The 18 Most Affordable Southern States To Retire In, Ranked
A new study reveals the states most and least expensive places for retirees.
After so many years of hard work, you deserve somewhere nice to settle down for a comfortable retirement. Unfortunately, in today’s economy, that can be easier said than done. Unless you've got your sights set on the South, which is home to some of the most affordable spots to retire in America.
A new study from Seniorly reveals the best and worst states for budget-minded retirees to retreat. The results take into account eight important factors for seniors to consider when choosing their destination: cost of living, average retirement income, how much homeowners 65+ spend on housing, electricity bills, senior poverty rate, Medicare spending, home-health aid cost, and tax-friendliness for retirees.
Related: The Best Places To Retire In The South
The List
From most affordable to most expensive, here are all of the Southern states to consider retiring in, according to Seniorly.
Virginia
Delaware
West Virginia
Tennessee
Arkansas
Georgia
South Carolina
Alabama
North Carolina
Mississippi
Missouri
Kentucky
Oklahoma
Maryland
Louisiana
District of Columbia
Florida
Texas
Why Did Florida Rank Low On The List?
You may be surprised to learn that Florida did not come out on top. While so many retirees flock to the Sunshine State every year, this report found that it is actually the 9th least affordable state to retire in the U.S. — the second priciest in the South. This low rating is due to high senior poverty rates, Medicare spending, and utility bills. (And if you still have your heart set on Florida, we have plenty of great retirement towns for you.)
Why Did Virginia Rank High On The List?
Ranked in fifth place, Virginia was neck-in-neck with Idaho, in fourth place. Seniorly reports that Virginia is tax friendly, with an average retirement income higher than many cities on the list. If you love spending time outdoors, historic buildings, and cultural activities, the state has lots to offer. In our own roundup of the best retirement towns, Abingdon made the list for all three of those things.
How Was The List Determined?
According to Seniorly, researchers "used the most recent data for eight metrics to determine the most affordable states for retirees." Metrics included the cost of living index score, average retirement income among adults 65+, tax-friendliness for retirees, and average Medicare spending on personal health care. Data ranged in age from 2020 to 2022.
What Should You Take Away From The List
Because every individual has different priorities for their retirement and budget, some states that rank lower may actually be a better fit for you. For example, Louisiana ranks low on the overall list, but health aides there come at a lower cost than anywhere else in the country except West Virginia. Likewise, the cost of living is lowest in states including Mississippi, Oklahoma, and Alabama, and yet these states fall in the national rankings due to factors such as higher senior poverty rates and Medicare spending.
In the end, the Mountain region, especially Wyoming, Utah, Montana, and Idaho, proved the most economical, while East Coast hubs like Massachusetts, New York, Connecticut, and New Jersey were shown to be the worst places for retirees to live on a budget. Southerners will be happy to hear that our states rank across the board at varying levels of affordability, so you can plan on a cost-effective retirement plan right here in our corner of the country—just perhaps not in Texas.
Learn more about these rankings and their cost breakdowns here.
Related: This Is the Perfect Size for a Retirement Home
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Read the original article on Southern Living.
