Had you been planning on a comfortable retirement until the economic downturn scrambled your nest egg? Do you think that you won't be able to find that cozy retirement home on the beach or golf course that you had once had your heart set on? Well, it might not be as bad as all that. With home prices falling in some of Americas best retirement home destinations, this is a great time to find deals. But you need to know where to look.
Working with Cyberhomes.com, an Irvine (Calif.) home valuations and listings Web site owned by Lender Processing Services (LPS), BusinessWeek.com came up with some places to consider. We looked at Zip Codes with heavy concentrations of affluent seniors (or residents nearing retirement age) because we figured these would be beautiful, fun, and convenient. We then heavily factored in cost of living and—to a lesser extent—sunny days, home price projections, and proximity to hospitals, golf courses, and other amenities. To see the list, read on.
Methodology: The Zip Codes were ranked based primarily on the concentration of affluent retirees (and people nearing retirement age) as well as relative cost of living. But sunny days, the home price forecast for 2010, and the number of nearby amenities including golf courses, hospitals, theaters, museums, religious institutions, shopping centers, and airports, were also factored in. The 2010 housing forecast is Cyberhomes' projected home price change from Jan. 1, 2010 to Dec. 31. 2010. The cost of living index compares cost of living among Zips with "100" being average, 200 being twice the average, and 50 being half the average and so on. Only Zips where the cost of living index was between 100 and 200 were considered. Cost of living was also heavily weighted in the final ranking of Zips.
Source: Cyberhomes.com and PolicyMap