Florida continues to rank among the top retirement destinations in the country thanks to its warm winter weather, abundance of beaches, and senior-friendly facilities. However, when it comes to the best place to retire in Florida — and in the country — Orlando leads the pack, according to a recent report by WalletHub.
While you may think of the central Florida city as the “theme park capital of the world” — and with over a dozen theme parks, it certainly deserves this moniker — it also has a lot to offer those 65 years of age and over. WalletHub ranked America’s most populated cities across four retirement-friendly indicators: quality of life, affordability, activities, and health care, using 45 metrics. Orlando scored 61.49 out of 100 — the most out of all 182 cities on the list.
“Orlando provides a plethora of recreational activities for retirees, ranking as the second-best city for recreation overall. It has an especially high number of music venues, fishing facilities, art galleries, and adult volunteer activities,” WalletHub’s report stated.
Orlando also has an edge when it comes to the quality and number of gerontologists and home health care facilities per capita. WalletHub ranked its hospitals the 11th-best for geriatrics, which the website pointed out allows “elderly residents to receive quality care.”
However, the city’s main draw, similar to the state overall, is its tax-friendliness. Seniors here don’t pay personal income tax on the state or federal level, which also applies to investment income. Retirees also don’t pay an inheritance tax or an estate tax, and most groceries and all prescription and nonprescription drugs are tax-free.
“In addition, while Orlando doesn’t have a particularly low cost of living, it is the 9th-cheapest city for homemaker services and the 20th-cheapest for adult day health care out of the more than 180 cities in our study,” WalletHub reported.
The median home value in Orlando is $381,942, slightly lower than that of Florida and about $20,000 more than the country’s median. The cost of living is just a percent lower than the national average, but utilities are three percent cheaper.
Orlando also has a sizeable senior population — about 11 percent are aged 65 and over, or roughly 35,000, and the city offers plenty of free things for those not into theme parks. (However, we imagine these will be a huge draw for grandchildren.) Additionally, the largest retirement community in the world, The Villages, is 57 miles northwest of Orlando, where residents have access to even more senior-friendly amenities.
Miami is a close second on WalletHub’s list of the best places to retire for its walkability, adult volunteer opportunities, and senior centers. Minneapolis takes third place because of its elder-friendly labor market.
“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income. As a result, the best cities for retired people are those that minimize taxes and expenses, as well as have good opportunities for retirees to continue paid work for extra income, if they choose to do so,” Chip Lupo, an analyst at WalletHub, stated.
You can read the full report on wallethub.com.
