Study ranks the most and least affordable states for retirees

(Aging Untold)— Where retirees choose to live can make a significant difference in how far their savings go — and a study from Retirement Living identifies the states that offer the most financial breathing room.

Retirement Living ranked states based on housing costs, cost of living and tax-friendliness. Ella Gomes, a media relations specialist at Retirement Living, said the findings reflect a growing affordability challenge for retirees nationwide.

“Retirement affordability matters more than ever because many Americans are facing higher housing costs, health care expenses and everyday living costs than they did just a few years ago,” Gomes said. “And at Retirement Living, we wanted to understand which states provide retirees with the best opportunity to make their savings last longer.”

West Virginia ranked first as the most affordable state for retirees, with the lowest housing costs in the nation, according to the study. Median rent for a one-bedroom apartment in the state is $643 a month. Mississippi, Alabama, Oklahoma and Arkansas round out the top five.

“What’s especially interesting is that these states aren’t just inexpensive in one area,” Gomes said. “They consistently perform well across housing, cost of living and taxes, making them well-rounded options for retirees who are looking to max their retirement savings.”

California tops the list of least affordable states for retirees, followed by Hawaii, Washington state, Oregon and Colorado.

“Here we see almost the opposite regional trend where the least affordable states are heavily concentrated in the West and the Northeast,” Gomes said. “Half of the bottom 10 are Western states, while New Jersey, Massachusetts, New York — those represent the Northeast. And these regions tend to have much higher housing costs, but they’re also more expensive when it comes to everyday expenses like groceries and transportation and taxes.”

For retirees considering relocation, Gomes said looking beyond a single expense category is essential. Day-to-day costs, health care access and proximity to specialists should all factor into the decision.

“It’s not only important to account for healthcare costs, but also picking a location where you can ensure you’ll have access to quality care and specialists for however your needs change over time,” Gomes said.

Retirement Living ranked all 50 states in the study. The full rankings and methodology are available on the organization’s website.

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