Americans looking for a spot to spend their golden years have a recent top priority this 12 months: with the ability to make their mortgage or rent payment.
U.S. News & World Report released its 2022-2023 Best Places to Retire on Tuesday, unveiling Lancaster, Pennsylvania, as the highest spot to retire as a part of a shift in rankings as a result of retirees’ concerns over housing affordability.
“The drastic shift within the housing market, high inflation and concerns of a pending recession have retirees weighing housing affordability more heavily when considering where to retire,” said Emily Brandon, U.S. News senior editor for retirement.
The outlet conducted a nationwide survey of individuals approaching or at retirement age and located that their important priority was housing affordability, followed by happiness, health care quality, retiree taxes and desirability when determining where to live. Happiness was probably the most heavily weighted think about last 12 months’s survey.
“With fixed-rate mortgage rates greater than doubling over the past 12 months, it stands to reason that falling affordability would result in changes within the rankings of the Best Places to Retire,” said Patrick S. Duffy, an actual estate economist.
“So long as each rates and residential prices are high, indexes related to things like happiness or health care quality, while essential, will take a back seat to affordability,” Duffy continued. “For those lucky buyers in a position to purchase with money, as investors, they need to still be mindful of housing values adjusting lower to compensate for rising mortgage rates.”
The brand new metrics allowed Pennsylvania to dethrone Florida because the state with probably the most cities in the highest 10 on the 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