Lake Forest has once again been ranked the Midwest’s wealthiest retirement community, according to a nationwide analysis of municipalities.
The ranking was compiled by the personal finance website GOBankingRates.com, which evaluated cities with populations of at least 15,000 where more than a quarter of residents are age 65 or older. Factors included median household income, livability index, and average retirement income.
Lake Forest finished second out of 50 communities nationwide, with a median household income of just over $235,000 and an average retirement income of $61,485. Residents age 65 and older make up 26.7 % of the population, according to the American Community Survey.
“Being recognized as a top retirement community reflects what our residents have long known: Lake Forest is a special place to call home,” Lake Forest Mayor Stanford Tack said in a statement. “While it’s an ideal setting to enjoy retirement, it’s also a place where families grow, careers thrive, and traditions are built. The city’s ongoing commitment to preserving and enhancing open spaces and natural resources helps ensure a high quality of life for residents of all ages.”
For the second consecutive year, Lake Forest trailed only Saratoga, California, in the overall rankings.
Other Illinois communities on the list included Northbrook, which ranked sixth; Glenview, eighth; and Westchester, 47th.
Daniel I. Dorfman is a freelance reporter for Pioneer Press.