This Lakeside Town Was Just Ranked the Best Place to Retire for the Middle Class—and No, It’s Not in Florida

Retirement is a big expense for many Americans. And since where you live massively impacts your expenditures, GOBankingRates set out to find the best U.S. cities for middle-class retirees, paring the list down to the top 50.

All of the cities included on the list have a population that’s at least 25 percent 65 and older. The financial website took into account the cost of living, average Social Security benefits, and mean retirement income of each. To hone in on the middle class, only cities with average home values under $500,000 were analyzed. The study excludes small cities and towns that have populations fewer than 15,000 people per the U.S. Census American Community Survey, so if your dream retirement life involves a quaint village feel, you’ll want to look elsewhere for residency inspiration. 

Researchers turned to the Federal Reserve Economic Data, Zillow’s Home Value Index, and Sperling’s BestPlaces to assess cost of living, while a livability metric comes from AreaVibes.  

After the numbers were crunched, the best choice for middle-class retirees was determined to be Albert Lea, Minnesota, where residents enjoy an annual cost of living of only $29,333. In addition to attractive pricing, the seniors of Albert Lea benefit from a large community of peers: 27 percent of all households receive retirement income.

Albert Lea is only about 90 miles from Twin Cities Minneapolis and Saint Paul, so retirees reap the benefits of a large metropolitan infrastructure while spending most of their days just south in the tranquil lakeside haven.

Those living in Albert Lea get to take full advantage of the Land of 10,000 Lakes, thanks to its prime location right on the shores of Fountain Lake, Albert Lea Lake, and Pickerel Lake. Hence the city’s nickname, “the Land Between the Lakes.” All three have opportunities for fishing, birdwatching, and boating, with a range of atmospheres and amenities.

Albert Lea Lake is adjacent to Myre‑Big Island State Park, a hotspot for camping and nature trails, while bustling Fountain Lake’s spot downtown makes it perfect for socializing on green spaces, benches, and in gazebos. Pickerel Lake is considerably smaller, but it still makes for a great day of fishing thanks to an abundance of species from the connected Mississippi River. You’ll also want to keep your eye on the sky, as the surrounding floodplains are home to a vibrant community of birds, including bald eagles. 

Although only one city in Minnesota made the list, the state is bursting with activities and attractions suited to a wide range of abilities and interests, from winter festivals to immersive historic experiences, like Albert Lea’s own 19th-century village at the History Century of Freeborn County. Those willing to explore farther around the state have even more natural wonder to savor in retirement. Fall road trips in the north of the state are renowned for their gorgeous foliage views. Northern Voyageurs National Park is also a great destination for stargazing. 

Despite Minnesota’s big win, the Sunshine State overall easily dominated the list of best cities for middle-class retirees. It landed a whopping 26 spots, far ahead of runner-up Arizona, which claimed six. With loads of communities geared towards seniors, a robust health care system, and no harsh winters to deal with, Florida sits comfortably on the throne as the top retiree oasis in the U.S. The aptly named Sun City Center in west-central Florida was the state’s highest ranked at No. 4. The area’s 62.4 percent population of residents 65 and up enjoy a $41,682 cost of living.

Learn more at gobankingrates.com.