SLO is the most expensive retirement town in the country, website says

San Luis Obispo is the most expensive place in the country to buy a retirement home, according to a new realtor.com report.

The real estate analysis site ranked the area No. 1 out of metro areas where at least 25 percent of the population is age 60 or older.

The rankings are based on the total cost of paying down a 15-year mortgage on a median-priced home, assuming a 20 percent down payment and a 5 percent interest rate.

San Luis Obispo’s median home price is $729,600, and about 25 percent of the county’s population is 60 or older, according to the report and the U.S. Census Bureau.

The median price indicates half of homebuyers paid more for their houses and half paid less.

Cheryl Burcheri, broker and owner of Cheryl Burcheri Real Estate, told realtor.com she’s noticed some homeowners living in the Bay Area sell their homes and use the money to retire early in the San Luis Obispo area.

“They’ll have the extra money to make this place their own,” Burcheri said. “They can add those amenities they want to turn it into their forever home.”

The second most-expensive place to retire is also in California — Santa Rosa, where the median home price is $695,100.

The cheapest place to retire in the country is Sebring, Florida, where the median home price is $180,100. Sierra Vista, Arizona, isn’t far behind with a $188,600 median.

This story was originally published September 6, 2018 at 5:48 PM.