This Lakeside Town Was Just Ranked the Best Place to Retire for the Middle Class-and No, It's Not in Florida

"All of the cities included on the list have a population that's at least 25 percent 65 and older. The financial website took into account the cost of living, average Social Security benefits, and mean retirement income of each. To hone in on the middle class, only cities with average home values under $500,000 were analyzed. The study excludes small cities and towns that have populations fewer than 15,000 people per the U.S. Census American Community Survey."

"Researchers turned to the Federal Reserve Economic Data, Zillow's Home Value Index, and Sperling's BestPlaces to assess cost of living, while a livability metric comes from AreaVibes. After the numbers were crunched, the best choice for middle-class retirees was determined to be Albert Lea, Minnesota, where residents enjoy an annual cost of living of only $29,333. In addition to attractive pricing, the seniors of Albert Lea benefit from a large community of peers: 27 percent of all households receive retirement income."

"Those living in Albert Lea get to take full advantage of the Land of 10,000 Lakes, thanks to its prime location right on the shores of Fountain Lake, Albert Lea Lake, and Pickerel Lake. Hence the city's nickname, "the Land Between the Lakes." All three have opportunities for fishing, birdwatching, and boating, with a range of atmospheres and amenities. Albert Lea Lake is adjacent to Myre‑Big Island State Park,"

Cities were narrowed to those with at least 25 percent of residents aged 65 or older and average home values under $500,000, excluding places with populations below 15,000. Cost of living, average Social Security benefits, and mean retirement income were used as financial criteria. Data sources included the Federal Reserve Economic Data, Zillow's Home Value Index, Sperling's BestPlaces, and AreaVibes for livability. Albert Lea, Minnesota emerged as the top choice with an annual cost of living of $29,333 and 27 percent of households receiving retirement income. Albert Lea sits about 90 miles from Minneapolis–Saint Paul and borders Fountain Lake, Albert Lea Lake, and Pickerel Lake, offering fishing, birdwatching, boating, and nearby Myre‑Big Island State Park.

Read at Travel + Leisure