Where is the best city for senior living operators to focus resources on capturing a large share of the retirement market? It depends on who you ask.
According to the Global Residence Index, Washington state ranked as the best state in which to retire in America after ranking in the top 10 for five out of seven key factors. That list ranked Alabama as the worst state for adults to retire in due to its place as the fourth worst life expectancy, at 73.2 years, and it being among the worst states as far as air quality.
An analysis of the nation’s 100 largest metropolitan areas from StorageCafe, however, tagged Florida’s Cape Coral and Fort Myers as the top US retirement cities. The North Port–Sarasota–Bradenton metropolitan areas followed in third place. The metro areas, both toward the south of Florida on the Gulf Coast, had high safety scores and high average life expectancy, at 82.4 years and 81.4 years, respectively. Floridians also benefit from a favorable tax climate, wth income, benefits and inheritances not taxed, StorageCafe said.
There is more to life than hard numbers
The Global Residence Index — which didn’t include Florida in its top 10 retirement states — used the OECD Better Life Index to rank states on factors essential to material living conditions and quality of life, including air quality, life expectancy, violent crime reports, environmental quality, Medicaid spending and the size of the 65-plus population.
“There are hundreds of factors to be accounted for when it comes to living a positive and prosperous life, especially during retirement,” a Global Residence Index spokesperson said. “Community, environment, safety and health are some of the vital factors to consider when choosing the best state to retire in.”
With Washington state ranking tops, Minnesota captured second place. The North Star State is No. 1 in the country for social support, including exercise, volunteerism and insurance, according to the Global Residence Index.
Massachusetts placed third in the rankings, also ranking as the third best state for environmental quality. Hawaii, No. 4 overall, ranked first in the country for air quality and life expectancy, with Hawaiians living up to 80.7 years, on average.
Despite ranking at No. 27 for the number of violent crimes reported in 2021, Oregon scored well enough across all other categories to come in at No. 5 overall. New York captured the No. 6 spot, with the highest Medicaid spending across the nation, at $75.4 billion dollars, in 2021. Coming in at No. 7 overall, California has the largest older adult population in the country, at 5.96 million people 65 and older, according to the Global Residence Index.
Rounding out the top 10 states on the list are Vermont (No. 8) for its low crime and high life expectancy; Connecticut (No. 9) for social support and life expectancy; and New Hampshire (No. 10) for air quality and social support.
Joining Alabama (No. 50) at the bottom of the list are Tennessee (No. 49) and Oklahoma (No. 48). Tennessee has an average life expectancy of 73.8 years, and Oklahoma was only slightly better, at 74.1 years.
West Virginia (No. 47) has a life expectancy of 72.8 years. Wyoming (No. 46) rounded out the bottom five states.
Large metropolitan areas meet the needs of older adults
StorageCafe’s analysis looked much different, finding that half of the country’s best retirement destinations are in the Northeast, with New York City and Albany in New York, along with Connecticut’s Bridgeport, among the highest ranking places for retirement.
Acknowledging that retirees generally are enticed by “golden beaches, recreational opportunities and good weather,” StorageCafe said that concerns about healthcare and other expenses are other factors to consider when assessing a location’s potential for offering the best retirement experience.
The national storage space marketplace ranked metropolitan areas by the population of older adults, life expectancy, health factors, local crime statistics, housing and grocery costs, tax burdens and age-restricted communities.
Although five Florida metro areas were among the top 20 cities on the list, cities to the north and east filled most of the top 20 positions.
Ohio’s healthcare offerings and cost-effective housing pushed the Cleveland–Elyria metro area to second place on the list. Safety, cost of living and the proportion of healthcare workers and social assistance programs attracted a population of older adults that exceeds 30%, according to the ranking. The Buckeye state’s Dayton–Kettering metro area ranked No. 5 overall, with its low cost of living. Both of those Ohio metros have above-average offerings of age-restricted communities, StorageCafe said.
Billing New York state as having “great all-around deals” for older adults, the list ranked New York City as No. 4 on the list, with a high provision of healthcare workers, parks and golf courses. Newark, NJ, and Jersey City, PA, joined New York City at No. 4. Going upstate, Albany–Schenectady–Troy ranked No. 6 overall, noted for safety and low housing prices.
Rounding out the top 10 retirement metro areas on the StorageCafe list were Milwaukee–Waukesha, WI, (No. 7), the Sunshine State’s Tampa–St. Petersburg–Clearwater metro area (No. 8), the Golden State’s Oxnard–Thousand Oaks-Ventura metro area (No. 9), and Connecticut’s coastal Bridgeport–Stamford–Norwalk metro area (No. 10).
