For most Americans, retirement can feel like a distant fantasy, often seen as something only attainable for the wealthy elite. A 2024 study by Northwestern Mutual illustrates just how far out of reach retirement seems for many, with the average worker estimating they’d need a whopping $1.46 million saved to live comfortably after they stop working. This target represents a staggering 53 percent increase from the retirement savings goal set just four years ago in 2020. However, some savvy strategists say that retiring in comfort doesn’t have to cost an arm and a leg—particularly if one is open to relocating to a new, affordable hometown that caters to retirees.
For middle-class retirees looking to stretch their dollars, GoBankingRates.com has pinpointed just the place. In a study released in September, the site zeroed in on ideal retirement locales across the United States, identifying places where middle-class retirees can enjoy a comfortable lifestyle without needing a millionaire’s bank balance. According to their findings, The Villages in Florida emerged as the top spot for retirees who fall within the middle-income bracket, promising a balance of affordability, comfort, and amenities.
To determine which cities made the cut, the GoBankingRates team dove into U.S. Census and Federal Reserve data. They focused on cities with at least 10,000 residents and a population where a significant 25 percent or more are aged 65 or older. The study considered critical financial factors for those approaching retirement, including the median household income, the average home value, the total cost of living, and typical Social Security benefits in each location.
In The Villages, a famed retirement community just north of Orlando, residents enjoy a median household income of $73,415 and an average home value of $408,342. The annual cost of living, according to the study, sits at a manageable $48,808, while average Social Security benefits add up to $30,704. It’s a place designed to let retirees live out their best years with a wealth of recreational opportunities, from golfing on the community’s nine- and 18-hole courses to hiking scenic trails, dining at diverse restaurants, shopping at local plazas, and unwinding by the pool.
For middle-income retirees looking to explore beyond Florida, Green Valley City in Arizona claimed the second spot on the list. With a median household income of $57,785, an average home value of $321,915, and an annual cost of living around $41,989, it offers affordability and comfort for retirees, who also benefit from average Social Security payments of $27,102. Other top destinations that made GoBankingRates.com’s shortlist include Sun City West, Arizona; Hot Springs Village, Arkansas; and Venice, Florida—all places with affordable living and attractive amenities that make retirement feel less like a fantasy and more like a reachable reality.
