Foley most cost-effective retirement location in U.S.: Survey
FOLEY, Ala. (WKRG) — Foley is the most cost-effective retirement location in the United States, according to a national study.
A GoBankingRates survey analyzed 100 cities in the U.S. with a large population of adults aged 65 or older, and Foley came out on top.
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The rankings were based on factors such as average home value, property taxes, home health costs, the price of groceries and utilities and whether the state the community was in taxes Social Security benefits.
The survey found Foley was the best place for a cost-effective retirement and an attractive location.
GoBrankingRates listed factors like Foley’s location just north of the Gulf Coast beaches and that 30.7% of the population is 65 or older.
Prices in Foley are low compared to other communities considered in the study. The annual cost of a home health aide is $46,218; the annual cost of groceries is $4,326, and the cost of utilities is $3,858.
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When it comes to Social Security, Alabama does not tax benefits.
The other top cities to retire in according to teh study were Mountain Home, Arkansas; Hot Springs Village, Arkansas; The Villages, Florida; Bella Vista, Arkansas; Pinehurst, North Carolina; Green Valley, Arizona; North Myrtle Beach, South Carolina; Fredericksburg, Texas; and Punta Gorda, Florida.
Malibu, California was listed as the worst place to retire economically with the average home price being $3.84 million compared to $296,232 in Foley.
The tax rate in Foley is 0.39% compared to 0.73% in Malibu.
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