The study, which analyzed key factors such as population demographics, income levels, and Social Security benefits, identified these states as offering the most favorable conditions for retirees seeking affordability and a high quality of life.

GOBankingRates focused on cities with at least 10,000 residents and where at least 25% of the population is aged 65 and over. The analysis incorporated various metrics, including total population, the number of households receiving Social Security and retirement income, median household income, and average benefits received. Data sources for the study included the U.S. Census American Community Survey and Zillow's Home Value Index, among others.

Florida emerged as a standout, featuring five cities in the top ten retirement destinations. According to Ray Marek, GOBankingRates' media outreach manager, Florida has long been a preferred location for retirees due to its affordability and favorable living conditions. Despite an increase in the cost of living, the state remains attractive for middle-class retirees.

Central Florida's The Villages ranked particularly high in the study. With an annual cost of living of $48,808 and a household median income of $73,415, it boasts the highest percentage of residents receiving Social Security benefits. The average Social Security payment in The Villages is $30,704, one of the highest across all evaluated towns. The area also scored a notable livability score of 70 out of 100. The Villages is recognized for its rapid population growth, having expanded by 4.7% from July 2022 to July 2023. Currently, the average value of a single-family home in The Villages is $408,342.

In Arizona, Green Valley City was ranked the second-best retirement town for middle-class Americans. The town has 85% of its households receiving Social Security income, making it the third highest in the study regarding this metric. Residents receive an average Social Security benefit of $27,102. The annual cost of living in Green Valley City stands at $41,989, paired with a median household income of $57,785. Located 20 miles south of Tucson, Green Valley City is home to numerous retirement communities and various public golf courses. Additionally, Arizona does not impose state income tax on Social Security benefits, enhancing its appeal to retirees.

Other noteworthy cities from the study include Sun City West and Sun City in Arizona, as well as Venice, Punta Gorda, and Sun City Center in Florida. These towns were recognized for their supportive retirement environments and affordable living conditions. The findings underline the continued popularity of Florida, Ohio, and Arizona as prime destinations for retirees in 2024.