Los 40 USA
NewslettersSign in to commentAPP
spainSPAINchileCHILEcolombiaCOLOMBIAusaUSAmexicoMEXICOlatin usaLATIN USAamericaAMERICA

FINANCE

The 10 most expensive cities to retire in the US in 2023

One must consider the cost of where one retires to make those hard-earned savings go the furthest. Here’s where that might not be the case in the US…

Update:
One must consider the cost of where one retires to make those hard-earned savings go the furthest. Here’s where that might not be the case in the US…

When it comes time to retire many Americans consider packing up and moving to a different locale, perhaps for better weather or to be closer to their kids, or maybe just for a change of air. When weighing one’s options on where one wants to live after quiting the nine-to-five, there are several factors to keep in mind and perhaps none more so is finding the place that your hard-earned retirement savings will go the farthest.

The cost of living varies greatly from state to state as well as within the each one. The amount you need to have saved for retirement in 2022 ranged from $618,000 in Mississippi to $1.84 million in Hawaii according to an analysis by World Population Review. While living in a city can offer advantages like the proximity to services, especially healthcare, it can also mean a more expensive lifestyle.

The 10 most expensive cities to retire in the US in 2023

The number one expense for Americans according to a Sunmark Credit Union report is housing. While those who are of retirement age spend less than all but the youngest cohort, it is still a sizeable amount averaging over $25 per day. If one were just to take this into account, here are the ten most expensive cities to retire in according to US News and World Report’s “2024 Best Places to Retire in the US” study.

Expense
ranking
Retirement
ranking
CityMedian
home price
Retirement
ranking
CityAverage
rent
1150San Jose, CA$1,522,574 150San Jose, CA$2,511
2140San Francisco, CA$1,117,862 140San Francisco, CA$2,155
3142Salinas, CA$921,917 123Honolulu, HI$1,870
4115San Diego, CA$919,499 143Santa Rosa, CA$1,856
5143Santa Rosa, CA$888,600 115San Diego, CA$1,842
6132Boulder, CO$871,730 137Santa Barbara, CA$1,810
7127Los Angeles, CA$835,858 145Vallejo & Fairfield, CA$1,802
828Naples, FL$806,604 52Washington, DC$1,783
9126Seattle, WA$769,983 142Salinas, CA$1,718
1062Boston, MA$716,329 126Seattle, WA$1,701

However, you’ll will notice that even though the above cities have the most expensive housing costs, either owning or renting, of the 150 cities analyzed some of them are relatively high on the list of best places to retire. This has to do with the access to healthcare services or the amenities that each city offers.

Rules