Recognized for Stable Economy, Low Cost of Living, High Quality of Life & Stellar Recreation Options
Lynchburg, Virginia — June 2012
The City of Lynchburg is once again a recipient of a Forbes' superlative. Long recognized in Forbes' Top 50 Best Places for Business and Careers, Lynchburg is now on the national map as one of the Top 25 Best Places to Retire in 2012!
Forbes cited Lynchburg's strong and stable economy, comparatively low cost of living, good air quality, low crime, affordable housing, competitive tax environment and high quality of life evidenced by a variety of recreational opportunities. Lynchburg beat out hundreds of cities of all sizes across the country for this accolade. The Hill City is also the only Virginia locality to make it into the Top 25.
Forbes' methodology comprised a review of data that included Milken Institute rankings (Lynchburg ranked #35 in the nation on the institute's "Best Performing Cities" list), climate, availability of physicians, crime rates, home prices and "encouragement for an active retirement," which considered recreational opportunities available through both the public and private sectors. Economic data such as unemployment and tax rates were also considered. Low unemployment rates were considered because some retirees enjoy the option of part-time work. Tax rates were considered not only at a quantitative but also a qualitative level. As Forbes explains, "[a] low tax burden might mean a lower level of services for retirees..."
Though recreational opportunities were cited in the rankings, Forbes did not "take into account intangible factors like scenic beauty (although there are a number of very agreeable settings on the list, including....Lynchburg, Va.)," the article reads. Even though it wasn't included in the official criteria, it is great to know our idyllic setting is well known!
Word is spreading about Lynchburg as a great place to retire, and the Lynchburg Office of Economic Development and the Lynchburg Economic Development Authority know the importance of retirees in a comprehensive economic development strategy. Retirees settling in Lynchburg bring in new dollars to our area, and are a strong tidal force in lifting all boats in a local economy. Relocating retirees tend to be more affluent, have the assets to maintain their lifestyle throughout their retirement, contribute more than they consume in services and make the majority of their expenditures locally.
To read the full Forbes article, click here.