 26.1
- Annual expenditures as a homeowner: $48,170
- 2024 home value: $393,597
- Yearly mortgage cost: $24,860
- Annual grocery cost: $4,974
- Annual healthcare cost: $7,480
- Annual utilities cost: $4,113
39. Ormond Beach, Florida
- % of population 65+: 31.6
- Annual expenditures as a homeowner: $47,004
- 2024 home value: $408,206
- Yearly mortgage cost: $25,783
- Annual grocery cost: $4,888
- Annual healthcare cost: $7,744
- Annual utilities cost: $4,096
40. Sun City West, Arizona
- % of population 65+: 86.4
- Annual expenditures as a homeowner: $46,987
- 2024 home value: $402,692
- Yearly mortgage cost: $25,435
- Annual grocery cost: $4,667
- Annual healthcare cost: $6,975
- Annual utilities cost: $4,473
41. Largo, Florida
- % of population 65+: 26.8
- Annual expenditures as a homeowner: $46,917
- 2024 home value: $392,483
- Yearly mortgage cost: $24,790
- Annual grocery cost: $5,008
- Annual healthcare cost: $7,819
- Annual utilities cost: $4,456
42. The Villages, Florida
- % of population 65+: 85.9
- Annual expenditures as a homeowner: $46,750
- 2024 home value: $409,300
- Yearly mortgage cost: $25,852
- Annual grocery cost: $4,898
- Annual healthcare cost: $7,382
- Annual utilities cost: $4,456
43. Apache Junction, Arizona
- % of population 65+: 34.1
- Annual expenditures as a homeowner: $45,442
- 2024 home value: $386,680
- Yearly mortgage cost: $24,423
- Annual grocery cost: $4,634
- Annual healthcare cost: $7,570
- Annual utilities cost: $4,228
44. Sun City Center, Florida
- % of population 65+: 66.9
- Annual expenditures as a homeowner: $44,549
- 2024 home value: $350,383
- Yearly mortgage cost: $22,131
- Annual grocery cost: $4,970
- Annual healthcare cost: $7,563
- Annual utilities cost: $4,147
45. Port Orange, Florida
- % of population 65+: 25.0
- Annual expenditures as a homeowner: $44,544
- 2024 home value: $369,991
- Yearly mortgage cost: $23,369
- Annual grocery cost: $4,850
- Annual healthcare cost: $7,744
- Annual utilities cost: $4,084
46. Palm Coast, Florida
- % of population 65+: 29.5
- Annual expenditures as a homeowner: $44,323
- 2024 home value: $359,291
- Yearly mortgage cost: $22,693
- Annual grocery cost: $4,831
- Annual healthcare cost: $7,781
- Annual utilities cost: $4,079
47. North Port, Florida
- % of population 65+: 28.4
- Annual expenditures as a homeowner: $43,788
- 2024 home value: $351,704
- Yearly mortgage cost: $22,214
- Annual grocery cost: $4,994
- Annual healthcare cost: $7,668
- Annual utilities cost: $4,117
48. Bullhead City, Arizona
- % of population 65+: 29.9
- Annual expenditures as a homeowner: $42,682
- 2024 home value: $320,321
- Yearly mortgage cost: $20,232
- Annual grocery cost: $4,581
- Annual healthcare cost: $9,885
- Annual utilities cost: $4,113
49. Sun City, Arizona
- % of population 65+: 75.4
- Annual expenditures as a homeowner: $42,501
- 2024 home value: $330,861
- Yearly mortgage cost: $20,898
- Annual grocery cost: $4,605
- Annual healthcare cost: $6,975
- Annual utilities cost: $4,473
50. Pahrump, Nevada
- % of population 65+: 31.9
- Annual expenditures as a homeowner: $42,050
- 2024 home value: $341,728
- Yearly mortgage cost: $21,584
- Annual grocery cost: $4,826
- Annual healthcare cost: $6,613
- Annual utilities cost: $4,316
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this piece, GOBankingRates first isolated all U.S. cities with a total population greater than 25,000 and a 65+ population above 25%, as sourced from the 2022 American Community Survey conducted by the U.S. Census Bureau. With these cities isolated, GOBankingRates was able to find the following for each city (1) annual rent as sourced from Zillow’s My 2024 data; (2) 2024 home value as sourced from Zillow’s May 2024 data; (3) annual mortgage assuming a 30-year fixed-rate mortgage at 6.89% as sourced from Freddie Mac on July 11, 2024, and 20% down payment with no HOA, property tax or PMI included; (4) annual grocery costs sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey for those 65+ and then factored out by the city’s grocery cost-of-living index as sourced from Sperling’s BestPlaces; (5) annual healthcare costs sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey for those 65+ and then factored out by the city’s healthcare cost-of-living index as sourced from Sperling’s BestPlaces; (6) annual utilities costs sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey for those 65+ and then factored out by the city’s utilities cost-of-living index as sourced from Sperling’s BestPlaces; (7) annual transportation costs sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey for those 65+ and then factored out by the city’s transportation cost-of-living index as sourced from Sperling’s BestPlaces; (8) total annual necessities cost for renters; and (9) total annual necessities cost for homeowners. All data was collected on and is up to date as of July 11, 2024.