10 most expensive states to retire in the United States in 2024
Choosing where to retire is a major decision, with several factors to consider for a big life change. Here are the 10 most expensive states for retirees.
Retirement is one of the major turning points in a person’s life. Choosing the ideal place to spend the years after working has become a key decision, with various factors to consider.
There are states that offer better alternatives in terms of cost of living, while some are simply pricier than other areas. Though retirement may still not be taking place for you, it is helpful to have a broad overview of life-after-work if you plan to retire in the not-too-distant future.
Here are the most expensive states to retire in the United States in 2024, as well as the cheapest ones, according to an analysis carried out by financial services company Bankrate.
10 most expensive states to retire in the United States in 2024
According to the company’s analysis, the states in which you should avoid retiring due to their high cost of living in 2024 are the following:
- California
- New York
- Massachusetts
- Washington
- Maryland
- Hawaii
- Connecticut
- Rhode Island
- Vermont
- Alaska
It’s no secret that the Golden State is known for its high cost of living. According to various reports, living in California is 38% more expensive than the national average. Home prices alone are 97% higher than the rest of the country, according to figures from RentCafe. In the rest of the states that made it to the list, the situation is similar, although on a smaller scale.
10 cheapest states to retire in the United States in 2024
On the other end of the spectrum, these are the cheapest states to retire in 2024, according to the same Bankrate analysis:
- West Virginia
- Mississippi
- Indiana
- Alabama
- Georgia
- Tennessee
- Oklahoma
- Wyoming
- Missouri
- Kansas
Other factors to consider when considering retirement
It’s important to keep in mind that a cheap state is not necessarily the best option for retirees, just as an expensive one is not synonymous with being the worst. While affordability is a significant factor, there are other aspects to think about when retiring, such as the quality of health care, availability of recreational activities, weather, and safety, to name a few.