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…
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 | City | Median home price | Retirement ranking | City | Average rent |
|---|---|---|---|---|---|---|
| 1 | 150 | San Jose, CA | $1,522,574 | 150 | San Jose, CA | $2,511 |
| 2 | 140 | San Francisco, CA | $1,117,862 | 140 | San Francisco, CA | $2,155 |
| 3 | 142 | Salinas, CA | $921,917 | 123 | Honolulu, HI | $1,870 |
| 4 | 115 | San Diego, CA | $919,499 | 143 | Santa Rosa, CA | $1,856 |
| 5 | 143 | Santa Rosa, CA | $888,600 | 115 | San Diego, CA | $1,842 |
| 6 | 132 | Boulder, CO | $871,730 | 137 | Santa Barbara, CA | $1,810 |
| 7 | 127 | Los Angeles, CA | $835,858 | 145 | Vallejo & Fairfield, CA | $1,802 |
| 8 | 28 | Naples, FL | $806,604 | 52 | Washington, DC | $1,783 |
| 9 | 126 | Seattle, WA | $769,983 | 142 | Salinas, CA | $1,718 |
| 10 | 62 | Boston, MA | $716,329 | 126 | Seattle, 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.