Finding the perfect place to retire is a top priority for all Americans, regardless of income.
But middle-class Americans may be in a slightly better position than most to retire comfortably, if they choose the right city.
According to a new analysis by GoBanking Rates.
The study analyzed US cities with a population of more than 10,000 people, and where at least a quarter of that population is over 65.
It then took into account the average household income in each city, the annual cost of living, the typical home value and how much people typically receive in Social Security benefits to find the best places for an affordable and comfortable retirement.
Middle earners will have the most success if they settle in retirement towns in Arizona, Florida and Ohio, according to a new analysis from GoBankingRates (Photo: The Villages in Florida)
Topping the list for GoBankingRates is The Villages, Florida.
Located approximately 45 miles northwest of Orlando, The Villages consists of 17 special-use retirement communities spanning 20 square miles.
The communities, which are exclusively for people 55 and older, offer golf courses, hiking trails and outdoor festivals.
According to the study, the median household income for those living in The Villages is $73,415, while the annual cost of living in the area is $48,808.
An annual Social Security check of $30,704 is the norm for retirees living there, which is significantly higher than the U.S. average of $22,344, according to the Center on Budget and Policy Priorities.
The value of a typical home, meanwhile, is $408,342 — higher than the national average of $361,282, according to Zillow.
Many retirees rely on a steady income from Social Security, a workplace retirement plan, or a pension.
But middle-class Americans tend to have decent financial security and multiple sources of income in their later years, according to GoBankingRates.
Second and third on the list of the best retirement cities for middle-class Americans are Green Valley City and Sun City West in Arizona.
About twenty miles south of Tucson, Green Valley City is a retirement town known for its vibrant arts scene, farmers markets, and top-notch golf courses.
The annual cost of living in the city is $41,989, according to GoBankingRates, and average Social Security benefits are higher than the national average at $27,102.
Sun City West, meanwhile, has the highest percentage of residents age 65 and older of any city in the study, at 86.5 percent, meaning residents have plenty of opportunities to interact with other retirees.
Typical Social Security benefits in the retirement city, which is outside Phoenix, are also higher than the national average at $28,190.
According to its website, Sun City West has four recreation centers, seven golf courses, a state-of-the-art bowling center, a private library and a theater performance venue.
In addition to looking at economic factors, the study also ranked each city based on how livable it is for retirees.
Data sources included the US Census American Community Survey, cost of living indexes from Sperling’s BestPlaces, median single-family home values from Zillow Home Value Index, and the livability index from AreaVibes.
Each city was assessed on these factors and then given an overall score and ranking.
Green Valley City, about 20 miles south of Tucson, is a retirement town known for its vibrant arts scene, farmers markets and top-notch golf courses
Sun City West has the highest percentage of residents aged 65 and older of all cities in the study, at 86.5 percent
Fourth on the list is Hot Springs Village, Arkansas, with twelve lakes, nine golf courses, fifteen tennis courts, over thirty miles of hiking trails and a relatively low annual cost of living of $41,487.
Venice, Florida, ranks fifth on the list of the best cities for middle-class Americans in their later years because it is home to several retirement communities.
Florida has no income tax, meaning all forms of retirement income – including Social Security – are tax-free at the state level, which is a big boost for middle-class retirees.
Also on the list are Florida retirement destinations Sun City Center, Punta Gorda and Englewood, in addition to the Arizona cities of Sun City, Oro Valley and Gold Canyon.
Several Ohio cities also make the list, with Middleburg Heights, Seven Hills, Centerville, Greenville and Lyndhurst among the top 30 retirement towns.
For middle-class retirees looking for a place to live that’s on the cheaper side, Greenville, Ohio, has the lowest total annual cost of living of all the cities on the list, at $30,173.