As rising prices disrupt many older Americans’ retirement plans, some may be looking for a more affordable place to live when they exit the workforce — such as Central New York.
Syracuse has been named one of the “10 best affordable places to retire” in 2022 by realtor.com. The Salt City ranked No. 7 in the U.S., thanks to recent downtown revitalization projects, a vibrant restaurant and nightlife scene, the recently launched 5G network, and a median home list price of $179,000.
“For less than the cost of a down payment downstate, homebuyers can score amazing deals in and around Syracuse,” the real estate website said.
“You get a lot of bang for your buck,” added Sarah Barrows, a real estate agent with Keller Williams Realty Syracuse, to realtor.com.
Syracuse is the only city in New York state to make the list.
Traverse City, Michigan, ranked No. 1 overall, followed by Portland, Maine; Salisbury, Maryland; Myrtle Beach, South Carolina; and Bloomington, Illinois. Popular retirement locations in warm climates like California and Arizona didn’t make the list at all as inflation, home prices and other costs have skyrocketed, while Port St. Lucie was the only place in Florida to make the top ten.
According to the methodology, the rankings are based on an analysis of the 300 largest metros (including surrounding towns and suburbs) with the most senior-friendly amenities in local homes for sale, including universal design and aging in place. The data also looked at affordability (based on median list prices from June 2021 through May 2022), the highest populations with residents ages 60-plus (using U.S. Census Bureau data) and the higher number of businesses appealing to seniors. The list was also confined to just one metro per state “to ensure the list’s geographic diversity.”
RELATED:
How to make the most of retirement savings: A checklist
Mortgage rates unlikely to cool in August (analysis)
How to sell your house for the highest price possible