Find out why this US city is the best place to retire

  • Fort Wayne, Indiana, offers low property taxes, a reasonable cost of living and affordable health-care costs.
  • Baltimore and Toledo, Ohio, round out the top three.
  • Seven of the top 10 worst cities to retire to are in California.
Fort Wayne, Indiana
DenisTangneyJr | Reuters
Fort Wayne, Indiana

If you’re looking for the best place to settle down during your golden years, head toward the Midwest.

Fort Wayne, Indiana, took top honors in GoBankingRates’ list of the best and worst American cities in which to retire.

The personal finance website analyzed major cities across the country, ranking them based on state taxes on retirement benefits, property taxes, health-care expenses and retirees’ average Social Security checks.

Residents in the second-largest city in Indiana enjoy affordable housing: The median listing price for a home in Fort Wayne is $149,000.

In comparison, the median listing price for a dwelling in San Francisco — the most costly place for retirees — is $1.19 million, GoBankingRates found.

Property taxes were also the lowest in Fort Wayne, with an average tax bill of $947, the personal finance site found.

Overall, it’s generally cheaper to reside in the Midwestern city than the rest of the country, according to the study.

Based on a U.S. average of 100, (where a lower number is better) the city rated an 81.2 on Sperling’s Best Places’ cost of living index, largely due to low housing expenses, GoBankingRates’ analysis found.

Lower monthly costs allow retirees to keep more of their cash. The average monthly Social Security retirement benefit in Fort Wayne is $1,462, GoBankingRates found.

Rounding out the top five best cities, other affordable options were Baltimore; Toledo, Ohio; Spokane, Washington; and Indianapolis.

More from Personal Finance
Take these steps now to avoid a tax surprise in 2019
This move is almost as bad for your retirement savings as the Great Recession was
Three key facts you get wrong about Medicare