Finding the perfect place to retire is a top priority for all Americans, regardless of income.
But middle-class Americans may be in a slightly better position than most to retire comfortably, if they choose the right city to do so.
Middle-income people will be more successful settling into retirement cities in Arizona, Florida and Ohio, according to a new analysis from GoBankingFees.
The study analyzed cities in the United States with a population of more than 10,000 people, and where at least a quarter of that population is over 65 years old.
It then took into account the median household income in each city, the annual cost of living, typical home values, and how much people tend to receive in Social Security benefits, to find the best places for a comfortable, affordable retirement.
Middle-income earners will have the most success settling into retirement towns in Arizona, Florida and Ohio, according to a new analysis from GoBankingRates (pictured: The Villages in Florida).
Topping the GoBankingRates list is The Villages, Florida.
Located approximately 45 miles northwest of Orlando, The Villages is comprised of 17 special purpose retirement communities spanning 32 square miles.
The communities, exclusive to those 55 and older, offer golf courses, trails and outdoor festivals.
According to the study, the median household income of those living in The Villages is $73,415, while the annual cost of living in the area is $48,808.
An annual Social Security check of $30,704 is the norm for living retirees, which is significantly higher than the American average of $22,344, according to the Center on Budget and Policy Priorities.
Meanwhile, the value of a typical home is $408,342, higher than the national average of $361,282, according to Zillow.
Many retirees rely on a steady income from Social Security, a workplace retirement plan, or a pension.
But middle-class Americans tend to have decent financial security and multiple sources of income in their later years, GoBankingRates said.
Second and third on the list of best retirement cities for middle-class Americans are Green Valley City and Sun City West in Arizona.
Green Valley City, located about 20 miles south of Tucson, is a retirement city known for its vibrant arts scene, farmers markets, and world-class golf courses.
The annual cost of living in the city is $41,989, according to GoBankingRates, and average Social Security benefits are higher than the national average at $27,102.
Meanwhile, Sun City West has the highest percentage of residents aged 65 and older of all the cities in the study, at 86.5 percent, meaning residents have plenty of opportunities to socialize with other retirees.
Typical Social Security benefits in the retirement city, which is outside Phoenix, are also higher than the national average: $28,190.
According to its website, Sun City West features four recreation centers, seven golf courses, a state-of-the-art bowling alley, a private library and a theater.
In addition to analyzing economic factors, the study also ranked each city according to its level of livability for retirees.
Their data sources included the U.S. Census American Community Survey, Sperling’s BestPlaces Cost of Living Indexes, the Zillow Home Value Index Median Single-Family Home Value, and the Livability Index by AreaVibes.
Each city was judged on these factors and then given an overall score and ranking.
Green Valley City, which is about 20 miles south of Tucson, is a retirement city known for its vibrant arts scene, farmers markets, and world-class golf courses.
Sun City West has the highest percentage of residents age 65 and older of all the cities in the study, at 86.5 percent.
Fourth on the list is Hot Springs Village, Arkansas, which boasts 12 lakes, nine golf courses, 15 tennis courts, more than 30 miles of trails, and a relatively low annual cost of living of $41,487.
Venice, Florida, ranks fifth on the list of best cities for middle-class Americans in their later years, as it is home to several retirement communities.
Florida has no income tax, meaning all forms of retirement income – including Social Security – are tax-free at the state level, which is a big boost for middle-class retirees.
Also on the list are Florida retirement destinations Sun City Center, Punta Gorda and Englewood, along with Arizona cities Sun City, Oro Valley and Gold Canyon.
Several Ohio cities also made the list: Middleburg Heights, Seven Hills, Centerville, Greenville and Lyndhurst are among the top 30 cities for retirees.
For middle-class retirees looking for a place to live that’s cheaper, Greenville, Ohio, has the lowest overall annual cost of living of all the cities on the list, at $30,173.