15 Best Places to Retire in Vermont

This article takes a look at the 15 best places to retire in Vermont. If you wish to skip our detailed analysis on navigating retirement living in the US, you may go to 5 Best Places to Retire in Vermont.

Finding Happiness in the American Retirement

According to a survey from insurance firm MassMutual, about 33% of senior citizens do not report an increase in happiness post-retirement. Of these 33%, an estimated half report feeling lonely in retirement and attribute this loneliness to their stagnant or decreasing levels of happiness.

Emotional and mental distress is a common element post retirement. In fact, according to the World Health Organization, 14% of individuals over the age of 60 suffer from a mental disorder. The reasons behind this are multifold. A loss of functional ability, adverse experiences with ageism, social isolation, and exposure to abuse are just some of the contributing factors. As such, older adults often spend the latter portion of their lives battling conditions such as depression, anxiety, and dementia.

While seeking mental health support may be difficult for senior citizens, there are several resources available for their aid. Mental health companies such as Talkspace, Inc. (NASDAQ:TALK) and LifeStance Health Group, Inc. (NASDAQ:LFST) offer a range of in-person and online mental health services, accepting a variety of insurance plans too. With licensed therapists, psychologists, and psychiatrists on board, companies such as LifeStance Health Group, Inc. (NASDAQ:LFST) and Talkspace, Inc. (NASDAQ:TALK) cater to several mental health conditions – including depression and anxiety.

Of course, another major contributing factor to how fulfilled and content an individual is during retirement is their retirement destination. Moving for retirement is a common American trend, and senior citizens are varied in their choice of retirement states, with the mountainous state of Vermont being a popular choice in recent years.

Making a Retirement in the Green Mountain State

Home of the Green Mountains range, Vermont has claimed the twelfth spot in U-Haul Holding Company (NYSE:UHAL)’s 2023 ranking of top growth states. A massive climb from its thirtieth spot in U-Haul Holding Company (NYSE:UHAL)’s 2022 ranking, the state is seeing more and more retirees pour in. 

In fact, Senior Living reports that a whopping 41.9% of Vermont’s population is in the 50 and above category. This makes it the state with the second-highest ratio of seniors in its population, trailing only behind Maine. On the whole, it seems like Vermont’s senior citizens are financially on par with the rest of the country. The state reports a median household income of $42,932 for those aged 65 and over –  a mere $803 below the US median of $43,735. 

While senior citizen household income may match national numbers, it’s safe to say that Vermont is an expensive state to retire to. Starting with the state’s rental market, Zillow Group, Inc. (NASDAQ:Z) reports Vermont’s average rent for a one-bedroom property to be a high $1,695. This is a whole 6% higher than the US average, and even the lowest one-bedroom rental listed on Zillow Group, Inc. (NASDAQ:Z) is a monthly $840 – a big ask for retirees living on Social Security checks. 

As for Vermont’s housing market, Redfin Corporation (NASDAQ:RDFN) lists the average Vermont house to sit at $361,300. Although this is below the US median, it still depicts a 6.2% year-on-year increase – not good news for those looking to become retirement-time homeowners. Among the most competitive cities in Vermont when it comes to property prices are Essex Junction, Wells River, and Swanton. 

One of the biggest hits to the Vermont retiree is the state’s unfavorable tax policies. Labeled ‘not tax-friendly’, Vermont is one of the only US states to tax Social Security income, with a partial taxation system being applied here. Retirement account withdrawals are fully taxed, as are private and public pension incomes. With states such as Alaska and Wyoming which don’t tax Social Security income or pension, Vermont in comparison pales. 

This is not to say that retirement in Vermont is always financially damaging. There are many towns and cities within the state that offer a cost of living that is lower than the national average. Financials aside, a Vermont retirement also carries other benefits. One of the best parts about living in Vermont is the healthcare. Named as one of the states with the best healthcare in the US, only 5% of Vermont’s adult population is uninsured. All of this brings us down to the main question – is Vermont a good state for retirement? With the right research, planning, and decisions, a Vermont retirement can prove to be a very happy and comfortable retirement – all you need to be is prepared. 

In fact, Vermont’s title as one of the best states to live in for 2024 is a testament to this. Some of the state’s winning qualities are its supreme air quality, access to majestic nature, and high level of safety – all important aspects to consider during retirement. 

To facilitate present and potential retirees in navigating the move to Vermont state, we have compiled a list of the 15 best places to retire in Vermont.

15 Best Places to Retire in Vermont

Methodology

To compile this list of the 15 best places to retire in Vermont, we consulted several sources including our list of the 15 Most Affordable Places to Retire on the East Coast, Niche, Unbiased, The Travel, Movoto, and WorldAtlas

Once a list of places was compiled using these sources, we then ranked them across multiple factors, namely, their cost of living, their livability scores, and their median house price. For this article, livability scores were taken from Area Vibes, and median house prices were taken from Redfin Corporation (NASDAQ:RDFN) and Realtor, whereas the cost of living index was Insider Monkey’s own. Our cost of living index covers housing, utilities, food, transport, taxes, and healthcare, where an index score of 100 depicts the US national average. To ensure that the recommended places were of a suitable living standard, we removed any places with a livability score of below 60. A cumulative score was then assigned to each place, with the 15 highest-scoring places making our list of the 15 best places to retire in Vermont

For places that gained an equal score, their cost of living index was used as a tie-breaker. Our list is presented in ascending order. By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders. 

Here are the 15 best places to retire in Vermont:

15. Norwich

Insider Monkey Score: 65

Livability: 76

Cost of Living Index: 100.9

Median House Price: $683,000

Despite being a small town with a population of under 4,000, Norwich is home to some of the country’s most affluent residents. Professionals such as doctors and professors make up the demographic, and the community is friendly and welcoming. Senior citizens will fit right in, finding a variety of activities to busy themselves with including the year-long Norwich Farmers Market.

14. Brattleboro

Insider Monkey Score: 66

Livability: 66

Cost of Living Index: 100.9

Median House Price: $432,000

Set at the place where the Connecticut and West Rivers merge, Brattleboro is located in Windham County. The place also serves as a college town, being home to the satellite campuses of Vermont Technical College and the Community College of Vermont. A pleasant retirement spot, retirees can visit the Vermont Jazz Center, the Hermit Thrush Brewery, and the Latchis Theatre for a fun night out on the town.

13. Essex Junction

Insider Monkey Score: 68

Livability: 90

Cost of Living Index: 113.7

Median House Price: $483,000

Although a city with a higher cost of living, Essex Junction earns a spot on our list of the best places to retire in Vermont due to its lively environment. Home to the annual Champlain Valley Fair which attracts close to 300,000 attendees and hosts musical performances, agricultural and commercial exhibitions, and food stalls, Essex Junction provides residents with a happening lifestyle. Retirees can also benefit from the city’s short distance from Burlington where they can access quality healthcare.

12. Winooski

Insider Monkey Score: 68

Livability: 80

Cost of Living Index: 112.7

Median House Price: $432,500

An opportunity to experience different weathers, attend festivals throughout the year, and have easy access to Burlington’s University of Vermont Medical Center are just some of the perks of a Winooski retirement. Located in Chittenden County, Winooski is also known as the ‘Onion City’ owing to the origins of its Abenaki name. Residents will feel at ease as they retire in one of the best places to live in Vermont.

11. Shelburne

Insider Monkey Score: 68

Livability: 76

Cost of Living Index: 107.2

Median House Price: $362,500

If a mundane retirement is something you want to stay far away from, then Shelburne in Chittenden County is your ideal pick. A popular tourist spot, the town holds several attractions including the Shelburne Museum, the Shelburne Bay Park, and the Vermont Teddy Bear Factory. Shelburne is also a great pick for food enthusiasts with the town boasting the Fiddlehead Brewing Company, the Shelburne Orchards, and the Shelburne Vineyard.

10. St. Albans

Insider Monkey Score: 70

Livability: 68

Cost of Living Index: 101.7

Median House Price: $319,000

The tenth spot on our list of best places to retire in Vermont goes to the Franklin County city of St. Albans. A walkable city, St. Albans is characterized by its range of eateries, retail shops, and coffee places. That’s not all, residents can also hike the Missisquoi Valley Rail Trail, plan a staycation at the Hampton Inn St. Albans, or have a picnic at Taylor Park.

9. Barre

Insider Monkey Score: 72

Livability: 60

Cost of Living Index: 100.5

Median House Price: $235,500

Barre’s winning factor is its low median house price – more than $150,000 cheaper than the US median. Washington County’s most populous city, Barre is among the best places to retire in Vermont for retirees. The city boasts stunning mountain views, granite quarries, and an abundance of majestic scenery, giving the place a peaceful vibe that’s perfect for retirement.

8. Bennington

Insider Monkey Score: 73

Livability: 61

Cost of Living Index: 96.1

Median House Price: $286,000

A popular retirement destination, Bennington offers retirees a lower-than-average cost of living. While not a large city, Bennington offers lots to do. Retirees can visit the Bennington Museum, the Silk Road Covered Bridge, and the Soulful Blessings Spa. To finish the day, they can enjoy a delicious meal at the Blue Benn diner.

7. White River Junction

Insider Monkey Score: 74

Livability: 86

Cost of Living Index: 104.9

Median House Price: $414,000

Located in Windsor County, White River Junction holds a small population. A friendly place with a welcoming community, White River Junction is set within the town of Hartford. This makes it an ideal place for retirees who want to experience quieter living while having easy access to a range of amenities.

6. Derby Line

Insider Monkey Score: 74

Livability: 70

Cost of Living Index: 87.8

Median House Price: $435,000

One of the most affordable places to retire in Vermont, Derby Line boasts a cost of living that is 12.2% lower than the national average. Not only is this accommodating to retirees living on a Social Security income, but it also allows senior citizens to spend less on the necessities and splurge on their wants. Located in Orleans County, the town offers residents a variety of indoor and outdoor activities that will keep them entertained. 

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Disclosure: none. 15 Best Places to Retire in Vermont is originally published on Insider Monkey.