Newport has been ranked the second-best place in the United States to retire affordably, according to Fortune’s inaugural “25 Best Places to Retire Affordably” list.
Newport offers retirees a blend of tranquility and engagement in a picturesque New England setting, according to Fortune.
Fortune evaluated over 2,000 locations across all 50 states, considering factors such as healthcare, wellness, livability, resources for older adults, and financial health. The ranking also took into account geographic desirability and affordability.
“Where to retire and how to make sure it is affordable is something so many Americans think about – often well before they actually retire,” said Alyson Shontell, Fortune Editor in Chief and Chief Content Officer.
What Fortune had to say about Newport;
For retirees who can’t part with New England charm, living in coastal Newport feels like a permanent vacation in the northeastern region thanks to its beautiful beaches and waterfront walks. With sailboats speckling the harbors and Gilded Age mansions overlooking the cliffs, the city offers a pristine and peaceful atmosphere that might appeal to seniors looking to spend their golden years listening to water lapping the shoreline.
But Newport’s tranquil vibes don’t mean that there’s nothing to do. Seniors can get their steps in walking the 3.5-mile cliff trail that boasts views of the mansions or by strolling through the historic downtown area, which is teeming with shops and classic New England architecture. Along the waterfront are a number of restaurants offering fresh seafood for those who love a local catch.
The city offers many activities that can help seniors feel connected—concerts at King Park, fitness programs at Edward King House Senior Center, and workshops at the Newport Public Library. Outdoors, there’s no shortage of recreational opportunities for activities like fishing and golfing; there are 23 golf courses within a 25-mile radius of Newport.
Retirees also have plenty of options for medical care. There’s the Newport Hospital, which is affiliated with Lifespan, the state’s largest health care system. And Newport isn’t far from bigger cities like Providence and Boston, should seniors need more specialized care.
While the cost of living in Newport is a little on the higher side, Rhode Island has tax benefits for retirees that help offset some of these expenses, such as exemptions for Social Security income and other retirement income for qualifying individuals.
While the cost of living in Newport is higher than some other locations on the list, Fortune reports that Rhode Island offers tax benefits that can help offset expenses for retirees. These include exemptions for Social Security income and other retirement income for qualifying individuals.
The median sale price for single-family residences in Newport was $781,310 in 2023, with average property taxes for single-family homes and condos at $7,929. Despite these costs, Fortune says that 59.59% of residents believe Newport is a perfect place to live.
| Number of above-average home care services within 50 miles, per 100,000 households | 14,697 |
| Median sale price for single-family residences (2023) | $781,310 |
| Average property taxes for single-family homes and condos | $7,929 |
| Sharecare Community Well-Being Index Score (out of 100) | 65 |
| Risk of social isolation for adults age 65+ (out of 100, with a higher value indicating a greater risk) | 37 |
| Percentage of residents who believe the city or area where they live is a perfect place | 59.59% |
| Sources | Sources: Caring.com, ATTOM, Sharecare, America’s Health Rankings |
Newport’s runner-up position on the list puts it just behind American Canyon, California, which took the top spot. Santa Clara, California; Beaufort, South Carolina; and Portsmouth, New Hampshire rounded out the top five.
Alexa Mikhail, Fortune senior wellness reporter, noted, “Aspiring retirees have a variety of needs and wants for the place they will call home for the long haul, but it’s evident that easy access to quality health care, community, and outdoor spaces are most commonly sought after.”
Fortune’s methodology for the ranking included a comprehensive evaluation of nearly 200 data categories, translating to 200,000 unique data points. The list is part of Fortune Well, the publication’s health and wellness hub presented by CVS Health.
As retirees consider their options, Fortune advises thorough research, particularly in light of increasing severe weather events that may impact the suitability and safety of various regions.
