The Best Retirement Towns for the Middle Class in 2024

When it comes to finding the perfect place to retire, retirees have to factor in numerous elements, from affordability to available amenities. Middle-class Americans may be in a slightly better position than most to retire comfortably, if they pick the right towns to do so, because they tend to have decent financial security and several sources of retirement income.

To find the top 30 best towns for the middle class to retire in, GOBankingRates drew from US Census and Federal Reserve data and analyzed cities across the country that had a minimum population of 10,000 residents and at least 25% of that population aged 65 and over.

GOBankingRates then factored in key data, such as household median income, average home value, total annual cost of living and the average Social Security Benefits.

The results reveal that middle-class Americans will find a number of perfect places to retire in Arizona, Ohio and Florida.

• Middle-class Americans will have the most success retiring in Arizona, Ohio and Florida.
• Sun City West Arizona, has the highest percentage of residents age 65 and older, at 86.5%.
• Greenville, Ohio, has the lowest overall annual cost of living of all the cities on this list, at $30,173.

• Household median income: $73,415
• Single family home average value: $408,342
• Annual cost of living: $48,808
• Average Social Security Benefits: $30,704

• Household median income: $57,785
• Single family home average value: $321,915
• Annual cost of living: $41,989
• Average Social Security Benefits: $27,102

• Household median income: $61,941
• Single family home average value: $398,930
• Annual cost of living: $48,781
• Average Social Security Benefits: $28,190

• Household median income: $68,580
• Single family home average value: $305,455
• Annual cost of living: $41,487
• Average Social Security Benefits: $28,754

• Household median income: $68,843
• Single family home average value: $466,895
• Annual cost of living: $53,436
• Average Social Security Benefits: $27,226

• Household median income: $51,263
• Single family home average value: $329,036
• Annual cost of living: $44,204
• Average Social Security Benefits: $25,346

• Household median income: $64,661
• Single family home average value: $341,594
• Annual cost of living: $45,845
• Average Social Security Benefits: $26,759

• Household median income: $75,898
• Single family home average value: $419,564
• Annual cost of living: $49,123
• Average Social Security Benefits: $28,854

• Household median income: $69,146
• Single family home average value: $406,306
• Annual cost of living: $48,562
• Average Social Security Benefits: $26,855

• Household median income: $61,734
• Single family home average value: $382,567
• Annual cost of living: $47,686
• Average Social Security Benefits: $25,610

• Household median income: $71,019
• Single family home average value: $438,475
• Annual cost of living: $49,996
• Average Social Security Benefits: $26,060

• Household median income: $102,917
• Single family home average value: $542,557
• Annual cost of living: $57,335
• Average Social Security Benefits: $28,853

• Household median income: $101,394
• Single family home average value: $525,380
• Annual cost of living: $56,423
• Average Social Security Benefits: $29,587

• Household median income: $68,121
• Single family home average value: $319,201
• Annual cost of living: $42,621
• Average Social Security Benefits: $28,259

• Household median income: $65,650
• Single family home average value: $362,710
• Annual cost of living: $46,421
• Average Social Security Benefits:  $23,019

• Household median income: $135,657
• Single family home average value: $713,541
• Annual cost of living: $69,932
• Average Social Security Benefits:  $30,538

• Household median income: $74,109
• Single family home average value: $279,112
• Annual cost of living: $38,585
• Average Social Security Benefits: $23,154  

• Household median income: $91,975
• Single family home average value: $282,436
• Annual cost of living: $39,049
• Average Social Security Benefits: $24,539

• Household median income: $46,694
• Single family home average value: $328,600
• Annual cost of living: $44,328
• Average Social Security Benefits: $25,143

• Household median income: $79,509
• Single family home average value: $329,817
• Annual cost of living: $42,813
• Average Social Security Benefits: $25,906

• Household median income: $69,792
• Single family home average value: $506,656
• Annual cost of living: $54,861
• Average Social Security Benefits: $27,638

• Household median income: $83,654
• Single family home average value: $493,623
• Annual cost of living: $55,036
• Average Social Security Benefits: $32,475

• Household median income: $54,271
• Single family home average value: $328,077
• Annual cost of living: $44,351
• Average Social Security Benefits: $23,898

• Household median income: $58,797
• Single family home average value: $354,444
• Annual cost of living: $44,075
• Average Social Security Benefits: $21,751

• Household median income: $54,988
• Single family home average value: $350,128
• Annual cost of living: $44,349
• Average Social Security Benefits: $23,592

• Household median income: $42,281
• Single family home average value: $224,906
• Annual cost of living: $34,449
• Average Social Security Benefits: $23,209

• Household median income: $45,746
• Single family home average value: $159,902
• Annual cost of living: $30,173
• Average Social Security Benefits: $19,574

• Household median income: $84,697
• Single family home average value: $225,429
• Annual cost of living: $35,093
• Average Social Security Benefits: $22,809 

• Household median income: $66,922
• Single family home average value: $210,762
• Annual cost of living: $34,178
• Average Social Security Benefits: $24,091

• Household median income: $65,238
• Single family home average value: $399,777
• Annual cost of living: $48,401
• Average Social Security Benefits: $22,946

Editor’s note: Photos are for illustration purposes only and may not represent the specific city.

Methodology: For this study, GOBankingRates analyzed cities across the country to identify the best retirement towns for the middle class in 2024. To qualify for this study, a city had to have a population of at least 10,000 residents, with at least 25% of the population aged 65 and over, and have all required data points available. First, GOBankingRates identified qualifying cities using the U.S. Census American Community Survey. Several factors were considered for each city, including total population, population aged 65 and over, total households, median household income, number of households receiving Social Security benefits, number of households receiving retirement income, the average Social Security benefits for households receiving them, and the average retirement income for households receiving it. Data sources included the U.S. Census American Community Survey, cost-of-living indexes from Sperling’s BestPlaces, the average single-family home value from the Zillow Home Value Index, and the livability index from AreaVibes. Using the cost-of-living indexes and national average expenditure costs for retired residents, the average expenditure cost was calculated. For the average single-family home value, using the national 30-year fixed mortgage rate as of Sept. 19, 2024, (sourced from the Federal Reserve Economic Data) and assuming a 10% down payment, the average mortgage cost was calculated. Based on the average mortgage and expenditure costs, the total monthly and annual cost of living was determined. The percentage of households receiving Social Security benefits and the percentage of households receiving retirement income were also calculated using the total number of households and the number receiving these benefits. The following factors were scored and weighted equally: average mortgage cost, average expenditure cost, livability index, percentage of households receiving Social Security benefits, average Social Security benefits per household, percentage of households receiving retirement income and average retirement income per household. All scores were summed and ranked to determine the best retirement towns for the middle class. All data was collected on and is current as of Sept. 19, 2024.