10 Most Expensive U.S. Retirement Communities

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

8. Pearl City, Hawaii

Pearl City is an unincorporated community in the ʻEwa District and City & County of Honolulu on the island of Oʻahu. It sits along the north shore of Pearl Harbor. As of the 2010 census, Pearl City had a population of 47,698 according to Wikipedia.

• % of population 65+: 25.1
• Annual expenditures as a homeowner: $89,695
• 2024 home value: $967,106
• Yearly mortgage cost: $61,084
• Annual grocery cost: $6,701
• Annual healthcare cost: $7,668
• Annual utilities cost: $7,549

7. Palm Springs, Calif.

Palm Springs is a desert resort city in Riverside County, within the Coachella Valley. The city is noted for its mid-century modern architecture, design elements, arts and cultural scene, and recreational activities. The population of Palm Springs was 44,575 as of the 2020 census, but because Palm Springs is a retirement location and a winter snowbird destination, the city’s population triples between November and March, according to Wikipedia.

• % of population 65+: 33.2
• Annual expenditures as a homeowner: $89,863
• 2024 home value: $1,064,304
• Yearly mortgage cost: $67,223
• Annual grocery cost: $4,802
• Annual healthcare cost: $6,582
• Annual utilities cost: $4,825

6. Cerritos, Calif.

Cerritos is a city in Los Angeles County, and is one of several cities that constitute the Gateway Cities of southeast Los Angeles County. Living in Cerritos offers residents a sparse suburban feel and most residents own their homes, but it is also sports the sixth-highest cost of living among 273 cities in the U.S. As of 2019, the population was 49,859 according to Wikipedia.

• % of population 65+: 25.5
• Annual expenditures as a homeowner: $92,771
• 2024 home value: $1,092,307
• Yearly mortgage cost: $68,992
• Annual grocery cost: $4,965
• Annual healthcare cost: $6,537
• Annual utilities cost: $4,215

5. Mililani, Hawaii

Mililani is located near the center of the island of Oʻahu in Honolulu County, largely considered a bedroom community for Honolulu. It consists of two census-designated places, Mililani Town, with a population of 28,121 at the 2020 census, and Mililani Mauka, with a 2020 census population of 21,075, according to Wikipedia.

• % of population 65+: 25.4
• Annual expenditures as a homeowner: $93,389
• 2024 home value: $1,026,769
• Yearly mortgage cost: $64,852
• Annual grocery cost: $6,687
• Annual healthcare cost: $7,668
• Annual utilities cost: $7,345

4. Novato, Calif.

Novato is a city in Marin County, situated in the North Bay region of the Bay Area located approximately 29 miles north of San Francisco and 37 miles northwest of Oakland. It is 43% more expensive to live in than the national average and 5% more expensive than the average city in California. At the 2020 census, Novato had a population of 53,225 according to Wikipedia.

• % of population 65+: 25.0
• Annual expenditures as a homeowner: $99,570
• 2024 home value: $1,198,683
• Yearly mortgage cost: $75,710
• Annual grocery cost: $5,368
• Annual healthcare cost: $8,302
• Annual utilities cost: $4,041

3. Seal Beach, Calif.

Seal Beach is a coastal city located in the westernmost corner of Orange County, known for a long history of surfing and a majority of the city’s acreage being devoted to the Naval Weapons Station Seal Beach military base. As of the 2020 census, the population was 25,242 according to Wikipedia.

• % of population 65+: 43.7
• Annual expenditures as a homeowner: $117,197
• 2024 home value: $1,502,206
• Yearly mortgage cost: $94,881
• Annual grocery cost: $5,128
• Annual healthcare cost: $7,042
• Annual utilities cost: $4,134

2. Walnut Creek, Calif.

Walnut Creek is a city in Contra Costa County, located in the East Bay region of the San Francisco Bay Area, about 16 miles east of Oakland. Walnut Creek consists of a bustling, upscale downtown with established neighborhoods in its surrounding areas. It has a total population of 70,127 per the 2020 census, according to Wikipedia.

• % of population 65+: 29.3
• Annual expenditures as a homeowner: $118,693
• 2024 home value: $1,480,984
• Yearly mortgage cost: $93,541
• Annual grocery cost: $5,373
• Annual healthcare cost: $9,131
• Annual utilities cost: $4,346

1. Rancho Palos Verdes, Calif.

The “most expensive” U.S. community for retirees according to the new GOBankingRates survey is Rancho Palos Verdes, a coastal city located in south Los Angeles County that sits atop the bluffs of the Palos Verdes Peninsula. It is known for its extensive nature preserves and hiking trails, school district, as well as high property values. Incorporated in 1973, the city has a population of 42,287 as reported in the 2020 United States Census, according to Wikipedia.

• % of population 65+: 26.2
• Annual expenditures as a homeowner: $149,970
• 2024 home value: $1,995,454
• Yearly mortgage cost: $126,036
• Annual grocery cost: $5,277
• Annual healthcare cost: $6,801
• Annual utilities cost: $3,770

SEE ALSO:

• 2024’s 10 Best Places in the World to Retire
• 10 U.S. Cities with the Highest Retirement Income
• Most Expensive Cities to Retire: Where $1 Million Isn’t Enough (And Where it Is)

NEXT PAGE: Original article from June 2019

10 Most Expensive U.S. Retirement Communities

There’s no shortage of lists for best or worst places to retire, domestically or internationally, by state or by town, or even by retirement community.

That’s the focus of the latest list, and it’s aimed directly at the super-wealthy, who can afford to retire wherever they want.

To help those who like to dream big, Topretirements.com developed a “just for fun” list of the 10 most luxurious places to retire—communities where there are options like the beach club, marina, golf course, high-rise penthouses or even taking the plane out for a flight via the community’s private airstrip.

Editor’s Note: This portion on this page originally appeared on 401(k) Specialist in June 2019.

This list contains a range of 55+, all ages, active adult, lifecare, and CCRC (Continuing Care Retirement Communities) developments. In actuality, most of the residents of these communities are 55+, even if there is no requirement. But what they have in common is how expensive it is to buy into these places and pay their associated fees.

Topretirements.com readily admits the list is by no means complete (and is quite Florida-centric), but it nevertheless provides an interesting assortment of super-exclusive retirement communities.

Without further ado, the list (in no particular order):

• • Ocean Reef Club, Key Largo, Fla. This is a private community of more than 2,500 acres with over 1,700 condos, villas, townhomes, single family residences and marina slips. Members of the community enjoy two golf courses, a tennis center, marina, trails, and its own medical center. When a community has its own airport, like this one does, you know you have arrived. Ocean Reef Club is made up of several different neighborhoods, with homes priced from the $200,000s for a condo, to waterfront homes in the millions. There is currently a 4-bedroom/6-bath on the market here for $22 million.

• • Sailfish Point, Stuart, Fla. You cannot even get to this exclusive enclave on Hutchinson Island near Stuart unless you live here or have an appointment. There is a Jack Nicklaus-designed golf course, great beaches on the ocean, private docks, and amazing facilities. The 532-acre sea island community of 520 homes, many with price tags from $475,000 to $5 million or more.
  • White Sands at La Jolla, La Jolla, Calif. This luxurious Continuing Care Retirement Community (CCRC) on the beach in La Jolla has a newly expanded campus with $50 million worth of comforts and pleasures. The Residents Council leads 45 committees. There are oceanfront apartments to studios. Assisted or independent living, memory unit, skilled nursing. It can cost up to $1.5 million for the entrance fee, or less depending on other factors, plus monthly fees up to $7,000. There are similar communities in the area such as Vi at LaJolla Village.

• • Isleworth, Windemere, Fla. There is exclusive, and then there is Isleworth, home to many of America’s richest (retirees and people of all ages). Looking to spend from $4 million to $11 million and get 15,000 square feet of luxury home near Orlando? Here you go. Arnold Palmer designed the golf course. The community boasts art by Henry Moore and Salvador Dali.
  • The Clare, Chicago. The Clare gives city-loving retirees independent living residences and a range of assisted living programs within a high-rise building. With the city outside residents’ front door, the community offers transportation services, complimentary breakfast, a pool and 24-hour security service. Prices, which depend on the number of rooms and the quality of the view, can range from $300,000 to $1.5 million.
  • The Ritz-Carlton, Chicago. Here is luxury living at its easiest. Live in a big city hotel with an amazing array of amenities, and get your meals prepared by the hotel chefs. Actually the Ritz has residences for sale in a number of its biggest hotels across the country, and there are 89 ultra-luxurious residences in the “Magnificent Mile” downtown Chicago property. One of the special features is the Landmark Club, a full-floor private club for residents and their guests. One residence is 6,500 square feet; prices seem to range from the low millions to $8 million.

• • Spruce Creek Fly-In Community, Port Orange, Fla. The world’s most famous residential airpark has a 4,000-foot lighted runway and a GPS approach. Its private airport, the center of the community, can accommodate anything from a Stearman to a Gulfstream. There are almost 5,000 residents, 1,300 homes and 700 hangars who share a unique life in this private gated village. There is a championship golf course and home prices range from a $165,000 condo to multi-million-dollar hangar mansions. A similar community that is even more expensive is Antiquers Aerodrome in Delray Beach.
  • Mediterra, Bonita Springs, Fla. Located near Naples, this huge development is beautiful and maintained to a tee. There are new pickleball courts, the giant clubhouse is being expanded, and there are two Tom Fazio golf courses in pristine condition. A separate beach club on the gulf offers dining and the Gulf of Mexico for entertainment. Homes range from about $500,000 for a townhome to over $7 million. Bonita Bay is just one similar competitor in the area.
  • Promontory Club, Park City, Utah. If you are looking for a place in the mountains where the grandchildren can’t wait to visit you, this might be the one. That is, if you can swing the price of admission in this all-ages community. There is the skiing, the Pete Dye golf, the hiking, the lake, and many more activities such as equestrian. Homes seem to range from the low millions to over $12 million.

• Grey Oaks and Estuary, Naples, Fla. The real estate in Naples is known to be pricey, but this one seems like the top of the line. Established in 1983 and open to all ages, it is actually two different communities located near the center of town and beaches. There are two golf courses and many other amenities, with the centerpiece being a giant 62,000 square foot social center. Many homes in this exclusive development are on the market for $6 million or more.