Buffalo has been in the news recently as a great place for millennials and other young people to move to after finishing up their degrees, but now it is receiving accolades for older generations as well. A Coventry Direct study set out determine the most wallet-friendly cities for retirees. The 50 largest U.S. metro areas were compared across six criteria:
- 10-Year Cost of Living
- Difference Between Average Retirement Savings and Cost of Living
- Average Monthly Rent
- Median Mortgage Value
- Count of Inbound Flights to Local Airport(s)
- Percentage of Population That is Retired
First, the six criteria were graded on a 5-point scale, with a 5 being the most favorable conditions. Each criteria was then weighted by its impact on affordable retirement living. The sum of these weights is 10, which creates a total possible city score of 50. Lastly, a city’s total score was calculated from the total of its individual factor scores.
Colligan Law LLP provides legal services for business owners looking to secure their business succession plans, protect their investments and property, and set up trusts, wills, and estates.
We first wanted to highlight the 20 highest-scoring wallet-friendly cities in the U.S. Buffalo, NY, topped the list of the most wallet-friendly cities for retirement with a total city score of 44.5 out of 50. Buffalo scored high in all of the cost-related criteria including cost of living, the difference between the average American’s retirement savings and cost of living, average rent, and median mortgage.
https://www.coventrydirect.com/blog/affordable-places-retire/
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