Individuals from New York looking to bid farewell to their bustling city life on the brink of retirement don’t have to look too far. Milford, a small, serene coastal municipality only an hour and a half away from Manhattan, has recently been declared one of the most suitable localities in the United States for affluent retirees. This seaside location achieved third place in the latest rankings presented by GOBankingRates, which evaluated livability metrics and annual living expenses in regions sustaining a larger-than-usual population of citizens over 65 years old.
GOBankingRates used the classification of ‘middle class’ as defined by the Pew Research Center to pinpoint upper-middle-class regions. They set the criteria for these communities as places where a comfortable standard of living necessitates between $120,896 and $155,438 annually. In this comprehensive list, Dover, New Hampshire emerged as the ideal U.S. town for prosperous retirees, provided its highly-rated livability indicators and the fact that Social Security payments are not subject to taxation.
Claiming the second position was Laguna Woods, California. This came as an unexpected revelation considering its location within the notoriously expensive Orange County. Despite the general costliness of its surrounding areas, this Southern California suburb stands out as one of the region’s most economic, given its status as a residence limited to individuals who are 55 years of age or older.
The average value of domiciles in Laguna Woods is estimated to be $536,665. In stark contrast, the average value of residences in Laguna Beach, which is only a brief 12-minute drive away, stands approximately at an astounding $3.3 million. Therefore, despite Orange County’s reputation, Laguna Woods offers a surprisingly affordable living alternative for seasoned citizens.
Located at the third position in the list, Milford is a highly livable town with a score of 88. Its prime features include convenient access to various local amenities, a low incidence of criminal activities, and an endearing sense of community. The municipality is well-reputed for hosting an array of parades and festivals throughout the year, significantly contributing to its civic appeal.
One such annual event that garners particular acclaim in Milford is the renowned Oyster Festival, which takes place each year in August. Events like these not only highlight the rich cultural experiences that Milford offers but also encourage a sense of togetherness and community among its well-rounded residents.
The mean value attributed to homes in Milford is pegged at around $530,266. Individually residing in this coastal town comfortably requires approximately $127,612 annually. Giving New Yorkers and other upper-middle-class retirees a chance to enjoy serene, coastal retirement without relinquishing the connectivity to a major city.
The extensive ranking by GOBankingRates evaluated 50 towns in total, with a few Northeastern towns making their way to the list. Portland, situated in Maine, was cited as the eighth-favored town for upper-middle-class retirees. Saratoga Springs, located in New York, also joined the list, holding the thirtieth position.
The top ten American localities as per this thorough analysis suitable for upper-middle-class retirees are as follows: Dover in New Hampshire, Laguna Hills in California, Milford in Connecticut, Ashland in Oregon, Wheaton in Illinois, Coconut Creek in Florida, Coeur d’Alene in Idaho, Portland in Maine, Arlington Heights in Illinois, and Royal Palm Beach in Florida.
Securing the first place, Dover, New Hampshire has distinguished itself as the most appealing destination for the affluent retiree. Reasons for this include everything from its broad spectrum of lifestyle amenities to the absence of taxation on Social Security payments.
Laguna Hills, California, a beacon of affordability within Orange County, earns the runner-up position in this ranking. The town’s cost-effectiveness is largely due to its age restrictions, making it a practical choice for retirees.
Seizing the position at number three, Milford, Connecticut, offers its citizens a living experience abundant in communal activities, supplemented by its excellent accessibility and the calmness offered by its coastal setting. The town emerges as an agreeable retirement destination for those used to the rhythm of New York City yet seeking a more tranquil pace of life.
Ashland, Oregon, Wheaton, Illinois, and Coconut Creek, Florida, are positioned fourth, fifth, and sixth, respectively, providing a variety of retirement experiences for the affluent from various parts of the country. While Ashland delivers an Oregonian charm, Wheaton prides itself in its Illinois hospitality, and Coconut Creek provides a Floridian paradise.
Coeur d’Alene, Idaho making seventh place, followed by Portland, Maine, in eighth position, offer pertinent retirement solutions befitting the upper-middle-class retiree demographic. Both have their unique selling points, from Coeur d’Alene’s lakeside life to Portland’s New England grace.
Illinois’s Arlington Heights grabs the ninth spot with its chic suburban charm. At the tenth position, one finds Royal Palm Beach, Florida, which continues to be a desirable location for retirees, popular for its tropical allure and leisurely lifestyle.
Each of these top-rated towns and cities offer a diverse range of retirement experiences to the upper-middle-class populace. Their distinct features, from cost of living to lifestyle perks, provide a variety of options for retirees to choose from, making the golden years of life truly golden.
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