Austin Among Nation's Best Cities For Retirees: Report

AUSTIN, TX — According to a new report, Austin is among the nation's best cities in which to retire — ranking 11th among the largest metro areas in the U.S. in the reckoning.

U.S. News & World Report ranked the capital city as 11th among the nation's best places to retire after analyzing the 125 largest metro areas in the U.S. In detailing the appeal of Austin, one of the study's authors showcased the abundance of live music, museums and recreational spaces.

"Named the Live Music Capital of the World, Austin has a plethora of music venues and local bands to entertain endless crowds," the analyst gushed. As it relates to music, however, the study offered a caveat to artists: "However, musicians should think about finances before moving, as many say it's difficult to make a living in music in Austin."

Granted, this is true, given the ever-rising cost of living in Austin — fueled by an ongoing gentrification tide raising property values (and, subsequently, homestead taxes) as luxury high rises are built at a brisk pace to accommodate an influx of well-paid Millennial techies.

Related story: Here's How Texas Cities Rank For Retirees: U.S. News

But the study might best be taken with a grain of salt. Among the musical amenities offered for retirees and others — the Austin City Limits music festival that just wrapped up its first weekend and the equally massive SXSW conglomerate showcasing film, interactive media and music — the report cites the Fun Fun Fun Fest as a current attraction, describing it as being "...beloved as a pioneering festival of progressive music and comedy."

Again, the assessment is true in terms of the affection many had for Fun Fun Fest. Abbreviated as FFF or F3F, the annual festival was the only genre-based festival in the U.S. in featuring stages specifically focused on hip-hop, electronica, indie rock, punk and metal with a healthy dose of comedy in adding to the fun quotient.

But the festival ended its run in 2015 after nine years of staging at Auditorium Shores. While some of the event's producers have moved on to produce another event called Sound on Sound Music Festival that takes place in McDade, Texas, the Fun Fun Fun gathering has long been gone, gone, gone. It's at least the second time U.S. News & World Report has made the same mistake as it assesses Austin, with F3F cited as an amenity in April when the publication compiled the nation's overall list of best cities in which to live — an error raises questions as to the validity and breadth of the overall research.

Via email, a spokeswoman for the publication said the mistake had been corrected after being advised by Patch: "Our editorial team has made an adjustment to Austin’s profile page on our website to fix the error," she wrote in part.

Aside from the error, such lists could be viewed as relative. While Austin has much that is appealing to retirees and the overall citizenry alike, its lure as a retirement destination really depends on one's perspective. Such analysis offers a mixed bag, as seen in the contrasting messaging of such compilations:

• A similar study by WalletHub last year place Austin 8th among the cities that are best for retirees after assessing about 50 key metrics — from adjusted cost of living to weather to quality of public hospitals.
• But a 2018 study by GoBankingRates tempered such rosy outlooks, ranking Austin as the second-highest in the nation among 50 big metros in terms of the biggest percentage increase in its "cost to live comfortably." The study found the cost to live "comfortably" in Austin skyrocketed 33.92 percent from 2017 to 2018 — a year-over-year increase of $18,532. Such eroding affordability could put a crimp in retirees' budgets, particularly those living on fixed incomes.
• Then there's a compilation centered on retirees by Provision in June, ranking Austin 6th among major cities with the most people age 65 and up still working. While many among that older set worked willingly, the study found, some are forced to do so in light of tight budgets.

Back to the U.S. News & World Report list. Not surprisingly, researchers found Florida — a state all but synonymous with retirement — as something of a mecca, with three of the top five spots on the list: Fort Myers, Tampa Bay and Port St. Lucie.

Here's how Texas metros performed on U.S. News' list, in descending order:

• Dallas-Fort Worth (10).
• Austin (11).
• El Paso (24).
• Houston (29).
• San Antonio (39).
• McAllen (44).
• Corpus Christi (73).
• Brownsville (81).
• Beaumont (83).
• Killeen (98).

“Deciding where to retire is an important part of your life plan,” Emily Brandon, senior editor for Retirement at U.S. News, wrote in a press release. “When considering potential retirement spots, you should look for an affordable cost of living, proximity to health care services and a strong economy, especially if you plan to work part-time. The Best Places to Retire includes information about housing affordability, access to quality hospitals and job market strength that can help you find a retirement spot that will meet your needs.”

Each metro area in the rankings gets a score based on a weighted average of six indices U.S. News considers: housing affordability, happiness, desirability, retiree taxes, job market and health care quality.

See the full methodology here. Those wanting to see the full list can do so via U.S. News.