15 Best Places to Retire in Washington
This article takes a look at the 15 best places to retire in Washington. If you wish to skip our detailed analysis on navigating retirement in Washington , you may go to 5 Best Places to Retire in Washington.
Navigating Retirement in Washington: Finding Affordable Bliss Amidst High Costs
The state of Washington, renowned for its unparalleled natural beauty and vibrant city life, can be a dream retirement destination. Although its cost of living is notoriously high, even those on a fixed income can manage to retire here with proactive planning and budgeting. Our list on best places to retire in Washington on Social Security can help potential retirees explore such destinations. Forbes estimates that the annual cost of living in this state is approximately $47,231, averaging out to an estimated $3,936 per month. The cost of home-ownership in this state also surpasses the national average. According to real estate and mortgage company Redfin Corporation (NASDAQ:RDFN), the median price of a home in the state is $617,700 as of February 2024. Home prices have witnessed an 8.3% rise compared to last year, while the number of homes sold fell by 0.64% year-over-year. For those who wish to rent, Zillow Group, Inc. (NASDAQ:Z) reports the median rent for all bedrooms and property types to be $1,940. Zillow Group, Inc. (NASDAQ:Z) notes that the median rent price in the state as of March 2024 is $150 less than what it was back in March 2023. The real estate company states that this average is $110 less than the national median. While this may be so, median home price is considerably higher than the national average. Overall, the cost of living is 16% higher than the national average.
Considering the high cost of living, many retirees wonder whether Washington is a retirement friendly state. If yes, the next question they ask is what part of Washington is the best place to live? While the answer isn’t that simple, retiring to this beautiful part of paradise isn’t impossible. The popularity of this state is evident as highlighted by a report from U-Haul Holding Company (NYSE:UHAL). U-Haul Holding Company (NYSE:UHAL), an American moving truck, trailer, and self-storage Rental Company revealed its report on the top growth states to move for 2023. While states such as Texas and Florida were the clear winners considering they don’t tax retirement income, offer low costs of living, and even boast the best weather, the state of Washington has also managed to round out the top 10 states for growth. The largest increases in one-way rentals went into the state of Washington, along with Arkansas, Wyoming, Vermont, Delaware, and South Dakota.
U-Haul Holding Company (NYSE:UHAL)’s report on Washington reveals that individuals still consider the state a desirable place to move to. Even for retirees, there are many pros and cons of retiring in Washington State. For starters, it is one of the 13 states that don’t tax retirement income. Seniors in the state get to enjoy their income tax-free at the state level. Moreover, since the state doesn’t have an income tax, retirees who choose to work even after retirement can enjoy their income without paying taxes. While this may be a major advantage, retirees should also know that this state heavily relies on sales taxes for its revenues. The sales tax rate statewide is 6.5%. Moreover, additional levies are also imposed by certain counties and cities, which pushed up the sales tax burden to up to 10.5%.
Washington also happens to be one of the healthiest states in the US. As of 2020, the life expectancy reported in the state was 79.2 years. Around 33% of adults reported a BMI between 18.5 and 24.9 in 2021, while 86% of adults also reported a positive health status in year 2022.
Methodology
To compile the list of best places to retire in Washington, we consulted several sources such as our list of best places in Washington State for a couple to live on only Social Security, as well other such as New Home Source, Movoto, and Retirable. Next, we rounded up a list of best places through a consensus approach, further ranking them on their cost of living, livability, and housing affordability. Each place was scored on each factor and scores were summed up to generate a unique Insider Monkey Score. Finally, places have been arranged in an ascending order from the lowest to the highest scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places to retire in Washington State for retirees:
15. Seattle
Insider Monkey Score: 11
IM Cost of Living Index: 151.9
Average Rent (1-bedroom): $2,017
Median Home Price: $845,000
Livability Score: 76
The most expensive yet retirement-worthy destination on our list is Seattle. This vibrant and dynamic city is one of the best places to retire in Pacific Northwest due to its proximity to nature and world-class amenities. Retiring to Washington state isn’t for frugal seniors, so it’s best to have a fat retirement nest egg if you wish to retire here. Seattle is best for the seniors who wish to lead a high quality of life amidst top-notch healthcare and abundant recreational activities. Seniors get to explore the historic Pioneer Square, relish a performance at the Seattle Opera, or even enjoy a scenic ferry ride across Puget Sound to Bainbridge Island before calling it a day.
14. Snohomish
Insider Monkey Score: 14
IM Cost of Living Index: 128.2
Average Rent (1-bedroom): $1,700
Median Home Price: $700,000
Livability Score: 75
Another retirement destination that needs a substantial nest egg to relocate to is Snohomish. Bearing a cost of living that is 28.2% higher than the national average, living here requires more around $6,000 a month. This is because only a one-bedroom costs close to $2,000, with groceries, utilities, healthcare left to spend on. Located on the Snohomish River, this Washington state city provides the perfect small-town vibe for retirees hoping to escape the hustle and bustle of larger cities. There are plentiful cultural attractions, community events, and recreational activities to keep busy.
13. Gig Harbor
Insider Monkey Score: 15
IM Cost of Living Index: 117.9
Average Rent (1-bedroom): $1,776
Median Home Price: $833,000
Livability Score: 75
Next on our list of best places to retire in Washington is Gig Harbor. This charming maritime village located near Puget Sound comes with scenic views of the nearby Mount Rainier, offering retirees an awesome backdrop to call home. Despite being famous for its small-town vibe, Gig Harbor offers retirees the best quality healthcare, plentiful cultural attractions, and modern amenities.
12. Anacortes
Insider Monkey Score: 23
IM Cost of Living Index: 126
Average Rent (1-bedroom): $1,594
Median Home Price: $698,000
Livability Score: 80
Situated in Skagit County, Anacortes is ideal for the outdoor-enthusiastic retirees, especially those who love boating. This city is ideally located between the Puget Sound and the San Juan Islands, offering retirees a scenic retreat that blends coastal beauty, outdoor recreation, and a vibrant community atmosphere. Rents in Anacortes are a tad more affordable than Gig Harbor and Snohomish.
11. Bellingham
Insider Monkey Score: 24
IM Cost of Living Index: 118.8
Average Rent (1-bedroom): $1,612
Median Home Price: $597,000
Livability Score: 79
Next on our list of best places to retire in Washington is Bellingham. This coastal city is also known as the “City of Subdued Excitement” because its buzzing with shops, galleries, brewpubs, as well as museums and art galleries in an otherwise laid-back atmosphere. Its scenic location with the Salish Sea to the west and embraced by the Cascade Mountains offers seniors the perfect opportunity to enjoy the outdoors. Seniors who love fresh seafood will love to try the salmon, crab, and shellfish here.
10. Sequim
Insider Monkey Score: 26
IM Cost of Living Index: 109
Average Rent (1-bedroom): $1,187
Median Home Price: $522,000
Livability Score: 67
Embraced by the majestic Olympic Peninsula and the beautiful Strait of Juan de Fuca, Sequim is another retirement haven that seniors can consider for their retirement years. The cost of living in Sequim is comparatively lower than many other cities in the state. Rents are also comparatively more affordable. For seniors who wish to relish a retirement home that boasts a small-town vibe with modern amenities, Sequim is the place to go.
9. Wenatchee
Insider Monkey Score: 27
IM Cost of Living Index: 113.3
Average Rent (1-bedroom): $1,217
Median Home Price: $469,000
Livability Score: 73
Retirees love Wenatchee for its gorgeous scenery and plentiful recreational opportunities. This charming retirement destination is the perfect place to engage in recreation at the Columbia River, explore nearby hiking trails, or even indulge in activities such as golfing and fishing. The downtown area is just as vibrant, brimming with shops, restaurants, and cultural attractions.
8. Chelan
Insider Monkey Score: 33
IM Cost of Living Index: 109.1
Average Rent (1-bedroom): $1,555
Median Home Price: $625,000
Livability Score: 84
Lying on the southeast tip of Lake Chelan, Chelan offers retirees the perfect home to enjoy breathtaking views of the waters and nearby mountains. There are abundant recreational opportunities here, with seniors spending their days fishing, hiking, boating, and even wine tasting.
7. Olympia
Insider Monkey Score: 35
IM Cost of Living Index: 114.1
Average Rent (1-bedroom): $1,515
Median Home Price: $500,000
Livability Score: 84
Olympia, the capital of Washington State, is another nice destination to retire to. Its location on the beautiful Puget Sound amidst breathtaking scenery, waterfront views, and lush green spaces make it a star destination for those who love nature. The downtown area is full of life, and the city is home to a host of cultural attractions as well.
6. Long Beach
Insider Monkey Score: 40
IM Cost of Living Index: 98.2
Average Rent (1-bedroom): $1,067
Median Home Price: $445,000
Livability Score: 74
Next on our list of best places to retire in Washington is Long Beach. Long Beach is located in the beautiful Pacific County in the southwest corner of Washington state. The cost of living in Long Beach is 1.8% lower than the national average, and rents are pretty affordable too. Retirees who have smaller nest eggs but don’t want to give up on the idea of retiring to Washington state can consider retiring here instead.
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Disclosure: none. 15 Best Places to Retire in Washington is originally published on Insider Monkey