The 10 best retirement towns for America's middle class — 5 of them are in Florida

In September, GOBankingRates ranked the best retirement towns in the U.S. for the middle class in 2024.

To qualify for this study, a city had to have a population of at least 10,000 residents, with at least 25% of the population aged 65 and over.

The following factors were then considered for each city:

• Total population
• Population aged 65 and over
• Total households
• Median household income
• Number of households receiving Social Security benefits
• Number of households receiving retirement income
• Average Social Security benefits for households receiving them
• Average retirement income for households receiving it

The data sources used for the report include the U.S. Census American Community Survey, Zillow's Home Value Index and more.

GOBankingRates' study found that middle-class Americans will have the most success retiring in Florida, Ohio, and Arizona. Five cities in the Sunshine State alone are in the top 10.

"Florida is long established as a destination for retirees. The middle class has always flocked to Florida because of its affordability," Ray Marek, GOBankingRates' media outreach manager, tells CNBC Make It.

Marek added that despite the rising cost of living in Florida, the data shows that Florida is still a top destination for middle-class retirees who want to live in a place that offers a balance between affordability and quality of life.

The best retirement town for the middle class: The Villages, Florida

The Villages is located in central Florida and is northwest of Orlando.

GOBankingRates' study found that the annual cost of living in The Villages is $48,808 and the household median income is $73,415.

The Villages had the largest percentage of residents with Social Security benefits, according to GoBankingRates. The average Social Security benefit is $30,704 — one of the highest study-wide.

The Florida town also had a high livability score of 70 out of 100, Marek added.

According to U.S. Census data, The Villages is one of the nation's fastest-growing metros. The population grew by 4.7% from July 1, 2022, to July 1, 2023.

The average value for a single-family home in The Villages is $408,342, according to Zillow.

The 10 best retirement towns for America's middle class

1. The Villages, Fla.
2. Green Valley City, Ariz.
3. Sun City West, Ariz.
4. Hot Springs Village, Ark.
5. Venice, Fla.
6. Sun City, Ariz.
7. Sun City Center, Fla.
8. Punta Gorda, Fla.
9. Mesquite, Nev.
10. Englewood, Fla.

Green Valley City, Arizona, is the second-best retirement town for America's middle class.

The Arizona town had 85% of households receiving Social Security income, the third highest in the study. The average social security benefit received by those in Green Valley City is $27,102.

The study found the annual cost of living in Green Valley City is $41,989, while the household median income is $57,785.

Green Valley City is 20 miles south of Tucson and is home to dozens of retirement communities. A bonus for retirees looking to live out their golden years in the state: Arizona doesn't apply state income tax on social security benefits.

The area has many golf courses, including several public ones. It is also home to Green Valley's Community Performance & Art Center, which hosts dozens of concerts annually.

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