10 Worst States for Retirees To Rent in the Next 5 Years

Lots of retirees decide that after hanging up their work boots and clocking in for decades at a job, it is time for a change of pace. That could involve a move, a downsizing of homes or a collection of the two. Retirees tend to be on a fixed income after going on Social Security, tapping into their savings and cashing out any 401(k) or other retirement plans from their places of work. For those looking to rent, it can actually save them money — in some states.

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“When talking about retirees, the biggest factor of course is fixed income,” said Scott Orich, an agent with Flyhomes . “Retirees all have slightly different circumstances, but one universal rule is they tend to be working with a fixed amount of money that they can spend on living expenses.”

GOBankingRates asked some real estate agents about the 10 worst states for retirees to rent in the next five years. According to these agents, here is where they should avoid between now and 2029 .

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Ohio

Orich put Ohio first on his list because, in a recent study by SmartAsset of cities where rent was increasing the most, Ohio was the only state with two major cities in the top 10.

“Cincinnati came in at number five on the list with a 7.0% increase over 2023, and Cleveland number nine at 6.8%,” Orich said.

“So while rent prices might be lower in Ohio cities than cities in other states, it’s the rate of YoY increase that would worry me for someone on a fixed income,” Orich added.

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Nevada

Nevada, particularly areas like Las Vegas, might pose challenges for retirees due to limited access to healthcare facilities compared to other states, according to Martin Boonzaayer of The Trusted Home Buyer .

“The state’s extreme heat, especially in desert regions, can be uncomfortable for some retirees,” Boonzaayer said. “Moreover, Nevada’s economy, which heavily relies on tourism and gaming, can be volatile, potentially leading to instability in rental markets.”

Colorado

In the opinion of Brett Johnson, the owner of New Era Home Buyers , Colorado’s increasingly liberal policies have made it a challenging environment for landlords.

“The state’s tenant-friendly regulations are designed to protect renters but often result in reduced landlord profitability,” Johnson said.

“Consequently, many property owners may limit the availability of rental units, leading to increased rents. This makes it a less ideal place for retirees on fixed incomes who need stable and affordable housing,” Johnson said.

Florida

“Although Florida is popular with retirees due to its warm climate, it comes with its own set of challenges,” Boonzaayer said.

Boonzaayer pointed out how the cost of homeowners and renters insurance is high due to the risks of hurricanes and flooding.

“Additionally, the state’s high humidity and heat may be uncomfortable for some retirees, especially those with health issues,” Boonzaayer added. “Florida’s popularity also leads to seasonal spikes in rental prices and increased competition for rental properties.”

Arizona

“Arizona might look like a paradise for retirees, but rapid growth in places like Phoenix has caused inflated rental markets,” said Johnny Austin of Sell My House Now LLC .

“Healthcare infrastructure isn’t keeping pace with this growth, which could result in shortages of medical care,” Austin said. “Plus, intense summer heat poses health risks for seniors, requiring extra air conditioning costs anyway.”

Massachusetts

Massachusetts landed on Orich’s do not rent list because “according to another study, this one by Realtor.com , it was found that the state’s largest city, Boston, not only had an increase of 3.3% in 2024 over the year prior, but it also has one of the highest current median rents at over $3,000.”

“Massachusetts, particularly the Boston area, has a high cost of living and expensive rental market,” agreed Adam Chahl, a realtor at Vancouver Home Search .

“The state’s healthcare system is excellent, but the costs associated with living in Massachusetts can outweigh this benefit,” Chahl said. “The harsh winters can also be a deterrent for some retirees seeking a more temperate climate.”

Hawaii

Boonzaayer remarked on how Hawaii is renowned for its high rental costs, driven by limited housing availability and strong demand.

“The average rent for a one-bedroom apartment in Honolulu is around $2,500 per month, with similar costs for other types of rental properties,” said Kwame Darko, the founder of DB Buys Houses .

“Hawaii has a high cost of living, including groceries and healthcare, which can further strain retirees’ budgets,” Darko said. “Despite its beautiful setting and pleasant climate, the financial burden may be a significant deterrent for many retirees.”

“The isolation of the islands results in higher prices for goods and services, which can be a burden for retirees,” Boonzaayer added. “Moreover, Hawaii is prone to natural disasters such as hurricanes and volcanic activity, which could be a concern for retirees.”

New Jersey

“New Jersey is known for its high cost of living, which includes expensive rent and property taxes,” said Boonzaayer, noting how these high property taxes often translate into higher rental prices.

“The state’s cold, snowy winters can also be challenging for retirees who might prefer a more temperate climate,” Boonzaayer added.

California

California is known for its extremely high rental prices, especially in major cities like San Francisco, Los Angeles and San Diego, all of which are desirable, yet unaffordable for most people, including retirees.

“The high cost of living in these areas can place a significant financial strain on retirees who are living on a fixed income,” Boonzaayer said, highlighting how even though retirees may not directly pay property taxes as renters, the high costs associated with property taxes and living expenses can lead to higher rental rates.

“Furthermore, while California has some pleasant climates, it also experiences extreme weather conditions such as wildfires and droughts, which can impact the quality of life for retirees,” Boonzaayer said.

New York

“New York is another state with very high rental costs, particularly in New York City, though even upstate areas are becoming increasingly pricey,” Boonzaayer said.

Boonzaayer described how the state’s high income and property taxes can indirectly affect renters, as these costs often contribute to higher rental prices.

“New York’s harsh winters, characterized by heavy snowfall, may not be ideal for retirees who prefer milder weather,” Boonzaayer added.

This article originally appeared on GOBankingRates.com : 10 Worst States for Retirees To Rent in the Next 5 Years