Arizona Named Top State for Financially Secure Seniors as Retirees Flock to Mesa

In the midst of a mass exodus from major U.S. cities, retirees have found solace and financial security in Mesa, Arizona, according to a recent study conducted by Smart Asset. The study, published on September 14th, revealed that Mesa boasts the highest rate of financial stability among seniors aged 65 and older. With the lowest percentage of food stamp recipients in this age group and a staggering homeowner rate of 79.6%, Mesa has become an attractive destination for retirees seeking a comfortable and secure retirement.

Among those who have made the move to Mesa are Gary and Carmen Michell, a retired couple originally from California. After living in Hawaii for 22 years, the Michells decided to relocate to be closer to their two daughters on the mainland and to save money. The couple settled down in Maricopa, a Phoenix suburb, in June 2021, drawn to its lower cost of living, accessible healthcare, and warm weather.

"We're doing just great," said Gary, 70, as he commended their new home state. "There's no stress, no strain. I really love this place," added Carmen, 67, echoing her husband's sentiment. Feeling safe and content, the Michells have no plans of moving again.

The allure of Mesa and its neighboring areas lies not only in its financial security but also in the circumstances that led retirees to seek refuge there. Many of the Michells' neighbors in Maricopa, for instance, are former Californians who escaped the state's steep living costs. Gary noted that the price of real estate, in particular, is significantly lower in Arizona compared to California. While the median house listing price in California stood at $749,970 in June 2021, Arizona's median listing price was a more affordable $440,000, according to the Federal Reserve Bank of St. Louis. Even Hawaii, where the Michells previously resided, had a higher median listing price of $564,375 in the same month.

Additionally, the cost of groceries and gas played a role in the Michells' decision to leave Hawaii. Groceries in urban Hawaii saw a 4.5% increase in prices in 2021 due to inflation, while the rise was slightly lower at 3.5% in Phoenix, as reported by the U.S. Bureau of Labor Statistics. Moreover, gas prices in California have skyrocketed, surpassing an average of $6 per gallon and reaching over $7 in certain areas. In contrast, gas prices in Arizona remain more affordable.

The Michells are not alone in their contentment with their decision to move to Arizona. Many retirees who have settled in Mesa and its surrounding areas share their sentiment. The state's safe neighborhoods, proximity to medical care, year-round warm weather, and attractive financial conditions have made it an ideal place for retirees to call home.

As Carmen expressed, "I hope not too many people move here because we like the way it's going. God gave us this home, and we're going to stay here." With their newfound financial security and the comfort of their safe and affordable surroundings, it's no wonder that more retirees are choosing Arizona as their retirement destination.

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