U.S. News emphasizes affordability on Best Places to Retire list – NJBIZ

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U.S. News emphasizes affordability on Best Places to Retire list
Midland, Mich., repeats at No. 1 as cost-of-living concerns weigh on New Jersey, while Clifton leads list of in-state options
PHOTO: DEPOSIT PHOTOS

While New Jersey can’t boast the top spots for retirement, U.S. News & World Report gives residents options on the best places to spend their golden years.
Released Oct. 27, U.S. News’ 2027 Best Places to Retire list names 250 locations in the nation that best meet retirees’ expectations regarding:

• Quality of life
• Affordability
• Healthcare
• Retiree taxes
• Job market
• Population and migration for retirees age 55 and older

For the overall list, the publication evaluated the 859 most populous cities in the nation, it said.
According to U.S. News, the top 10 Best Places to Retire in the United States are:

• No. 1: Midland, Mich.
• No. 2: Homosassa Springs, Fla.
• No. 3: Weirton, W.Va.
• No. 4: The Woodlands, Texas
• No. 5: Spring, Texas
• No. 6: Rio Rancho, N.M.
• No. 7: Altoona, Pa.
• No. 8: Paducah, Ky.
• No. 9: Lynchburg, Va.
• No. 10: Palm Coast, Fla.

Midland, Mich., earned the top spot for the second year in a row.
U.S. News noted it adjusted its scoring weights this year “to mirror a growing concern for affordability in America.” That accounted for locations such as Paducah, Ky., landing in the top 10 for the first time.
“It’s no secret that affordability is top of mind for Americans this year, which is why U.S. News updated its weighting criteria to better align with what retirees prioritize,” added Megan Wood, U.S. News assistant managing editor, home services and real estate. “The 2027 rankings reflect key metrics used to highlight the places that best suit retiree needs.”

Still work to be done

The struggle with its pricey image is nothing new to the Garden State.
On Oct. 7, Rocket Mortgage placed New Jersey as having the highest effective property tax rate in the nation, at 1.88%. And the Tax Foundation put the state at No. 49 on its 2026 State Tax Competitiveness Index, which takes into account corporate taxes, individual income taxes, sales taxes, property taxes and unemployment insurance taxes.

Gov. Mikie Sherrill ran her gubernatorial campaign with a focus on affordability.
When signing her first budget into law in July, she said, “When I took office, I promised New Jersey families that affordability would be the north star of every decision we made. With the passage of our first budget, we are delivering on that promise.”
Sherrill’s initiatives toward that goal have included signing legislation aimed at lowering long-term electricity costs and a housing plan that addresses affordability and expedited construction.

Local options

Although no New Jersey town made U.S. News’ Best Places to Retire list, a representative for the publication shared a comparison of Garden State locations for retirees who wish to stay in their home state:

• No. 1: Clifton
• No. 2: Union City
• No. 3: Bayonne
• No. 4: Jersey City
• No. 5: Vineland
• No. 6: Passaic
• No. 7: East Orange
• No. 8: Camden
• No. 9: Elizabeth
• No. 10: Newark
• No. 11: Paterson
• No. 12: New Brunswick
• No. 13: Trenton
• No. 14: Atlantic City

According to whom?

U.S. News determined the best places to retire based on an online survey of 3,500 individuals. Ages ranged from those nearing retirement (45-59) and those who are retirement age (60 or older) in March. Respondents were asked what matters most to them when they’re considering where to retire.
Researchers also weighed data from its own sources along with those from partner Applied Geographic Solutions, which includes information from the U.S. Census Bureau, Department of Commerce, Federal Reserve and Bureau of Economic Analysis, as well as state and local sources.

SmartAsset recently calculated the savings needed to cover essential expenses for an average retiree in 55 of the largest counties in the U.S. That list includes:

Bergen County | Retirement savings needed with Social Security: 

• Renter: minimum for essential & discretionary spending: $400,528
• Renter: minimum for essential spending only: $248,717
• Homeowner: minimum for essential & discretionary spending: $301,975
• Homeowner: minimum for essential spending only: $150,164

Bergen County | Retirement savings needed without Social Security:

• Renter: minimum for essential & discretionary spending: $1.009 million
• Renter: minimum for essential spending only: $857,362
• Homeowner: minimum for essential & discretionary spending: $910,619
• Homeowner: minimum for essential spending only: $758,809

Dawn Furnas is a digital operations specialist for NJBIZ and fellow BridgeTower Media brands. She manages all digital communications and functions for NJBIZ and also serves as a content creator.
Bringing more than 20 years’ experience in digital media and print publications, Dawn joined the company in January 2017 as assistant managing editor for Furniture Today and has also worked on BridgeTower’s events and social media teams.
Dawn can be reached at [email protected]
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