15 States Where Retirees Prefer To Live — and How Much It Costs Them
By Nicole Spector,
2024-08-15
Though price is — or should be — a significant factor in determining where you’d like to spend your golden years, retirees, like anybody else, have their preferences as to where they want to live.
Which are the states retirees are most attracted to when it comes to settling down in this new phase of life? How much does it cost to live in each?
Percentage of residents moving on from other states aged 65 and up: 4.9%
Household median income: $67,917
Average monthly mortgage: $2,446
Average monthly expenditures: $1,907
Total cost of living annually: $52,245
Methodology: For this study, GOBankingRates analyzed each state to find where retirees prefer to live and how much it costs to live there. First GOBankingRates found data on each state including; total population, population of ages 65 and up, total households, household median income and percent population moved in from out of state, all sourced from the U.S. Census American Community Survey. For each state the cost-of-living indexes were sourced from the Missouri Economic Research and Information Center and using the national average expenditure costs as sourced from the Bureau of Labor Statistics for Retired Residents, the average expenditure costs for each state can be calculated. The average single family home value was sourced from Zillow Home Value Index from June 2024. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated for each state. Using the average expenditure and mortgage the average total cost of living can be calculated for each state. The states were sorted to show the highest population of residents aged 65 and over that moved in to the state from another state. All data was collected on and is up to date as of July 31, 2024.
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