Bay Area cities named among 'wealthiest and safest' for retirement in US: study

(KRON) -- Two of the best cities to retire in the United States are in the Bay Area, according to a recent study. Walnut Creek was ranked 16th, and Novato was ranked 18th as the "safest and wealthiest" city for retirees.

The study, conducted by GOBankingRates, determined those two Bay Area suburbs are among the "safest and wealthiest" to retire in. According to the study, here are the analyses for Walnut Creek and Novato.

Walnut Creek

• Violent crime per 1,000 residents: 2.94
• Property crime rate per 1,000 residents: 27.64
• Ages 65+ average retirement income: $52,918
• Single-family average home value: $1,441,223
• Livability score: 77

Novato

• Violent crime per 1,000 residents: 3.17
• Property crime rate per 1,000 residents: 16.78
• Ages 65+ average retirement income: $47,540
• Single-family average home value: $1,190,655
• Livability score: 71

The top city on this list was Oro Valley, Ariz. where there is a 0.57 violent crime rate, an 11.41 property crime rate, a $52,098 average retirement income for ages 65 and up, a single-family average home value of $525,380 and a "livability score" of 81, according to the study.

Twelve California cities were named among the study's top 30 -- the most of any state.

Other California cities to be listed in the top 30:

• Lincoln (No. 8)
• Laguna Woods (No. 15)
• La Quinta (No. 19)
• Seal Beach (No. 20)
• Rancho Mirage (No. 22)
• Cerritos (No. 24)
• Banning (No. 28)
• Palm Desert (No. 29)
• Palm Springs (No. 30)

Methodology

GOBankingRates analyzed cities nationwide in which at least 25% of their population is aged 65 and up, using data from the U.S. Census American Community Survey. The study also used Zillow home values data in each city analyzed to measure a city's "wealth."

"Each city’s livability score was sourced from AreaVibes, along with the average single-family home value from the Zillow Home Value Index for September 2024," GOBankingRates said.

The study took into account the following factors:

• City's total population
• Population aged 65 and up
• Total households
• Housing units for residents 65 and up with owner costs as a percentage of household income under 30% and over 30%
• Percentage of households with retirement income
• Average retirement income for households with retirement income
• Household median income

To weigh in the factor of safety, GOBankingRates analyzed the crime rate per 1,000 residents for both property and violent crime. Those numbers were collected from the Crime Data Explorer from the Federal Bureau of Investigation (FBI).

The data collected is up to date as of Nov. 8, 2024. To read GOBankingRates' full methodology, visit the entire study on their website.