Providence metro ranked No. 5 for retirement

THE PROVIDENCE METRO ranked No. 5 on a list of the best places to retire by Magnify Money. / PBN FILE PHOTO/NICOLE DOTZENROD
THE PROVIDENCE METRO ranked No. 5 on a list of the best places to retire by Magnify Money. / PBN FILE PHOTO/NICOLE DOTZENROD

PROVIDENCE – The Providence-Warwick-Fall River metropolitan area ranked No. 5 for the best place to retire among the United States’ 50 largest metros, tied with the Kansas City, Mo., metro, according to a study by Magnify Money Thursday.

The report – titled the Best Places to Spend Your Golden Years – ranked cities based on lifestyle, cost of living, medical quality and cost, and assisted care availability and quality.

The Providence metro earned an overall index score of 57.6. The Portland, Ore., metro area scored highest in the report with an index score of 62.6 The 50-city average score was 49.8.

The Providence metro score highest for its cost of living index score of 69.2, determined by monthly housing costs and regional price parity for goods and services, and second-highest for assisted care quality and availability at 62.5. The area rated well in part for its high concentration of continuing care retirement communities per 100,000 residents.

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The area had its lowest score for medical quality and cost, driven up by a higher preventable hospital state rate (55.9 percent). The U.S. metro average was 46.7 percent.

The area’s lifestyle score was 55.9, dragged down by a low percentage of seniors who volunteer at 18.6 percent – the 50-city average was 24.7 percent.

The New York metro ranked No. 50 of 50 in the study, while the nearby Boston metro ranked No. 35.

The report was based on data from the U.S. Census Bureau’s American Community Survey 5-year estimates.

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