Milford, Connecticut: An ideal retirement haven for upper-middle-class New Yorkers

For retirees from New York seeking to swap out the hustle and bustle of the city life for quieter surroundings, they might not need to look further than Milford, Connecticut. This peaceful and picturesque coastal town is conveniently situated just an hour and a half from Manhattan. Notably, Milford has recently been acknowledged as one of the best locations for well-heeled retirees in the US, offering a pleasant mix of serene ambiance and proximity to urban amenities.

Financial website GOBankingRates created a list that ranked places top settlements for wealthier seniors. By examining living conditions and the yearly cost of a comfortable lifestyle in areas characterized by larger proportions of elderly residents, the ranking was compiled. It used the definition of ‘middle-class’ by the Pew Research Center to identify towns suitable for the upper-middle-class bracket, tagged as communities where a comfortable yearly expenditure ranged from $120,896 to $155,438.

On this list, the crown went to Dover, New Hampshire as the leading choice for upper-middle-class retirees in the United States. Dover’s intriguing appeal lies in its stellar living standards and with the added benefit of Social Security payments being tax-free – a huge positive for many retirees. Beneficial tax systems often sway the choice of retirees when looking for the perfect place to settle.

The second position was clinched by Laguna Woods, a community in California, which seemed surprising considering its location in Orange County, known for its high living costs. This Southern California gated community, however, is an exception due to its age restriction set at 55 and above levels. Being an affordable enclave in the area, the average valuation of the houses in Laguna Woods stands at $536,665.

In stark contrast, Laguna Beach, situated merely a 12-minute drive away from Laguna Woods, has an average house price that is nearly six times higher, sitting around $3.3 million. This juxtaposition underscores the affordability of Laguna Woods within the broader high-cost Orange County area, giving retirees a chance to live in a prestigious region at a more reasonable cost.

Competing closely, Milford, Connecticut secured the third position in the list. Striking a balance between cost and quality of life, Milford showcases a living score of 88. Attributes contributing to this score include availability and proximity of amenities, a low crime rate, and an active community conscious of civic responsibilities.

Milford boasts a host of events, embracing an energetic community spirit. The town is host to a variety of parades and annual festivals, fostering a sense of unity and engagement among its residents. A well-known event that draws large crowds is the celebrated Oyster Festival held every August, contributing to the charming appeal of this retiree-friendly town.

The real estate market in Milford is quite attractive for retirees as well. The average house value in this town stands at $530,266, and the estimated annual cost for a comfortable lifestyle, which includes all necessary expenses, is projected at $127,612. These figures align closely with the upper-middle-class income range, making Milford an affordable, yet high-quality living environment for wealthier retirees.

GOBankingRates’ list was a comprehensive one, featuring 50 towns. However, only a small number of Northeast towns were included. This indicates that while there are quality retirement options throughout the US, only a select few in this region meet the criteria for upper-middle-class retirees.

Portland, Maine also made it onto the list, coming in eighth place. This charming northeastern town, known for its rich history and picturesque coastal views, offers another great alternative for upper-middle-class retirees. With its blend of serenity and vibrant cultural life, it’s intriguing how Maine’s largest city successfully combines metropolitan charm with the appeal of small-town living.

Saratoga Springs in New York was another Northeast location to make the cut, ranked at number 30. Although a bit farther down the list, this city is well-regarded for its renowned horse racing and mineral springs. As such, the listing of Saratoga Springs suggests that retiree-friendly locations can come with various unique features and attractions.

The top ten towns for upper-middle-class retirees as ranked by GOBankingRates were Dover in New Hampshire, Laguna Hills in California, Milford in Connecticut, Ashland in Oregon, Wheaton in Illinois, Coconut Creek in Florida, Coeur d’Alene in Idaho, Portland in Maine, Arlington Heights in Illinois, and Royal Palm Beach in Florida.

These towns represent a wide range of locations across the US, suggesting that high-quality, upper-middle-class lifestyle options for retirees aren’t restricted to any one region. They all offer unique advantages, from top-notch medical facilities, bountiful leisure activities, serene environment, to low crime rates.

Selections like Coconut Creek in Florida boast warm weather year-round and a wealth of outdoor recreational activities. While other towns such as Arlington Heights in Illinois provide a more traditional suburban setting with all the urban amenities close at hand.

The inclusion of towns such as Ashland in Oregon and Royal Palm Beach in Florida illustrates that retiree-friendly communities come in many forms. Be it on the coast, near mountains, or in between, seniors seeking retirement can enjoy diverse environments, each offering its own distinct flavor of lifestyle.

The diversity of towns mentioned by GOBankingRates underscores the multitude of options available for retirees seeking comfort, convenience, and quality living in their golden years. With careful planning and consideration, one can find a fitting environment that aligns with their desires for retirement, whether they seek the tranquility of a small town-like Milford or the dynamic bustle of a larger city, such as Portland.