California towns dominate the top of GOBankingRates’ new ranking of America’s priciest places to retire
Florida is home to nearly half of the country’s 50 most expensive retirement towns, but California dominates when it comes to the top 10, according to GOBankingRates’ new ranking of America’s 50 Most Expensive Retirement Towns.
Indeed, the Golden State is home to six of the 10 most expensive retirement towns, including the top four. Florida, meanwhile, accounted for 24 of the top 50, but none of the top 10. The highest ranked Florida towns were Aventura (12), Palm Beach Gardens (14), Boca Raton (15), Palm City (17) and Bonita Springs (18). Only one city in the northeast cracked the top 10—and just barely.
• EDITOR’S NOTE: This article updates an old article originally published in 2019, which is included in its entirety at the end of this article.
The researchers at GOBankingRates analyzed all U.S. cities with a retirement age population (65+) above 25% and a total population greater than 25,000, ranking them on factors including 2024 home values, housing costs, grocery costs, healthcare costs, and utility costs, among others.
Here’s a closer look at the 10 most expensive U.S. retirement communities (the bullet point statistics coming from the GOBankingRates analysis), in descending order:
10. Fort Lee, N.J.
Fort Lee is a borough at the eastern border of Bergen County, situated along the Hudson River atop The Palisades. It is one of the largest and fastest-growing ethnic Korean enclaves outside of Korea. As of the 2020 United States census, the borough’s population was 40,191 according to Wikipedia.
• % of population 65+: 25.0
• Annual expenditures as a homeowner: $82,893
• 2024 home value: $917,040
• Yearly mortgage cost: $57,922
• Annual grocery cost: $5,224
• Annual healthcare cost: $7,382
• Annual utilities cost: $4,689
9. Hilton Head Island, S.C.
Hilton Head Island is a Lowcountry resort town and barrier island in Beaufort County, 20 miles northeast of Savannah, Ga., and 95 miles southwest of Charleston. The island features 12 miles of beachfront on the Atlantic Ocean and is a popular golf and vacation destination. The year-round population was 37,661 at the 2020 census, although during the peak of summer vacation season the population can swell to 150,000 according to Wikipedia.
• % of population 65+: 39.2
• Annual expenditures as a homeowner: $84,494
• 2024 home value: $1,012,359
• Yearly mortgage cost: $63,942
• Annual grocery cost: $5,128
• Annual healthcare cost: $7,894
• Annual utilities cost: $4,198
