2 VA Cities Rank Among Best Places To Retire: U.S. News

VIRGINIA — Two cities in Virginia are among the 2022-2023 Best Places to Retire in the United States, according to a list compiled annually by U.S. News & World Report and released Tuesday.

The new list evaluates the country’s 150 most populous metropolitan areas based on how well they meet Americans’ expectations for retirement, with measures including those on housing affordability, health care and overall happiness.

The two Virginia cities to make the list are Virginia Beach and Richmond. Virginia Beach ranked 39th, an improvement of 12 positions from its 51st ranking in 2021, and Richmond ranked 53rd, up 13 positions from its 66th ranking in 2021.

The overall cost of living in and around Virginia Beach, with a metro population of 1.8 million, is close to the national average, according to the U.S. News ranking. Groceries, utilities and transportation costs run at or below what the average American pays, while health care, housing and other miscellaneous goods and services run higher than in some other major metro areas.

"Despite Virginia Beach's resort city status, the friendly residents and relaxed atmosphere found here have swayed many to take up a permanent residence in Virginia's largest metro area," U.S. News & World Report said in this year's ranking.

While Virginia Beach ranks as the 39th best place to retire, the city ranks as the 106th best place to live, according to U.S. News & World Report.

The Richmond area, with a metro population of 1.2 million, features more than 100 local parks and plenty of recreational activities, from the Kings Dominion amusement park located about 20 miles north to catching an NCAA basketball game or a NASCAR auto race.

Downtown Richmond is anchored by Virginia Commonwealth University, and the west end of Richmond is home to the University of Richmond.

"With a range of housing options, the Richmond metro area — which includes suburban areas in the counties of Chesterfield, Hanover and Henrico — appeals to a varied demographic, from young families to retirees," U.S. News & World Report said.

While Richmond ranks as the 53rd best place to retire, the city ranks as the 57th best places to live in the country, according to U.S. News & World Report.

Upheaval in the housing market is causing older Americans to reassess where they plan to retire, U.S. News senior editor for retirement Emily Brandon said in a news release.

The list is based on six measures of how well metropolitan areas meet Americans’ expectations of retirement — housing affordability and access to affordable health care among the top measures. Metro areas were evaluated using data from the U.S. Census Bureau, the FBI, and the U.S. Department of Labor, as well as U.S. News’ internal resources.

Weighting of each of the six indexes was determined by the answers to a March 2022 public survey in which people from across the country voted on what they thought was the most important thing to c consider when choosing where to live after retirement. Read more about the methodology.

“The drastic shift in the housing market, high inflation and concerns of a pending recession have retirees weighing housing affordability more heavily when considering where to retire,” U.S. News’ Brandon said in the news release.

“Additionally, with COVID still a concern and access to good, affordable health care being of importance to retirees, Pennsylvania dominated the Best Places to Retire ranking’s top positions, taking five of the top 10 spots on the list.”

Last year, Florida was home to eight of the 10 top states for retirees. This year, Pennsylvania had five and Florida had four of the top 10 metro areas for retirees. Michigan had one city, Ann Arbor, which moved up a position from last year. Here’s the top 10 list:

1. Lancaster, Pennsylvania
2. Harrisburg, Pennsylvania
3. Pensacola, Florida
4. Tampa Florida
5. York, Pennsylvania
6. Naples, Florida
7. Daytona Beach, Florida
8. Ann Arbor, Michigan
9. Allentown, Pennsylvania
10. Reading, Pennsylvania

“With fixed-rate mortgage rates more than doubling over the past year, it stands to reason that falling affordability would lead to changes in the rankings,” real estate economist Patrick S. Duffy said in the news release. “As long as both rates and home prices are high, indexes related to things like happiness or health care quality, while important, will take a back seat to affordability.”

He said buyers who are able to purchase homes with cash, as investors, should pay close attention to housing values, which may be lowered to compensate for rising mortgage costs.

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