Where Cleveland ranks as a place to retire
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Illustration: Lindsey Bailey/Axios
If you're thinking of retiring in Ohio, you could do better and worse than Cleveland.
Driving the news: U.S. News & World Report has named its Best Places to Retire in the U.S. for 2024.
- Cleveland ranked 45th out of the country's largest 150 metro areas, up one spot from last year.
Why it matters: Though it ranked in the top third of the 150 largest metro areas, Cleveland placed behind Youngstown (No. 9 overall), Toledo (No. 19) and Cincinnati (No. 32).
- Yes, but: Cleveland did rank ahead of Columbus at No. 61 and Dayton at No. 95.
Zoom out: Pennsylvania claimed seven of the top 10 spots, including the No. 1 place to retire — Harrisburg.
How it works: The list considered factors such as affordability, crime rates, healthcare, taxes, weather and job market when ranking the largest 150 metro areas in the country.
Between the lines: Affordability has long been one of Cleveland's most appealing aspects.
- Cleveland made GOBankingRate's recent list of the 15 Best Cities to Retire on $2,500 a Month, alongside other Ohio cities Akron and Alliance.
The big picture: Many working Americans who haven't yet retired said they're unsure if they'll be able to do so, according to an Axios-Ipsos poll conducted this past summer.
What they're saying: Axios surveyed more than a dozen Ohio residents between ages 56-77 this summer who have retired or are hoping to do so with mixed results.
- "Retirement has been wonderful," Jeffrey D., 68, of Cleveland Heights said. We had planned for this and when the time came, everything fell into place… Admittedly, we are living in rarefied air. We never had children and were a double-income duo."
- "We spend all our time caring for our disabled sons," Mark W., 71, of Rocky River, said. "We have enough money. Just not enough time. Time takes us all out. It is undefeated."
The bottom line: Cleveland's low cost of living could be appealing to soon-to-be retirees concerned about saving for the future.