In this article, we take a look at the best places to retire in England. You may skip our full list by proceeding directly to The Best Place to Retire in England.
Navigating Retirement
Navigating retirement finances seems to be an uphill battle for many Americans approaching retirement. According to a study by Prudential Financial, Inc. (NYSE: PRU), the median savings of 50-year-olds in America is just $50,000. This sum is significantly short of any estimate of the amount required for Americans to retire comfortably. According to Prudential Financial, Inc. (NYSE: PRU), individuals aged 55 and planning to work for another decade should have eight times their salary in savings to be on track for a comfortable retirement. For the average American this amounts to $447,000, per Prudential Financial, Inc. (NYSE: PRU).
As Americans struggle to come to terms with the realities of an uncomfortable and delayed retirement, there are several factors that could jeopardize their retirement further. Social Security’s Annual Trust Fund Report 2024 shows that trust fund balances are projected to deplete by 2033. Thus, those relying on Social Security checks to make up for their lack of savings may have to brace themselves for the possibility that by 2035, Social Security benefits could be slashed significantly.
One common method of coping with a lack of retirement savings is to relocate to more affordable pastures. While there tend to be affordable places to retire in every state, budget-conscious retirees often choose to relocate to southern states such as Texas, Oklahoma, and Louisiana. Another alternative is for retirees to relocate internationally, where they can find decent living for even as low as $1000 per Month.
Retiring overseas
The Association of Americans Resident Overseas estimates that currently close to 5.4 million Americans live overseas. Whilst many of these are individuals who move abroad for career prospects, there is also a significant number of retirees who have settled abroad. In fact, in 2023 the Social Security Administration (SSA) stated that the number of Americans drawing their benefits from overseas grew from 413,000 to 760,000 in a three-year period.
Affordability is a major factor that drives US citizens to retire abroad. Europe, one of the most popular foreign retirement destinations for US citizens, has a cost of living that is 31% more affordable than the US median cost of living. Whilst European economies have also experienced significant inflation in the wake of the pandemic, housing and living costs in the region continue to be lower than in the US.
Although affordability is an important factor in driving retirees to foreign shores, it isn’t the only factor. Many retirees with the means to comfortably retire in the US also choose to retire abroad. For many, retirement marks the start of a new chapter in which they can pursue personal hobbies and passions that they weren’t able to during their career.
According to Fidelity Investments, many individuals are looking to pursue their dreams and passions in their second act, with 60% of Gen Zs and 58% of Millennials hoping to abandon traditional retirement paths in favor of traveling, relocating, or even opening a new business. Therefore, the idea of being able to settle into new and exotic cultures, save money on essential expenses, and use the excess savings to pursue adventures can be extremely alluring.
Similarly, 63% of Americans aged 50 and older say travel is an important retirement goal. This is based on a survey conducted by the Royal Bank of Canada (NYSE: RY), Canada’s largest bank. The Royal Bank of Canada (NYSE: RY) operates in 29 countries, including Canada and the US, and is one of the best international dividend stocks to buy.
Recently, the bank announced a 3% increase in its quarterly dividend payout to CAD $1.42 per share. The rise in dividend payout was a result of a strong performance in the quarter ending April 30th, 2024, during which it generated a revenue of $14.15 billion. This was a YoY increase of 13.7%, courtesy of higher interest rates and stronger volumes, which also allowed it to generate a net income of $4 billion.
During the quarter, the Royal Bank of Canada (NYSE: RY) completed the acquisition of HSBC Canada, which translates into 780,000 additional clients and approximately $75 billion of both loans and relation-based deposits. The Royal Bank of Canada (NYSE: RY) currently has an annual dividend yield of 3.81%. and trades at $109 per share. Whilst competitor banks such as the Bank of Montreal (NYSE: BMO) and The Bank of Nova Scotia (NYSE: BNS) have a forward P/E ratio of 9.95 and 8.89 respectively, the forward P/E ratio for the Royal Bank of Canada (NYSE: RY) is 11.92.
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Retiring in England
Retirees considering spending their golden years outside the US must consider England as one of the best places to retire. Unfortunately for Americans, the UK has now canceled its retirement visa program, under which individuals with a minimum income of £25,000 a year and close connections to the UK could retire in the country. However, individuals can still use other visa programs to take up temporary stay in the country, which can later be used to qualify for a settlement visa.
England is renowned for its affordable healthcare system, but non-residents are required to pay for their healthcare expenses. However, emergency medical care and a few other services are free for non-residents as well. An additional benefit of retiring in England is its high quality of life, due to which it is considered one of the safest and happiest places for retirement. In comparison to other popular retirement destinations in Europe, Americans can find it much easier to settle in England due to there being no language barrier.
With this considered, if you’re looking to discover the best places to retire in England from the USA, join us as we look at the Best Places to Retire in England.
20 Best Places to Retire in England
Methodology
To develop our list of best places to retire in England, we initially picked out the most recommended best places to retire in England on the internet. We used 10+ sources including our list of 25 Best Places to Retire in the UK, Comfort Life, and Moving Waldo to develop a shortlist. Further research was narrowed down to these places only.
Among these best places to retire in England, a consensus approach was used to determine the rankings, assigning one point for each recommendation from a source. We have also discussed the average property prices and average rent prices for each place. These have been sourced from Home.co.uk and Zoopla.
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Here are the 20 Best Places to Retire in England.
20. Manchester
Insider Monkey Score: 12.94
Median Home Price: $327,396
Average Rent: $2,222
Manchester is popular for its industrial significance, musical influence, and sporting culture. Although the city’s weather can be unpleasant and gloomy, it is one of the more affordable large cities in England.
19. Bath
Insider Monkey Score: 13.01
Median Home Price: $755,134
Average Rent: $3,147
Bath is one of England’s most iconic cities, famous for its Roman-era baths that continue to spoil visitors to this day. Although housing in the area is expensive, it is one of the best places to retire in England.
18. Birmingham
Insider Monkey Score: 13.03
Median Home Price: $312,787
Average Rent: $2,154
Birmingham is a melting pot of diverse cultures, making it one of the best places to retire in the UK as a foreigner. Despite being a primarily industrial city, it offers many contemporary attractions and amenities and is considerably more affordable than London.
17. Coventry
Insider Monkey Score: 13.44
Median Home Price: $298,118
Average Rent: $1,626
Just southeast of Birmingham lies Coventry. From the stunning Coventry Cathedral ruins to medieval Spon Street, Coventry is brimming with history for retirees to explore.
16. Liverpool
Insider Monkey Score: 13.73
Median Home Price: $247,851
Average Rent: $1,416
Just west of Manchester lies Liverpool, a vibrant riverfront city. The city is steeped in culture & history and is renowned for being the birthplace of the Beatles.
15. Essex
Insider Monkey Score: 14.33
Median Home Price: $521,277
Average Rent: $2,248
Essex is located in East England just an hour outside of London. Its proximity to London makes it one of the best places to retire in England for those who seek a balance of small-city charm with access to big-city amenities.
14. Exeter
Insider Monkey Score: 14.50
Median Home Price: $444,011
Average Rent: $2,344
Exeter is a historic English town near the Blackdown Hills. The city features many cathedrals, museums, and other medieval attractions. In terms of scenery, Exeter is set against a backdrop of Devon’s rolling hills and rocky coastline and lies quite close to the Dartmoor National Park.
13. Suffolk
Insider Monkey Score: 14.90
Median Home Price: $431,671
Average Rent: $1,817
There are plenty of vibrant towns in Suffolk County to settle in, including Ipswich and Bury St Edmunds. Due to its immensely beautiful coast and countryside, along with a rich history that dates back to the Roman and Angles settlements as far back as the 5th century, it is one of the best places to retire in England.
12. Torquay
Insider Monkey Score: 14.99
Median Home Price: $353,882
Average Rent: $1,656
Torquay is a seaside town located in the English Riviera in Devon County. Despite being a famous holiday destination, living in Torquay is relatively affordable. It is adorned with an incredible landscape and many historic attractions such as the Kents Cavern Prehistoric Caves and the Torre Abbey.
11. Newcastle-upon-Tyne
Insider Monkey Score: 15.32
Median Home Price: $294,860
Average Rent: $1,807
Newcastle is a riverside town that boasts a lively and diverse community. The city is home to Newcastle University and Northumbria University due to which students from all over the UK come to live here. It is also the home of Newcastle United, one of the largest football clubs in the country.
10. Durham
Insider Monkey Score: 15.44
Median Home Price: $283,656
Average Rent: $1,692
Just half an hour south of Newcastle lies Durham. In comparison to Newcastle, Durham is a smaller city, however, it is also more affordable. Durham is a paradise for nature lovers, as it lies within driving distance of some of the UK’s most scenic destinations, such as the Yorkshire Dales and the North York Moors.
9. Lincoln
Insider Monkey Score: 15.79
Median Home Price: $262,679
Average Rent: $1,197
Lincoln is part of Lincolnshire, one of the UK’s largest counties. The area is popular for its incredible cathedrals, castles, and other medieval architecture. In terms of affordability, Lincoln is one of the best places to retire in England.
8. Brighton
Insider Monkey Score: 15.80
Median Home Price: $621,341
Average Rent: $2,588
Brighton, also known as the city of Brighton and Hove, is located on the UK’s southern coastline. It is one of the best places to live in the UK for those over 60 who are concerned about the country’s weather. Apart from offering plenty of sunshine, it is home to plenty of beaches, making it one of the best places to retire in England.
7. Bristol
Insider Monkey Score: 15.93
Median Home Price: $483,588
Average Rent: $3,003
Bristol is one of the most vibrant and enriching destinations to retire to in England. The city is essentially a canvas for street art, including some of Banksy’s most popular work. It is also a UNESCO City of Film and a center for cultural and creative innovation.
6. Lancaster
Insider Monkey Score: 15.94
Median Home Price: $254,998
Average Rent: $1,089
Lancaster is one of the cheapest places to retire in the UK. However, its affordability does not undermine its exceptional quality of life. It features a historic city center, access to beautiful coastal towns, and lies just west of the Forest of Bowland.
5. York
Insider Monkey Score: 16.44
Median Home Price: $436,817
Average Rent: $2,469
York is an ancient town located at the junction of the rivers Ouse and Foss. It is famous for its cobbled streets and gothic architecture, particularly the York Minster, a cathedral dating back to the 13th century.
4. Cornwall
Insider Monkey Score: 16.82
Median Home Price: $457,400
Average Rent: $1,825
Cornwall lies in the far southwestern region of England, just west of Devon. It is home to several small cities and towns such as Truro and Falmouth. Although somewhat isolated from the rest of the country, Cornwall is one of the best places to retire in England due to its pristine beaches, warm temperatures, and inspiring architecture.
3. Norfolk
Insider Monkey Score: 17.04
Median Home Price: $397,318
Average Rent: $1,775
Norfolk is one of the best places to retire in England for wildlife and nature enthusiasts. It features a vast coastline to the east and 125 miles of waterways that penetrate into the heart of the county. It is described as the bird watching capital of the UK due to the numerous rare varieties of birds present in the area.
2. Dorset
Insider Monkey Score: 18.60
Median Home Price: $524,725
Average Rent: $1,848
Dorset lies along the English Channel and is famous for its history-drenched coastline. The Jurassic Coast is a UNESCO Heritage Site that features a myriad of stunning rock formations, dramatic cliffs, and an incredible collection of fossils. Bournemouth is the largest city in Dorset and boasts some of England’s most pristine sandy beaches.
1. Plymouth
Insider Monkey Score: 18.70
Median Home Price: $308,340
Average Rent: $1,192
Plymouth is located in Devon and offers the most impressive balance of affordability and charm. It is located along the southern coast of the country and offers incredible weather, along with plenty of charming cultural attractions and historical sites. It provides access to incredible beaches and Dartmoor National Park.
At Insider Monkey, we delve into a variety of topics, ranging from the best places to retire in England to the best MBA programs; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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