Rancho Mirage Ranked Among Top Retirement Hot Spots

Based on the annual percent change in home prices as of May

Rancho Mirage, home to The River, is ranked among the top 15 retirement hot spots by RealtyTrac.

Palm Springs Life

Rancho Mirage is expected to be an area of growth in the housing market over the next 15 years after being picked as one of the "15 Best Retirement Hot Spots for Real Estate Investing" by RealtyTrac.

The real estate data company based in Irvine, Calif., narrowed its list to 40 cities nationally where at least 33 percent of the population is 65 or older. The top 15 were ranked based on the annual percent change in home prices as of May, according to RealtyTrac.

Rancho Mirage was ranked seventh based on price appreciation and capitalization rates, according to RealtyTrac. The median sales price for May 2013 in Rancho Mirage was $430,000, which was the third highest of the 15 cities. The city also had an annual change in home prices increasing 16.77 percent and a capitalization rate of 2.70 percent.

The RealtyTrac chart also indicated Rancho Mirage’s population is comprised of 45.70 percent of retirees; the average temperature is 74 degrees – which was the warmest location of the 15 cities - and the cost of living index is 152 or second to only East Hampton, NY.

Two Florida destinations grabbed the top two spots and landed six in the top 15 overall. Dunnellon (about 100 miles north of Tampa) was ranked No. 1 with Naples at No. 2, respectively, followed by Hot Springs Village, Ark., Douglassville, Pa., Sun City, Ariz., and North Fort Myers, Fla.

As 10,000 Baby Boomers retire each year through 2029, the demand for both rentals and owner-occupant purchases in the retirement hot spots like Rancho Mirage will remain strong, according to RealtyTrac.

1. Dunnellon, Fla.  ($76,941; up 31.42%)
2. Naples, Fla.  ($267,473; up 26.79%)
3. Hot Springs Village, Ark.  ($170,000; up 25.93%)
4. Douglassville, Pa. ($252,000; up 22.33%)
5. Sun City, Ariz.  ($113,275; up 19.90%)
6. North Fort Myers, Fla.  ($84,000; up 19.01%)
7. Rancho Mirage, Calif. ($430,000; up 16.77%)
8. Punta Gorda, Fla.  ($138,938; up 16.71%)
9. Sun City Center, Fla.  ($99,750; up 14.66%)
10. Venice, Fla.  ($148,238; up 11.46%)
11. Florence, Ore.  ($165,000; up 10.37%)
12. Green Valley, Ariz.  ($144,550; up 10.13%)
13. Seal Beach, Calif.  ($692,000; up 9.84%)
14. Orange City, Fla.  ($68,000; up 8.80%)
15. East Hampton, N.Y.  ($952,500; up 8.18%)

Add your comment:
Edit Module
Desert Guide
Edit ModuleShow Tags

Related Articles

Bring the Dog Along for Black Friday Shopping

Don’t forget “Fido” on Black Friday (Nov. 28). Many stores will offer pet supplies and gifts, but a select few in the Coachella Valley invite man’s best friend to join in on the fun.

Tom Dreesen Performs Act to Benefit Barbara Sinatra's Children's Center

Tom Dreesen recalls Frank Sinatra didn't go to bed until sun up, so they would leave Sinatra's Rancho Mirage compound in the middle of the night and drive around the Coachella Valley talking, politics, sports, and Sinatra's childhood.

Trilogy at The Polo Club Clubhouse Design Reflects Railroad Station & Hotel

In Indio, Trilogy at the Polo Club has broken ground on The Polo Club, their 25,000-square-foot clubhouse with a design inspired by the Southern Pacific Depot Station & Hotel.

Rosamund Pike Merits Palm Springs Film Festival's Breakthrough Performance Award

Actress Rosamund Pike will receive the Breakthrough Performance Award, Actress at the 26th annual Palm Springs International Film Festival Awards Gala on Jan. 3 at the Palm Springs Convention Center.

Bryan Lebedevitch Lends His Expertise to My Ugly Swing

A teacher at PGA West Golf Academy since 1998, Bryan Lebedevitch has been a fixture in Golf Digest's "Best" instructional ranks in recent years, and recently lent his expertise to writer Judd Spicer's game.
Edit ModuleShow Tags

Promotions + Contests

Cartoon Caption Contest

Cartoon Caption Contest

Each month, we provide a vintage 1950’s cartoon illustrated by Alice Rovinsky. You are invited to submit a caption or vote for your favorite caption.
2014/15 Best of the Best

2014/15 Best of the Best

Palm Springs Life’s annual Best of the Best. Readers tell us who their choice is for the “Best of the Best” of the Coachella Valley in over 40 categories.
Edit ModuleShow Tags