More To Retire in Arizona Cities Than Other States Except Florida

Mark Hake

Based on a recent survey by WalletHub, three Arizona cities out of the top 30 cities in the U.S. are ranked as the Best Cities to Retire. This was based on a survey published in Sept. 2021.

The three cities are, by ranking: ranked #3 Scottsdale, AZ, ranked #14 Tempe, AZ, and ranked #30 Tucson, AZ.

It probably does not surprise anyone that Florida has 5 of the top 30 cities: ranked #1 Orlando, FL, ranked #4 Tampa, FL, ranked #8 Fort Lauderdale, FL, ranked #9 Miami, FL, ranked #15 St. Petersburg, FL, ranked #16 Pembroke Pines, FL, ranked #24 Cape Coral, FL.

Arizona is popular with retirees for many reasons. The weather is obviously one of the chief reasons, as the state is usually much warmer in the winter season than many other states. But here are some other reasons, as mentioned by Leisurecare.com:

* Arizona has tax benefits: Arizona does not tax social security income, nor does it have a gift tax, estate tax, or inheritance tax;

* Arizona is a desert state - it has the quality of life benefits for those with allergy and asthma issues

* Arizona has breathtaking parks and natural landscapes, including the Grand Canyon, Red Rock state park, and numerous other parks

*Golf courses and resorts galore - this is a specialty and feature of Scottsdale, AZ, and other cities in the Phoenix metropolitan area.

Other Reasons Arizona Is Popular With Retirees

Moreover, one site listed 12 reasons why people should retire in Arizona. In addition to those reasons already mentioned, one major reason is the huge number of retirement villages and communities in Arizona.

Other reasons listed for the state's popularity are:

* high tier medical facilities

* numerous museums

* low property taxes

* areas of snow

* great climate

* tax breaks for retirees

Arizona's Surging Population Growth

Based on the US Census Bureau's latest figures, as of July 2021, Arizona now has a population of 7.276 million. This is up 1.7% in the past year since as of April 1, 2020, the state had 7.121 million people.

This makes it the 3rd fastest-growing state according to recent state stats, trailing Texas and Florida.

Moreover, two of Arizona's cities, Buckeye and Goodyear, were among the 10 fastest-growing of all U.S. cities during the decade.

In the last 10 years, according to the 2020 census, the state's population grew by 12%.

Moreover, according to AZcentral.com, Phoenix grew at a faster rate than any other major city in the last decade. This means it officially surpassed Philadelphia as the nation's fifth-largest city, new data from the 2020 census show. In addition, according to the NY Times, no large city grew faster than Phoenix. This was mainly due to the surging growth in its Latino population.

Expect More To Move to Arizona

As a result, analysts expect more to retire in Arizona than any other state, other than Florida over the coming decade.

Moreover, the Wall Street Journal recently reported that both Arizona and Texas have recovered all the jobs they lost during the Covid-19 panic.

As a result, according to Adam Kamins, director of regional economics at Moody’s Analytics, more people are moving to both Dallas and Phoenix from expensive coastal cities. This is due to their " relatively lower cost of living and higher quality of life."

This has led to a rise in Arizona real estate prices, up to 30% in the past year, according to the Financial Times. In fact, one index, the Case-Schiller index, showed that Phoenix area real estate was up 32.3% in the last year, making it the nation's single worst area in terms of price growth.

However, the area's base prices compared to many coastal cities still make buying a house in Arizona quite affordable. This will continue to feed into the state's growth.

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This is not financial advice and you should not rely on my analysis to buy or sell any stock, bond, REIT, crypto, home, or insurance product as I am not undertaking to induce you to buy or sell securities or financial assets or home products. Additional information on Mark Hake's stock recommendations can be found at TipRanks.com.

I am relying on the “publisher’s exclusion” in the Investment Advisers Act of 1940 to provide this information without any personalized or individualized investment advice.

Mark Hake writes articles on InvestorPlace.com, Medium.com, and Newsbreak.com on stocks and cryptos and also runs the Total Yield Value Guide which you can review here.

He is a top-ranked financial writer, ranked 5 stars by TipRanks.com in the top 0.30% of all financial bloggers with an average return of over 20.0% on over 500 stock and crypto articles in the past year.

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Mark Hake is a financial analyst, investor, and Chartered Financial Analyst (CFA). He writes about US and foreign stocks as well as cryptos, hedge funds, and private equity. He previously ran his own hedge fund, investment research firm, and acted as CFO for a fintech startup. He focuses on finding value, arbitrage, and hidden asset opportunities.

Phoenix, AZ
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