Houston-area suburbs dominated the list of the best places to retire in Texas, according to financial technology company SmartAsset.
Of the list of 10, Houston-area suburbs took five spots, including No. 1.
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According to SmartAsset, the consumer publishing arm of SmartAdvisor, a financial adviser search company, the best places to retire include Katy, Richmond, Tomball, Humble and Webster.
Here’s a look at how each suburb ranked:
1. Katy
5. Richmond
6. Tomball
8. Humble
10. Webster
The methodology behind the ranking is based on regional factors that affect the quality of life for retirees, including tax-friendliness, medical care and social opportunities.
Researchers said they first looked at state and local tax rates, considering two types of taxes: income and sales.
“We calculated effective rates based on a retiree earning $35,000 annually (from retirement savings, Social Security and part-time employment). We subtracted income taxes paid from the gross income to determine disposable income. Sales taxes paid were calculated based on the disposable income being spent on taxable goods,” the research said. “Next, we determined the number of doctors’ offices, recreation centers and retirement centers per thousand residents in each location. Finally, we measured the number of seniors in each city as a percentage of the total population. In our final analysis, we ranked each location on these three factors. Then we calculated an average ranking for each area and weighted the three factors equally. The areas with the highest average ranking were determined to be the best places to retire.”
Ranking for all of Texas:
1. Katy
2. Granbury
3. Woodway
4. Fredericksburg
5. Richmond
6. Tomball
7. Burnet
8. Humble
9. Boerne
10. Webster
Click here for more on the best places to retire in Texas.