Sarasota was named the top place in the United States to retire by US News and World Report. Those who live in Sarasota certainly aren’t surprised by this title, especially given the year-round warm weather, beaches, arts and cultural offerings, and variety of restaurants to choose from. However, there are other important things to consider when you are retiree including affordability, taxes, and healthcare. What’s more, when retiring, two-thirds of individuals plan to relocate or already have (according to a survey by Merrill Lynch and Age Wave, a research firm focused on aging population). We wanted to break down why US News placed Sarasota at the apex of its list over Fort Myers, Naples, Asheville – and basically every other city in the nation.
Here were the areas US News and World Report considered:
Happiness Index – 22.7%
Sarasota ranked 9th in the nation for Overall Wellbeing in the Gallup National Health and Well-Being Index based on the essential elements of career, social, financial, community, and physical. This report mirrors an earlier 2017 study by National Geographic that reported Sarasota as one of the Happiest Cities in America. The study found that those in happier cities “smile and laugh more often, socialize several hours a day, have access to green spaces, and feel that they are making purposeful progress toward achieving life goals.” Beyond these markers, locals can tell you seemingly never-ending supply of sunshine and blue skies don’t hurt!
Housing Affordability Index – 20.2%
To determine Housing Affordability, US News assessed the comparative cost of housing, looking at the median annual housing cost for homeowners with a mortgage and the median annual gross rent.
The median home price in Sarasota for single-family homes in November 2020 was $349,695 and the median condo price was $271,999. These prices are competitive figures compared to other metropolitan areas with similar amenities.
Health Care Quality Index – 18.1%
This statistic used data to measure the availability of top-quality health care in each metro area.
A 2020 report by the Robert Wood Johnson Foundation and the Population Health Institute at the University of Wisconsin ranked Sarasota County as the third best in the state for health factors. Access to health care and environmental and social factors impact residents positively. In fact, Sarasota Memorial is the only hospital in Florida to have consistently earned the Federal Centers for Medicare & Medicaid’s highest 5-star rating for overall quality and safety since the rating system launched in 2016.
Retiree Taxes Index – 14.6%
This index looks at the tax friendliness of the metro area including sales tax, income tax, and accounts for taxes on housing, regular income and Social Security income. Sarasota has no state income tax and no state inheritance tax. Any money you receive from Individual Retirement Accounts, 401(k)s, private and public pensions, and Social Security is completely free of in-state taxation. With regard to Social Security benefits, Florida is one of 37 states that currently does not collect a tax on them.
Desirability Index – 13.5%
US News surveyed people 45 and older across the country asking them to choose from a randomized subset of metropolitan areas being analyzed. Sarasota ranked 8 out of 10 in this category. We already know people are attracted to Sarasota for the beaches, weather, arts and culture, restaurants, an endless variety of recreation options, among other things. You can also take a closer look at real estate and how it relates to those who want to move here. In late 2020, prices in the Sarasota-Manatee region jumped 6.95% over the year in September, topping the increases of 5.9% in Florida and 6.7% throughout the U.S., according to a report from real estate database CoreLogic.
Job Market Index – 10.9%
It’s important to live in a community where there are ample opportunities for full- or part-time employment – especially as many retirees do not exit the workforce completely. US News reviewed two factors: ease of finding employment and earning potential. Sarasota rated with a 6.4 out of 10. The largest industries in Sarasota include education, trade, transportation and tourism. Healthcare makes a large impact as well and there are many small businesses that give Sarasota its distinct character.
If you are considering moving to Sarasota for retirement, then please contact me to learn more about Sarasota real estate. Let me assist you as you take this next big step in your life as you choose to make Sarasota, Florida your home.