Inflation isn’t just hitting prospective senior living residents looking for the best value in a retirement community. It’s also hitting operators, leaving fewer options available.
According to the Best States to Retire 2023 report from financial research firm Scholaroo, there has been a 4% drop in the number of retirement communities across the country over the past five years. Texas, California and Ohio — which have the highest number of retirement communicates of all 50 states — showed an average drop of 2.6% in the number of retirement communities, according to the company.
Among the top 10 states with the highest number of retirement communities, Florida was the only one to show growth, with an increase of 0.72%.
To help prospective residents looking for an affordable retirement community — and operators looking to provide the best bang for their buck — Scholaroo and Realtor.com recently released their lists of the most affordable retirement communities.
‘Best States to Retire’
Americans value affordable healthcare and cost of living, quality of life and safety when it comes to choosing a place to retire, according to Scholaroo’s “Best States to Retire 2023” list. The firm analyzed 38 metrics in five categories — affordability, entertainment, healthcare, safety and wellness — to rank all 50 states, finding that states in the Midwest and East scored best for affordability, healthcare, safety and wellness.
According to Scholaroo, Connecticut ranked first overall for its more than 100 parks, making it one of the top-ranked wellness states. It also is one of the places in America with the lowest percentage of uninsured older adults (3%), the company said.
Pennsylvania ranked second overall as one of the most tax-friendly states for retirees. The Keystone State also has a wide availability of nurses and nursing homes and ranks tops in Medicaid per capita spending, according to Scholaroo.
Massachusetts rounded out the top three states, offering the best healthcare in the nation. Massachusetts has the lowest percentage of uninsured older adults and good hospice care, as well as quality geriatric care, according to the company.
‘9 Best Affordable Retirement Cities’
Realtor.com, in an article titled “America’s 9 best cities for retirees are affordable,” said that many of the top budget-friendly locales on its list are close to healthcare facilities, offer a variety of recreational facilities and foster a strong sense of community.
Using US Census Bureau median age data and median housing list prices for all US cities over the past year, Bermuda Run, NC, was named the most affordable place for retirees this year by the website. The community on the outskirts of the Winston-Salem area offers a variety of amenities and lower housing prices than most other parts of the country, the site said, adding that it also has low property taxes and doesn’t tax Social Security benefits.
Sun City, AZ, dubbed “The Original Fun City,” was developed in 1960 amid cattle farms and orchards, Realtor said, but now it is surrounded by the Phoenix metro area. Residents of the 55-plus community have the amenities offered in a major city as well as a dry, warm climate that is ideal for outdoor recreation activities, the site said.
Another sunny city, Sun City Center, FL, rounded out the top three affordable cities on the Realtor list. The 55-plus community is priced 20% below the national average, according to the site. Although its main attraction is the local beach scene, the city’s close proximity to Tampa provides easy access to healthcare facilities, Realtor said.
