Ocean City, N.J.
Population: 11,328
Share of population 65+: 29.3%
Living costs for retirees: n/a
Average income for 65+: n/a
Community score: n/a
State’s tax rating for retirees: Mixed
If you can afford it, the Garden State is a great place for seniors to retire, especially if we’re talking about Ocean City. Its appeal to retirees can be seen in the number of seniors already living here. The alluring beaches where you can enjoy a day out with family and friends, the three-mile boardwalks and adjacency to Atlantic City, turn Ocean City into a notable attraction.
But all these don’t come cheap. According to Sperling’s BestPlaces, the living costs in Ocean City exceed 62.2% above the national average. Not to mention that the median home value inside the city is a whopping $611,100, compared with $327,800 in the state and $229,000 for the U.S. In addition, you need to consider an extra budget for insurance against storm and flood damages, even if Ocean City is usually a dry town.
