Minneapolis among ‘Best Places to Retire’ with a big budget

Minneapolis’ median home price, cost of living and percentage of population over age 50 contributed to its appeal to well-off retirees, according to a recent list.

By Rebecca Omastiak

Oct. 30, 2013

Minneapolis is among the nation’s most favorable locations for those with a substantial retirement fund, according to a recent list compiled by CNNMoney.com.

The business news website used 2012 U.S. Census data and home price data for July through October from online real estate website Trulia.com to create its “Eight Best Places to Retire with a Nice Nest Egg” list. The list consists of “small” U.S. cities that provide a variety of dining, education, and recreation options but are pricier than the website’s overall “10 Best Places to Retire” list.

CNNMoney.com listed three factors relative to each of the eight cities on its “Best Places to Retire with a Nice Nest Egg ” list: percent of the population over the age of 50, median home price, and the cost of living. The website used the Council for Community and Economic Research’s ACCRA Cost of Living Index, which takes into account expenses such as groceries, transportation, and utilities to develop an index number meant to compare cost of living differences among urban areas (an index of 100 represents the U.S. average).

Minneapolis appeared on the “Eight Best Places to Retire with a Nice Nest Egg ” list, with 25 percent of the population over the age of 50, a median home price of $209,500, and a cost of living index of 108.

CNNMoney.com said Minneapolis’ offerings—including art museums, professional sports games, bike-friendly routes, and an international airport—particularly appeal to retirees. The website noted that Minneapolis residents embrace the cold weather (a potential deterrent for some retirees) with ice-carving competitions, sled races, and polar plunges.

Other cities named to CNNMoney.com’s list include Scottsdale, Arizona; Providence, Rhode Island; Honolulu; and Miami. Click here to view the full list.

CNNMoney.com also recently released a list of the overall “10 Best Places to Retire” in the United States. The list includes cities with lower costs of living and housing, such as Raleigh, North Carolina; Pittsburgh; Lexington, Kentucky; St. Petersburg, Florida; and Boise, Idaho. To see CNNMoney.com’s full list of the 10 “best” overall retirement locations, click here.

This article is reprinted in partnership with Twin Cities Business.