Cheapest states to retire in the United States of America in 2024
As the high cost of living and inflation continue to push harder in the United States, retirees are forced to seek affordable locations to enjoy their golden years. Finding serenity in retirement no longer costs a fortune, as numerous states offer economic relief and an opportunity to taste a comfortable and fulfilling life after years of hard work. But what are the cheapest states to retire in that will not require you to break the bank?
Source: UGC
Picking the right state to retire in is usually a crucial decision for retirees. There are numerous factors that seniors consider while doing their search. Some include tax friendliness, quality of life, health care quality, low housing cost, weather, and crime rates. These factors differ within every 50 states in the country, so selecting a province depends on the retiree's preference and amount of savings and income, among other factors.
What are the top three states to retire?
Many people regard the cheapest retirement states in this category as the best to retire in. They have low housing costs, high quality of life, good public health, low taxes, low transportation cost, and low crime rates. Below are some of the states considered the top best.
1. Iowa
Iowa ranks as the best state for retirement. According to the Council for Community and Economic Research, it has an inexpensive 89.7 cost of living index, making it the sixth cheapest area in the US in 2024. Other attributes are average home prices of $199,448 and a robust economy.
Is Iowa a good place to retire?
Yes. This is partly because the state ranks 10th for medical care and access. It has low crime rates coupled with an average temperature of 48.4F which can be managed by seniors who prefer summer and warmth. Iowa is home to vast farmlands and plains, with an 18.3% population over 65 years of age.
2. West Virginia
West Virginia ranks as the eighth best state for retirement in 2024, with a 90.3 cost of living index. It has the fifth-lowest property tax burden and third-lowest healthcare expenses, favouring older residents.
Source: UGC
Its home value is estimated at $365,170. Virginia has a high 20.1% population of people aged 65+, and it does not tax social security benefits. This mountain province offers natural beauty and a range of accessible homes, senior care facilities, and a sound health care system.
3. Mississippi
Mississippi is regarded as one of the top states to retire in because it has the lowest cost of living index of 85.3. It offers beaches and pleasant weather, although it faces the challenge of high humidity and an average temperature of 64.3 F.
The province has a healthcare ranking of 51, making it one of the worst healthcare ratings in the US. It maintains a positive aspect with a top-five hospital beds per capita ranking.
What state has the lowest cost of living for retirement?
Mississippi is the cheapest state to retire in the US. Cheapest in retirement refers to places where the cost of living is below the national average of 100%, and Mississippi has the lowest with 85.3% in its cost of living index.
What state is the best place to retire in?
Based on affordability, quality of life, and healthcare systems, here are other affordable states to retire in the US:
- Oklahoma
- Kansas
- Missouri
- Alabama
- Georgia
- Iowa
- Indiana
- West Virginia
- South Carolina
- Tennessee
- Wyoming
- Delaware
- Arkansas
- Florida
Is it cheaper to retire in Florida or Alabama?
According to WalletHub, Alabama will be the cheapest state for retirees. The province was ranked 50.65 based on affordability, quality of life, and health care. It has an 88.8% cost of living index, although its health care is one of the worst in the country.
Despite Florida being one of the most popular states for retirees because of its warm climate and no tax deduction, its cost of living has increased to 102.3%, making it more expensive than Alabama. According to GoBankingRates data, $1 million in retirement can sustain a retiree for 22 years, 0 months, and 6 days in Alabama but support a retiree for 18 years, 4 months, and 7 days in Florida.
Source: UGC
Is Mississippi a cheap place to live?
It has an affordable living cost, with an average home price of $163,785. The province imposes income taxes ranging from 3% to 5% but excludes social security benefits from taxation. It has low crime rates, which is good for seniors.
What state has the lowest cost of living?
Besides being a retirement-friendly location, Mississippi maintains its status as the province with the lowest cost of living. It boasts the lowest housing expenses across the country, with the median cost of a single-family home at $140,818 and an average rent of $991 for a two-bedroom apartment. Transportation costs are also meagre in Mississippi.
Despite these advantages, the state struggles with the highest poverty rate in the nation, affecting almost 20% of its population. A family of four needs an annual income of $74,201 to cover their necessities, yet the median family income remains at $44,966.
The cheapest states to retire in the US offer every retiree low-cost living options that will enable them to enjoy their retirement days fully. Although each state has its advantages and flaws, they are lifelines for seniors to live comfortably without spending a fortune.
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