When Americans think about where to retire, they're pretty likely to think about Florida and a June GOBankingRates study of the fastest-growing retirement hot spots around the U.S. shows just that.
Four of the top 10 retirement hot spots ranked in the study are in Florida. The Sunshine State also landed 12 spots on the top 50 list.
To determing the ranking, GOBankingRates looked at every city in the U.S. that met the following criteria: had at least 7,500 people aged 65+ living in the area as of 2022 and a 65+ population above the national average of 16.5%.
All data used in the study was sourced from the 2022, 2021, and 2017 American Community Surveys conducted by the U.S. Census Bureau.
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No. 1 retirement hot spot in America: Goodyear, Ariz.
Goodyear, Arizona, is the fastest-growing retirement town in the U.S. The study found that Goodyear had a:
- 5-year percentage increase in retirement age population of people 65 and over: 61%
- 1-year percentage increase in population of people over 65: 11%
- 2022 percentage of the population who are 65 and older: 18%
Goodyear is a suburb of Phoenix, located just about 20 miles from the city's downtown.
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Cost of living in Goodyear is 13% higher than the national average, according to PayScale. Housing expenses are 57% higher than the national average, while utility prices are 3% higher.
Transportation costs like bus fares and gas prices, are 7% higher than the national average.
The average Goodyear home value is $485,052, up 2.6% over the past year. It is among the fastest-growing cities in the country, according to the U.S. Census Bureau.
The city is named after the Goodyear Tire and Rubber Company, according to its website. Goodyear has over 300 days of sunshine and is also the Spring Training and player development home of Major League Baseball's Cleveland Guardians and Cincinnati Reds.
Top 10 retirement hot spots in America
- Goodyear, Ariz.
- Sugar Land, Texas
- Clermont, Fla
- El Dorado Hills, Calif.
- North Port, Fla
- Gallatin, Tenn.
- Fort Myers, Fla
- Peoria, Ariz.
- Longmont, Colo.
- Vero Beach South, Fla
Sugar Land, Texas, is the second fastest-growing retirement hot spot in the U.S., according to GoBankingRates.
The study found that Sugar Land had a:
- 5-year percentage increase in retirement age population of people 65 and over: 58%
- 1-year percentage increase in population of people over 65: 9%
- 2022 percentage of the population who are 65 and older: 18%
Sugar Land is part of the Houston-The Woodlands-Sugar Land metropolitan area and is located about 19 miles from downtown Houston.
Sugar Land's cost of living is 21% higher than the national average, according to PayScale. The city's housing expenses are 58% higher than the national average, while utility prices are 1% lower.
Transportation costs like bus fares and gas prices, are also 12% lower than the national average.
The average Sugar Land home value is $454,245, up 4.9% over the past year.
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