Do seniors living in Scottsdale know the secret to financial well-being?
According to a new study by financial resource MutualFund.com, Scottsdale ranks 5th for the most financially secure seniors in the nation.
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Tempe (12th), Gilbert (17th), and Peoria (18th) also rank among the top 20 cities.
Scottsdale’s high percentage of seniors with paid-off mortgages, low senior poverty rate, and low percentage of “house poor” homeowners were among some of the factors which placed the city 5th on the list of 170 cities.
Here are the highlights for Scottsdale:
- Percentage of senior homeowners: 81.2%
- Seniors with paid-off mortgages: 54.7%
- Senior poverty rate: 9.8%
- Seniors with retirement income: 56.3%
- Mean household retirement income: $45,771
- Mean household earnings (65+): $110,432
Cary, North Carolina, tops the list of cities with the most financially secure seniors.
To establish rankings, data from America’s 170 largest cities were analyzed.
Eight weighted factors were compared, including senior poverty rate, senior homeownership rate, percent of senior homeowners without a mortgage, percent of “house poor” senior homeowners (housing costs exceeding 30% of household income), percent of seniors on food stamps (SNAP), percent of seniors with private retirement income, mean household retirement income for seniors, and mean household earnings for seniors.
Here’s the full study where you can find additional rankings and the list of top 30 cities.
