The city of Palm Springs was ranked No. 2 in CNNMoney.com and Money Magazine’s list released Tuesday of the top 25 best places to retire in the U.S.
It will be featured in Money Magazine’s October issue, which hits newsstands this month.
The list looks at the perks and “bang for your buck” that retirees could expect to find. It factors in local amenities, home prices — including the drops in prices after the recent housing bust — state income tax rates and the percentage of population over 50 to help determine the rankings.
Palm Springs was the only Coachella Valley city on the list, which put the typical price of a Palm Springs three-bedroom home at $250,000 — down some 44 percent in the housing burst. The list released Wednesday also estimated 42 percent of the city’s 48,000 residents were above the age of 50.
“It’s easy to see the appeal of living in the desert town beloved by Frank Sinatra’s Rat Pack,” Money Magazine’s editors wrote. “Residents get 332 days of annual sunshine, 360-degree views of the mountains, and as much culture and design as they can pack in.”
Maureen Gessel, associate manager with Palm Springs-based The Gaffney Group, which represents seven homeowners associations in the city, wasn’t surprised Palm Springs scored so high. “The city is so friendly and welcoming,” Gessel said “It doesn’t matter what your background is.“Being listed nationwide, it’ll definitely generate more interest around the country” in Palm Springs, Gessel said.
Last year, Where to Retire magazine listed La Quinta as one of the top eight places in the nation to retire for music and art lovers.
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