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Housing costs can be part of that The biggest cost faced by retirees And the cost varies greatly depending on location.
Based on home prices, California has some of the most expensive places to live in retirement, according to U.S. News & World Report.Best Places to Retire in the US in 2024” study.
The media analyzed the 150 most populous metropolitan areas in the United States and Puerto Rico. We used the latest data from the U.S. Census Bureau to estimate annual housing costs for each region.
San Jose, California, topped the list with a median home price of $1,522,574, according to an analysis by U.S. News. The cost of living there is also among the highest in the country, with residents paying more for everyday expenses such as utilities, groceries and gasoline, according to the report.
However, if you can save money on housing, San Jose has a number of attractive benefits for retirees, including its proximity to the ocean and approximately 300 days of sunshine per year.
San Francisco ranks second with a median home price of $1,117,862, according to U.S. News. Analysis shows housing costs in the city have been steadily rising in recent years due to population growth and a decline in the number of new homes being built.
But on the plus side, retirees can enjoy San Francisco’s award-winning restaurants, museums, and pleasant climate.
According to U.S. News & World Report, the 10 most expensive places to retire in the United States based on home prices are:
- Median home price: $1,522,574
- Median home price: $1,117,862
- Median home price: $921,917
- Median home price: $919,499
- Median home price: $888,600
- Median home price: $871,730
- Median home price: $835,858
- Median home price: $806,604
- Median home price: $769,983
- Median home price: $716,329
While local housing costs and affordability can be important when deciding where to retire, they’re not the only factors to consider.
Where you choose to retire is largely determined by personal preference. For example, you might choose a location based on how close it is to family or the type of activity it offers, such as hiking or surfing.
Regardless of where you choose to spend your retirement years, it’s helpful to have a general idea of how much you want to save for retirement.
CNBC Make It’s retirement calculator helps you figure out how much money you need to cover your expenses based on factors like your current age, income, and ideal retirement age.