If you’re looking for a retirement destination that offers a high quality of life in the United States, you may need to venture outside the mainland, according to WalletHub’s list of top destinations. Best and Worst Places to Retire.
Hawaii is home to two of the best retirement destinations for quality of life, according to WalletHub analysis. Pearl City ranks first, followed by Honolulu in second.
While Florida is home to the two best cities in the U.S. overall for retirees, when it comes to quality of life specifically, the first Florida city on the list comes in at No. 17.D place.
WalletHub ranked the quality of life in 182 densely populated cities based on several factors, including the share of residents over age 65, weather, violent crime rate, availability of activities for seniors, and walkability.
To compile the rankings, the personal finance site analyzed data from a number of sources, including the Tax Foundation, the Council for Community and Economic Research, and the U.S. Census Bureau.
“Quality of life metrics focus on aspects such as share of elderly population, senior poverty rates, community support and environmental conditions,” WalletHub analyst Chip Lobo tells CNBC Make It. “Together, these metrics help identify cities that provide supportive and productive environments for retirees.”
Here are the 10 best cities in the US to retire to for the highest quality of life, according to WalletHub.
- Pearl City, Hawaii
- Honolulu
- Scottsdale, Arizona
- Columbia, Maryland
- Fremont, California
- Glendale, California
- Madison, Wisconsin
- San Jose, California
- Lexington-Fayette, Kentucky
- San Diego
Pros and Cons of Pearl City, Hawaii, for Retirees
Pearl City is located on the island of Oahu in Hawaii, about 11 miles from downtown Honolulu. Its population is about 45,000, and more than a quarter of the population is over the age of 65, according to the most recent data available. Census data.
In Pearl City, and Hawaii in general, retirees who enjoy spending time outdoors can take advantage of warm weather year-round, with temperatures typically hovering between the low 70s and low 80s, according to National Weather ServiceThe state also has an abundance of natural beauty, including white sandy beaches and clear waters.
However, the weather is also a potential drawback to living in Hawaii, as the islands are prone to tsunamis, hurricanes, and storms. Other natural disasters.
Don’t miss: How to Manage Your Money and Grow Your Wealth
Another downside is that living in Hawaii isn’t cheap. In Pearl City, homes average $795,000 and sell for an average of $1.1 million. Real Estate Agent.com.
Renters aren’t much better off. The average rent for a one-bedroom home in Pearl City is $1,856 per month as of Sept. 10. According to Zillowwhich is about 16% higher than the national average.
However, for retirees who can afford it, they may find a large community of peers their age. Pearl City is tied with Scottsdale, Ariz., for the highest percentage of residents over 65, according to a WalletHub analysis.
Explore potential retirement destinations in advance.
While lists like these can be a useful starting point when deciding where to retire, it’s ultimately up to you to figure out which features are most important.
You may prioritize being close to your family and having easy access to medical facilities, while someone else may prefer to move to a place with a lower cost of living.
Plus, it can be hard to imagine yourself retiring in a place where you haven’t spent time.
Many retirement experts recommend visiting potential retirement destinations at different times of the year so you can get an idea of what the city is like during different seasons, get to know the local community and begin to understand what life might be like there in the long term.
Want to master your money management this fall? Register for CNBC’s new online courseWe’ll teach you practical strategies to budget, reduce your debt, and grow your wealth. Get started today to feel more confident and successful. Use code EARLYBIRD for an introductory 30% discount, now extended through September 30, 2024, for the back-to-school season.
“Web maven. Infuriatingly humble beer geek. Bacon fanatic. Typical creator. Music expert.”
More Stories
Bank of Japan decision, China PMI, Samsung earnings
Dow Jones Futures: Microsoft, MetaEngs Outperform; Robinhood Dives, Cryptocurrency Plays Slip
Strategist explains why investors should buy Mag 7 ‘now’