Winston-Salem’s appeal as a retirement haven received another boost Tuesday with being slotted No. 17 among 150 metropolitan statistical areas in the 2024 U.S. News & World Report ranking.
Winston-Salem is listed as the best retirement option in North Carolina, followed by a combined Raleigh-Durham-Chapel Hill at No. 25, Hickory at No. 36, Asheville at No. 40, Greensboro No. 69, Charlotte No. 75 and Fayetteville at No. 104.
U.S. News’ rankings are geared toward two demographics: those ages 45 to 59 nearing retirement age; and those of retirement age.
The metros are ranked based on how well they meet Americans’ expectations for retirement, with measures including affordability, health care, desirability, retiree taxes, job market and overall happiness.
Winston-Salem already was ranked 41st for overall best place to live for 2023.
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“These results are based on important quality-of-life factors, like affordability, happiness of local residents and health care quality,” said Mark Owens, president and chief executive of Greater Winston-Salem Inc.
“These are components that make a city a great place to live at any age. It shows that Winston-Salem really stands out on a national scale as an affordable community with a lot of positive attributes.”
Up and down
Winston-Salem has been on quite the roller-coaster ride in the U.S. News rankings this decade.
It reached a high of No. 7 — vaulting 38 spots — in the 2020 rankings, only to tumble to 36th in the 2023 ranking.
The Winston-Salem specific write-up from U.S. News is a familiar descriptor for the community by the magazine.
“Winston-Salem, which locals refer to as Winston, is a region on an upward trajectory that still maintains its Southern roots,” U.S. News said.
“Although the city is traditionally Southern in its friendliness, it has an international feel. The metro area celebrates its diversity during an array of festivals and through a variety of cuisines. You’ll find restaurants serving everything from traditional North Carolina barbecue to Indian curries and Greek pastries.”
Although Winston-Salem has fallen behind Charlotte and the Triangle in population growth during the 21st century, U.S. News found it to be a plus that it “has not seen a huge population boom over the years.”
“This slow and steady growth has preserved the region’s small-town feel, while allowing for improvements, such as repurposing old textile and tobacco factories into loft apartments.
“Due to heavy interest in residential and corporate development, the region has become a fertile land for entrepreneurs and small businesses.”
The city’s vibrant arts and entertainment sector was highly touted, as well as “a web of local hiking trails and a couple of state parks, including Pilot Mountain and Hanging Rock, which are just a quick drive away. “
U.S. News also cited that “one of the most appealing aspects of living in Winston-Salem is the bang you get for your buck.”
“The average income of its residents is less than the national average, but the cost of living is significantly lower as well. Housing costs in Winston-Salem are lower than the national median sale price.”
For Greensboro, U.S. News cited it is “one of those places that’s big enough to have everything you need … A strong sense of community makes North Carolina’s third-largest metro area feel like a small town where the residents are neighborly.
“People who live here love it and say they have no reason to leave. Those who do leave often return home to Greensboro to raise their families.”
The report also touted Greensboro’s proximity to the beaches and mountains.
“There is no shortage of arts, entertainment, recreation, shopping and restaurants to keep locals busy.”
Embracing reputation
Being known as a hot place to spend golden years might not seem to mesh with an equally pivotal pursuit of young professionals to populate local business and residential communities.
But recently, local civic and economic officials have embraced the city’s retirement recognition because the same lifestyle attributes attracting seniors also are being sought by young professionals.
Those include lower cost of living and home prices, lower taxes, active arts and sports communities, higher-education stalwarts, downtown living and dining and access to high-quality health care.
Forbes placed Winston-Salem on its 2022 list of the 25 top cities for retirees, a ranking it also received in 2020.
Meanwhile, Smart Asset has Winston-Salem ranked 14th on its 2022 list for best cities for an early retirement.
“Winston Salem has consistently been rated as a great place to retire with superb medical facilities, a comprehensive selection of art activities, relatively low cost of living and a wonderful quality of life,” Mayor Allen Joines said. “These recent ratings confirm those once again.”
Greater Winston-Salem has said the retirement rankings are just additional reflections of the attractiveness of the local community in terms of cost of living, housing market and livability.
“Those factors are not only important to those approaching or in retirement, but also to people of working age that we are trying to attract to our community to be our workforce of today and tomorrow,” the nonprofit economic group said.
It’s certainly positive to gain national recognition for cultural, economic and financial performance, said Michael Walden, an economics professor at N.C. State University.
“Good rankings on positive matters — like best places for retirement — are certainly good to have,” Walden said. “But, it’s unclear if they lead to any results, such as more people moving to a region with high rankings.”
“Often households considering an area for retirement will vacation there and get their own sense of whether the location is a good fit for them.
“Or, they will use evaluations from friends they trust who are living in the region they’re considering.”