MARYLAND — Two communities in Maryland are ranked among the 2022-2023 Best Places to Retire in the United States, according to a list compiled annually by U.S. News & World Report and released Tuesday.
The new list evaluates the country’s 150 most populous metropolitan areas based on how well they meet Americans’ expectations for retirement, with measures including those on housing affordability, health care and overall happiness.
In Maryland, Baltimore ranked 57th this year, up from its ranking at 64th in 2021.
About Charm City the magazine said, “Baltimore’s elegant architecture, friendly people and lively pockets of nightlife and music make Charm City a pleasant and fun place to call home. The metro area also boasts a restaurant scene that goes beyond the city’s famous crab cakes, pit beef and Berger cookies. Baltimore is home to a variety of communities that are concentrated in the city’s neighborhoods, several of which are designated as historic districts. Walking through these distinct areas provides a glimpse into the city’s worldly population.”
Salisbury ranked 72nd this year, down from its 2021 ranking at 46th.
Here’s what U.S. News said about the city: “The longtime nickname “The Crossroads of Delmarva” is fitting for Salisbury in many ways, since it sits nestled among Delaware, Maryland and Virginia on a map. It is a melting pot of college students, retirees and families who might all be seen together enjoying a Saturday night at a microbrewery or watching a minor-league baseball game. Despite its growth over the years, Salisbury is still a place where people will pull over to help a stranger broken down on the side of the road or rally for a community cause.”
Upheaval in the housing market is causing older Americans to reassess where they plan to retire, U.S. News senior editor for retirement Emily Brandon said in a news release.
The list is based on six measures of how well metropolitan areas meet Americans’ expectations of retirement — housing affordability and access to affordable health care among the top measures. Metro areas were evaluated using data from the U.S. Census Bureau, the FBI, and the U.S. Department of Labor, as well as U.S. News’ internal resources.
Weighting of each of the six indexes was determined by the answers to a March 2022 public survey in which people from across the country voted on what they thought was the most important thing to c consider when choosing where to live after retirement. Read more about the methodology.
“The drastic shift in the housing market, high inflation and concerns of a pending recession have retirees weighing housing affordability more heavily when considering where to retire,” U.S. News’ Brandon said in the news release.
“Additionally, with COVID still a concern and access to good, affordable health care being of importance to retirees, Pennsylvania dominated the Best Places to Retire ranking’s top positions, taking five of the top 10 spots on the list.”
Last year, Florida was home to eight of the 10 top states for retirees. This year, Pennsylvania had five and Florida had four of the top 10 metro areas for retirees. Michigan had one city, Ann Arbor, which moved up a position from last year.
Here’s the top 10 list:
“With fixed-rate mortgage rates more than doubling over the past year, it stands to reason that falling affordability would lead to changes in the rankings,” real estate economist Patrick S. Duffy said in the news release. “As long as both rates and home prices are high, indexes related to things like happiness or health care quality, while important, will take a back seat to affordability.”
He said buyers who are able to purchase homes with cash, as investors, should pay close attention to housing values, which may be lowered to compensate for rising mortgage costs.
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