In a new ranking by Fortune Magazine, Newport, Rhode Island, has been named one of the best places to retire affordably in 2024, coming in at the No. 2 spot. The list, titled “Fortune 25 Best Places to Retire Affordably,” evaluates cities across the U.S. based on a range of socioeconomic factors, from healthcare accessibility to geographic desirability and affordability.
Newport, long known for its historical charm and scenic coastline, is celebrated for offering retirees a rich mix of leisure activities, a vibrant cultural scene, and affordable living, all within close proximity to major healthcare centers in Providence and Boston.
In its report, Fortune highlighted Newport’s appealing blend of natural beauty and historical significance. The city’s waterfront, historic mansions, and cliffside trails offer residents a serene environment ideal for retirees seeking both relaxation and activity. From cliff walks along the ocean to dining at waterfront restaurants, Newport provides a unique blend of history, luxury, and simplicity.
“Retirees in Newport enjoy not only the scenic beauty but also an array of recreational opportunities,” Fortune senior wellness reporter Alexa Mikhail said. “With access to outdoor activities like fishing, golfing, and walking along Newport’s Cliff Walk, the city offers retirees an ideal lifestyle, with the added benefit of Rhode Island’s tax incentives for retirees.”
This focus on healthcare and wellness was central to Fortune’s ranking criteria. The magazine assessed over 2,000 cities, towns, and suburbs across the country, narrowing the list to those offering both affordability and a high quality of life for retirees. Locations with housing prices exceeding double the state median were excluded, ensuring that the final list would serve as a true guide for Americans seeking affordable retirement options.
Alyson Shontell, Fortune’s Editor in Chief, emphasized the significance of this new ranking in light of financial concerns facing many retirees. “Where to retire and how to ensure affordability is a major concern for so many Americans,” Shontell said. “Our list aims to provide a reliable guide for retirees who are balancing lifestyle aspirations with financial realities.”
The list’s top spot was awarded to American Canyon, California, praised for its affordable housing, outdoor activities, and proximity to Napa Valley and two beaches. Newport’s runner-up status is a testament to its growing appeal among retirees. The city, which has long been a tourist destination, is increasingly seen as an affordable retirement haven on the East Coast, offering a slower pace of life without sacrificing access to modern conveniences and medical care.
With its inclusion in Fortune’s list, Newport is poised to attract even more retirees seeking a balanced, fulfilling lifestyle in a picturesque and accessible environment. The complete methodology for Fortune’s ranking can be found on the magazine’s website.
Top 10 Places to Retire Affordably (2024):
- American Canyon, CA
- Newport, RI
- Santa Clara, CA
- Beaufort, SC
- Portsmouth, NH
- Shoreline, WA
- Maple Valley, WA
- Scarborough, ME
- Portland, ME
- Lafayette, CO