Foley, Ala. – (OBA) –  A national study found that Foley is the most cost-effective retirement location in the United States.

The survey by GOBankingRates looked at the best and worst locations for a practical retirement. As the population ages and more baby boomers retire, many are looking for nice temperate locations where they can get the most for their money. Foley came out on top according to this study.

The study analyzed 100 cities in the country with a large population of adults who are 65 or older. The cities were ranked based on factors such as the average home value, property taxes, home health costs, the price of groceries and utilities and whether the state the community was in taxed Social Security benefits.

The study found that Foley was the best place for a cost-effective retirement as well as being an attractive location. The study was also reported by Travel and Leisure magazine.

GoBankingRates listed factors such as Foley’s location just north of the Gulf beaches and the fact that 30.7% of the population is 65 or older. Prices are low compared to other communities. The annual cost of a home health aide is $46,218 and the annual cost of groceries is $4,326 and the cost of utilities is $3,858.

Alabama also does not tax Social Security benefits.

Other cities in the top five for retirees were Mountain Home, Arkansas, Hot Springs Village, Arkansas; The Villages, Florida and Bella Vista, Arkansas followed by Pinehurst, North Carolina; Green Valley, Arizona, North Myrtle Beach, South Carolina, Fredericksburg, Texas and Punta Gorda, Florida.

Malibu, California was listed as the worst place to retire economically. The average price of a home in Malibu in 2023 was almost $3.84 million, compared to $296,232 in Foley. The property tax rate in Malibu is 0.73%, while the rate in Foley is 0.39%.