TommL / iStock.com Every generation needs to be cautious about their spending, but baby boomers, particularly those who are already retired , often need to be extra careful because they’re likely living on fixed incomes (or getting ready to).
If you’re planning on “aging in place” in your golden years, or looking to relocate to a different state, it’s important to know what type of expenditure you can expect to spend the most on.
Check Out: The Minimum Salary You Need To Buy a Home in 2024 in All 50 States
Find Out: 7 Reasons a Financial Advisor Can Grow Your Wealth in 2024
In a new study, GOBankingRates analyzed every state to find the average monthly expenses and the highest expenditure cost for baby boomers. The states were sorted to show the cheapest to most expensive cost of living.
Also see the three best states for boomers to live.
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Mississippi Total cost of living annually: $44,716 Highest expenditure: Transportation Highest expenditure cost: $6,257 Household median income: $52,985 Average home value: $182,825 Explore More: These Are America’s Wealthiest Suburbs
Discover More: What the Upper Middle Class Make in Different US Cities
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West Virginia Total cost of living: $44,754 Highest expenditure: Transportation Highest expenditure cost: $6,428 Household median income: $55,217 Average home value: $169,401 Learn More: 50 Safest and Most Affordable US Cities To Live In
halbergman / Getty Images/iStockphoto Louisiana Total cost of living annually: $45,835 Highest expenditure: Miscellaneous Highest expenditure cost: $1,078 Household median income: $57,852 Average home value: $206,641
RoschetzkyIstockPhoto / Getty Images/iStockphoto Arkansas Total cost of living annually: $46,418 Highest expenditure: Miscellaneous Highest expenditure cost: $1,050 Household median income: $56,335 Average home value: $210,131 DenisTangneyJr / iStock.com
Oklahoma Total cost of living annually: $46,580 Highest expenditure: Groceries Highest expenditure cost: $5,252 Household median income: $61,364 Average home value: $210,082 EJ_Rodriquez / Getty Images/iStockphoto Kentucky Total cost of living annually: $47,215 Highest expenditure: Transportation Highest expenditure cost: $6,873 Household median income: $60,183 Average home value: $210,663
Jim Bethel / Shutterstock.com Alabama Total cost of living annually: $48,272 Highest expenditure: Housing Highest expenditure cost: $12,405 Household median income: $59,609 Average home value: $229,960 ©iStock.com Iowa Total cost of living annually: $48,472 Highest expenditure: Transportation Highest expenditure cost: $6,168 Household median income: $70,571 Average home value: $227,918 Find Out: How Much Money Is Needed To Be Considered Middle Class in Every State?
cweimer4 / Getty Images Kansas Total cost of living annually: $49,300 Highest expenditure: Transportation Highest expenditure cost: $6,283 Household median income: $69,747 Average home value: $233,595 ©iStock.com Indiana Total cost of living annually: $49,727 Highest expenditure: Utilities Highest expenditure cost: $4,575 Household median income: $67,173 Average home value: $246,479 pawel.gaul / Getty Images Michigan Total cost of living annually: $50,628 Highest expenditure: Utilities Highest expenditure cost: $4,644 Household median income: $68,505 Average home value: $249,507 Davel5957 / iStock.com Missouri Total cost of living annually: $50,655 Highest costing expenditure: Housing Highest expenditure cost: $12,455 Household median income: $65,920 Average home value: $253,477 Sean Pavone / Getty Images/iStockphoto Ohio Total cost of living annually: $50,865 Highest expenditure: Housing Highest expenditure cost: $12,655 Household median income: $66,990 Average home value: $236,673 For You: How Long $1 Million in Retirement Will Last in Every State
girlwander1982 / Shutterstock.com North Dakota Total cost of living annually: $51,014 Highest expenditure: Transportation Highest expenditure cost: $6,993 Household median income: $73,959 Average home value: $270,630 marekuliasz / iStock.com Nebraska Total cost of living annually: $51,512 Highest expenditure: Transportation Highest expenditure cost: $6,451 Household median income: $71,722 Average home value: $265,662 Alex Potemkin / Getty Images Pennsylvania Total cost of living annually: $53,672 Highest expenditure: Housing Highest expenditure cost: $13,154 Household median income: $73,170 Average home value: $271,967 ElFlacodelNorte / Getty Images/iStockphoto New Mexico Total cost of living annually: $53,711 Highest expenditure: Transportation Highest expenditure cost: $6,486 Household median income: $58,722 Average home value: $307,769 ©Shutterstock.com South Dakota Total cost of living annually: $54,005 Highest expenditure: Transportation Highest expenditure cost: $6,524 Household median income: $69,457 Average home value: $312,354 Learn More: Warren Buffett Reveals 10 Things Poor People Waste Money On
EKIN KIZILKAYA / iStock.com Illinois Total cost of living annually: $54,043 Highest expenditure: Utilities Highest expenditure cost: $4,805 Household median income: $78,433 Average home value: $275,604 Derek Broussard / Getty Images/iStockphoto Tennessee Total cost of living annually: $54,340 Highest expenditure: Grocer ies Highest expenditure cost: $5,363 Household median income: $64,035 Average home value: $325,404 omersukrugoksu / Getty Images/iStockphoto South Carolina Total cost of living annually: $54,995 Highest expenditure: Miscellaneous Highest expenditure cost: $1,109 Household median income: $63,623 Average home value: $302,143 Ultima_Gaina / Getty Images Wisconsin Total cost of living annually: $55,037 Highest expenditure: Transportation Highest expenditure cost: $6,778 Household median income: $72,458 Average home value: $316,420 benedek / Getty Images Texas Total cost of living annually: $55,161 Highest expenditure: Housing Highest expenditure cost: $12,917 Household median income: $73,035 Average home value: $307,614 Explore More: I’m a Financial Advisor — 5 Things the Middle Class Wastes Money On
Jacob Boomsma / Getty Images/iStockphoto Georgia Total cost of living annually: $56,749 Highest expenditure: Transportation Highest expenditure cost: $6,384 Household median income: $71,355 Average home value: $336,386 Ingo Dörenberg / iStock.com Wyoming Total cost of living annually: $57,467 Highest expenditure: Transportation Highest expenditure cost: $6,816 Household median income: $72,495 Average home value: $351,490 ©iStock.com North Carolina Total cost of living annually: $57,966 Highest expenditure: Transportation Highest expenditure cost: $6,581 Household median income: $66,186 Average home value: $337,588 Jacob Boomsma / Getty Images/iStockphoto Minnesota Total cost of living annually: $58,237 Highest expenditure: Transportation Highest expenditure cost: $6,854 Household median income: $84,313 Average home value: $346,001 AndreyKrav / iStock.com Delaware Total cost of living annually: $62,446 Highest expenditure: Groceries Highest expenditure cost: $5,713 Household median income: $79,325 Average home value: $388,397 Check Out: 9 Things the Middle-Class Should Consider Downsizing To Save on Monthly Expenses
Virginia Total cost of living annually: $63,628 Highest expenditure: Transportation Highest expenditure cost: $6,689 Household median income: $87,249 Average home value: $402,127 Art Wager / Getty Images Florida Total cost of living annually: $65,172 Highest expenditure: Health Highest expenditure cost: $7,685 Household median income: $67,917 Average home value: $418,360 Greg Johnston / Getty Images/iStockphoto Idaho Total cost of living annually: $65,426 Highest expenditure: Utilities Highest expenditure cost: $5,062 Household median income: $70,214 Average home value: $460,851 ©Walt Danley, a Christie’s International Real Estate Affiliate Montana Total cost of living annually: $65,902 Highest expenditure: Utilities Highest expenditure cost: $5,080 Household median income: $66,341 Average home value: $472,100 iStock / iStock Vermont Total cost of living annually: $67,809 Highest expenditure: Health Highest expenditure cost: $8,988 Household median income: $74,014 Average home value: $406,002 Learn More: 3 Reasons You Should Not Buy a House When You Retire
EJJohnsonPhotography / Getty Images/iStockphoto Maine Total cost of living annually: $68,094 Highest expenditure: Health Highest expenditure cost: $8,995 Household median income: $68,251 Average home value: $408,176 Kruck20 / Getty Images/iStockphoto Arizona Total cost of living annually: $68,844 Highest expenditure: Health Highest expenditure cost: $9,372 Household median income: $72,581 Average home value: $442,986 AlizadaStudios / iStock.com Nevada Total cost of living annually: $68,854 Highest expenditure: Utilities Highest expenditure cost: $5,727 Household median income: $71,646 Average home value: $462,299 John M. Chase / Getty Images Maryland Total cost of living annually: $69,476 Highest expenditure: Health Highest expenditure cost: $9,500 Household median income: $98,461 Average home value: $433,655 Connecticut Total cost of living annually: $71,945 Highest expenditure: Housing Highest expenditure cost: $16,860 Household median income: $90,213 Average home value: $439,538 Find Out: 5 Reasons Retirees Regret Selling Their Homes in Retirement
f11photo / Getty Images/iStockphoto Utah Total cost of living annually: $72,035 Highest expenditure: Health Highest expenditure cost: $8,340 Household median income: $86,833 Average home value: $531,351 marekuliasz / iStock.com Colorado Total cost of living annually: $72,930 Highest expenditure: Health Highest expenditure cost: $7,621 Household median income: $87,598 Average home value: $563,014 Davel5957 / Getty Images/iStockphoto New York Total cost of living annually: $72,965 Highest expenditure: Health Highest expenditure cost: $12,175 Household median income: $81,386 Average home value: $461,889 Strekoza2 / Getty Images Oregon Total cost of living annually: $73,191 Highest expenditure: Health Highest expenditure cost: $9,464 Household median income: $76,632 Average home value: $511,186 DenisTangneyJr / Getty Images New Hampshire Total cost of living annually: $73,276 Highest expenditure: Health Highest expenditure cost: $8,45 Household median income: $90,845 Average home value: $508,384 Explore More: These Are America’s 50 Fastest-Growing Retirement Hot Spots
DenisTangneyJr / Getty Images Rhode Island Total cost of living annually: $73,561 Highest expenditure: Housing Highest expenditure cost: $16,636 Household median income: $81,370 Average home value: $484,787 brytta / Getty Images Alaska Total cost of living annually: $74,474 Highest expenditure: Transportation Highest expenditure cost: $9,589 Household median income: $86,370 Average home value: $378,626 New Jersey Total cost of living annually: $77,353 Highest expenditure: Health Highest expenditure cost: $9,742 Household median income: $97,126 Average home value: $555,911 Washington Total cost of living annually: $80,989 Highest expenditure: Health Highest expenditure cost: $9,158 Household median income: $90,325 Average home value: $614,677 Jill_InspiredByDesign / Getty Images/iStockphoto Massachusetts Total cost of living annually: $94,483 Highest expenditure: Health Highest expenditure cost: $13,876 Household median income: $96,505 Average home value: $656,427 Discover More: 7 Things You’ll Regret Downsizing in Retirement
batuhanozdel / Getty Images/iStockphoto California Total cost of living annually: $104,774 Highest expenditure: Health Highest expenditure cost: $14,260 Household median income: $91,905 Average home value: $803,798 SMJoness / Getty Images/iStockphoto Hawaii Total cost of living annually: $133,817 Highest expenditure: Health Highest expenditure cost: $22,401 Household median income: $94,814 Average home value: $991,499 Methodology. For this study, GOBankingRates analyzed every U.S. state to find the average monthly expenses and the highest expenditure for different generations. First, GOBankingRates found information on each state, including total population, population ages 65 and over, total households, household median income, all sourced from the U.S. Census American Community Survey. Also found were the cost-of-living indexes for each state, as sourced from Missouri Economic Research Information Center. For each cost-of-living index, the average expenditure cost was calculated using the Bureau of Labor Statistics Consumer Expenditure Survey for different generations. The generations are defined as Gen Z (born 1997 or later), millennials (born 1981-97), Gen X (born 1965-80) and boomers (born 1946-64). This calculation gives the average cost of living for each generation in each state. Using the average home value, as sourced from Zillow Home Value Index for August 2024, 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 cost was calculated. Using the average mortgage and expenditure costs, the total cost of living was calculated for each state and for each generation. The highest expenditure index and average monthly cost were also shown to find the highest expenditure cost for each state. The states were sorted to show the cheapest to most expensive total cost of living. The data was collected on and is up to date as of Aug. 24, 2024.
This article originally appeared on GOBankingRates.com : Monthly Expenses for Boomers in Every State and What They Spend the Most Money On
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