Personal Income

Fairfax Named Among Top Places To Retire In Virginia

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FAIRFAX CITY, VA — Fairfax City is among the top places to retire in Virginia, according to personal finance resource SmartAsset.

This was the seventh annual study of best places to retire in the U.S. for SmartAsset. Determining the best places for retirees is based on three main factors: tax-friendliness, medical care and opportunities for social activity and recreation.

On the topic of taxes, the study examined state and local income and sales tax rates, calculating effective rates based on a retiree with $35,000 annual income from retirement savings, Social Security and part-time employment.

The study also looked at the number of doctor’s offices, recreation centers and retirement centers per 1,000 residents as well as the percentage of seniors in the total population.

Once locations were ranked on the three key factors, SmartAsset calculated an average ranking and gave the same weight to each factor. Places with the highest average ranking were named the best places to retire.

Fairfax City ranked first with an index score of 47,68. The tax burden was found to be 15.4 percent. Recreation centers per 1,000 total 3.0, retirement centers per 1,000 total 0.3, and the percentage of seniors is 14.9 percent.

The study found Virginia as a whole has a 14.9 percent tax burden, 1 doctor’s office per 1,000 people, 0.4 recreation centers per 1,000 people, 0 retirement homes per 1,000 people, and seniors making up 19 percent of the population.

Fairfax City is one of three places in Northern Virginia ranked in the top 10. The city ranked first with a higher number of doctors offices per 1,000 than others in the top 10 (16.3 doctors offices per 1,000). Falls Church ranked after Vienna in fifth.

Here are the top 10 places to retire in Virginia, according to SmartAsset:

  1. Fairfax, VA
  2. Williamsburg, VA
  3. Abingdon, VA
  4. Vienna, VA
  5. Falls Church, VA
  6. Fredericksburg, VA
  7. Charlottesville, VA
  8. Winchester, VA
  9. Martinsville, VA
  10. Bedford, VA

See the full study from SmartAsset here.

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