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Millions of Americans reach retirement age each year, and choosing where to spend their final years can be a major financial and lifestyle decision.
Midland, Michigan, ranks first in U.S. News & World Report’s ranking of best places to retire, with a median home value of $206,176, well below the national average of $359,870.
U.S. News & World Report ranked the best places to retire in the country based on factors including housing affordability, quality of life, health care, desirability and job market. The latest list includes communities across eight states, with Texas and Florida each represented twice.
Housing costs vary widely among top-ranked communities. Altoona, Pennsylvania, has the lowest median home value on the list, at $115,035, while The Woodlands, Texas, has the highest value, at $472,814.
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The rankings also highlight a range of options for retirees, from small, affordable towns with low housing costs to larger communities with higher household incomes and more amenities.
Here are the 10 best places to retire in 2027, according to US News & World Report:
1. Midland, Michigan
The Tridge is a three-lane wooden footbridge spanning the confluence of the Chippewa and Tittabawassee rivers near downtown Midland, Michigan. (Getty Images)
Midland took first place with a median home value of $206,176 – significantly lower than the national average of $359,870 – and an average monthly rent of $790. The city of around 42,800 also has an average commute time of just 13.6 minutes and earned a cost of living rating of 8.7 out of 10.
About 21% of Midland residents are age 65 or older. The city experiences all four seasons, with average temperatures ranging from 28 degrees in winter to 69 degrees in summer.
2. Homosassa Springs, Florida
A view of Homosassa Beach in Homosassa, Florida. (Getty Images)
Homosassa Springs offers retirees a warm climate, relatively affordable housing, and a largely older population. The Florida community has a median home value of $219,352, an average monthly rent of $864, and a cost of living score of 8.8 out of 10.
About 30% of its approximately 14,900 residents are aged 65 or older. Average temperatures range from 60 degrees in winter to 80 degrees in summer, while the average commute takes about 19 minutes.
3. Weirton, West Virginia
Weirton stands out for its low housing costs, with a median home value of $124,681 and an average monthly rent of $548. The community received a rating of 7.6 out of 10 according to US News.
About 26% of Weirton’s 18,300 residents are 65 or older. The average trip takes less than 18 minutes, and seasonal temperatures range from 36 degrees in winter to 72 degrees in summer.
4. The Woodlands, Texas
A waterway winding through the business district of The Woodlands, Texas. (Getty Images)
The Woodlands is one of the largest communities on the list, with more than 113,000 residents. It also has the highest median household income among the top 10, at $141,281.
However, housing costs are also the highest among the ranked communities. The community’s median home value is $472,814, while the average monthly rent is $1,440. The Woodlands received a cost of living score of 6.6 out of 10 and a labor market score of 6.3. Its average journey time is approximately 23 minutes.
5. Spring, Texas
Spring offers a median home value of $249,404 and an average monthly rent of $1,328. The community received a rating of 8.6 out of 10 according to US News.
The Houston area community has a population of nearly 69,500 and a median household income of $88,755. Its average commute is about 30 minutes, while average temperatures range from 57 degrees in winter to 85 degrees in summer.
6. Rio Rancho, New Mexico
A view of Sandia Mountain with the sprawling Albuquerque suburb of Rio Rancho in the foreground. (Getty Images)
Rio Rancho has a median home value of $311,135 and an average monthly rent of $1,193. The city scored 6.2 out of 10 for cost of living.
The community is home to approximately 110,000 people, approximately 19% of whom are age 65 or older. The average commute to Rio Rancho is about 30 minutes and temperatures range from 34 degrees in winter to 75 degrees in summer.
7. Altoona, Pennsylvania
Altoona has the lowest median home value among the top 10 communities, at $115,035, with an average monthly rent of $665. U.S. News gave the city a cost of living rating of 8.1 out of 10.
The city of Altoona with its cathedral. (Benno Schwinghammer/photo alliance via Getty Images)
About 19 percent of Altoona’s 43,500 residents are 65 or older. The average commute takes just 14.2 minutes, and the city’s median household income is $50,997.
8. Paducah, Kentucky
Paducah received the highest cost of living score among the top 10 at 9.2 out of 10. The city’s median home value is $161,025, while its average monthly rent is $650.
The narrow brick streets of downtown Paducah only add to its charm. (Josh Noel/Chicago Tribune/Tribune News Service via Getty Images)
The western Kentucky community has approximately 27,500 residents, approximately 19% of whom are 65 or older. Paducah also has the shortest average commute on the list, at around 12.7 minutes.
9. Lynchburg, Virginia
Lynchburg has a median home value of $222,789 and an average monthly rent of $908. It received a cost of living rating of 7.5 out of 10.
Part of Liberty University is seen Wednesday, December 9, 2015 in Lynchburg, Virginia. (Matt McClain/The Washington Post via Getty Images)
The Virginia city is home to approximately 80,700 residents, 15% of whom are age 65 or older. Lynchburg has an average commute of 14.5 minutes and average temperatures ranging from 42 degrees in winter to 76 degrees in summer.
10. Palm Coast, Florida
A golf course in Palm Coast, Florida. (Mike Stobé/Getty Images)
Palm Coast offers a warm climate and a relatively large retirement-age population, with about 30 percent of its 104,600 residents aged 65 or older. The city’s median home value is $380,019 and the average monthly rent is $1,466.
Palm Coast received a cost of living rating of 7.5 out of 10. Its average commute is about 21 minutes, while average temperatures range from 60 degrees in winter to 80 degrees in summer.
The rankings illustrate the financial tradeoffs retirees may face when choosing where to live. Smaller communities such as Altoona, Paducah, and Weirton offer some of the lowest housing costs, while larger communities such as The Woodlands and Rio Rancho have larger populations and higher median household incomes.
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The U.S. News list also highlights the continued popularity of warmer destinations, with the Florida communities of Homosassa Springs and Palm Coast both making the top 10.
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