25 Best States To Live If You Want To Save a Lot for Retirement
One of the best methods for choosing a state to live in for retirement is to make a list with your top desires, be it the presence or absence of certain taxes, weather conditions, cost of living, proximity to family, or others. This can help you narrow down your choices for ideal retirement locations.
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If budget comes first, it could narrow down the list. While Florida is often thought to be the best state for retirement, our data shows this may not be the case. This recent study provides you with an accurate blueprint of the best states to retire once you have an idea of what you want your retirement life to look like. This also includes average population, income and cost of living in each of the selected states to help you narrow down your options to fit your retirement needs.
Michigan
Population Total: 10,057,921
Household Total: 4,009,253
Avg Home Value May 2024: $246,095
Population 65+ : 1,786,825
Household 65+ : 1,139,660
Percent of 65+ Households with Retirement Income: 64.4%
Avg Income of 65+ Households with Retirement Income: $29,081
Mortgage Avg Cost: $1,466
Expenditure Monthly Average Cost: $1,799
Monthly Total Cost of Living: $3,265
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Delaware
Population Total: 993,635
Household Total: 389,000
Avg Home Value May 2024: $387,069
Population 65+ : 195,016
Household 65+ : 120,426
Percent of 65+ Households with Retirement Income: 67.0%
Avg Income of 65+ Households with Retirement Income: $37,286
Mortgage Avg Cost: $2,306
Expenditure Monthly Average Cost: $1,893
Monthly Total Cost of Living: $4,199
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Illinois
Population Total: 12,757,634
Household Total:4,968,761
Avg Home Value May 2024: $270,566
Population 65+ :2,070,907
Household 65+ :1,307,984
Percent of 65+ Households with Retirement Income: 58.0%
Avg Income of 65+ Households with Retirement Income: $37,029
Mortgage Avg Cost: $1,612
Expenditure Monthly Average Cost: $1,790
Monthly Total Cost of Living: $3,402
Ohio
Population Total: 11,774,683
Household Total:4,789,408
Avg Home Value May 2024: $234,069
Population 65+ : 2,068,562
Household 65+ :1,324,253
Percent of 65+ Households with Retirement Income: 61.7%
Avg Income of 65+ Households with Retirement Income: $30,984
Mortgage Avg Cost: $1,394
Expenditure Monthly Average Cost: $1,851
Monthly Total Cost of Living: $3,246
Maryland
Population Total: 6,161,707
Household Total: 2,318,124
Avg Home Value May 2024: $433,613
Population 65+ : 986,154
Household 65+ : 600,045
Percent of 65+ Households with Retirement Income: 62.3%
Avg Income of 65+ Households with Retirement Income: $44,155
Mortgage Avg Cost: $2,583
Expenditure Monthly Average Cost: $1,906
Monthly Total Cost of Living: $4,489
Virginia
Population Total: 8,624,511
Household Total: 3,289,776
Avg Home Value May 2024: $400,272
Population 65+ : 1,381,006
Household 65+ : 850,485
Percent of 65+ Households with Retirement Income: 61.6%
Avg Income of 65+ Households with Retirement Income: $40,900
Mortgage Avg Cost: $2,385
Expenditure Monthly Average Cost: $1,872
Monthly Total Cost of Living: $4,256
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Missouri
Population Total: 6,154,422
Household Total:2,458,324
Avg Home Value May 2024: $249,566
Population 65+ :1,062,483
Household 65+ : 670,408
Percent of 65+ Households with Retirement Income: 58.0%
Avg Income of 65+ Households with Retirement Income: $28,661
Mortgage Avg Cost: $1,487
Expenditure Monthly Average Cost: $1,730
Monthly Total Cost of Living: $3,217
West Virginia
Population Total: 1,792,967
Household Total: 716,040
Avg Home Value May 2024: $167,919
Population 65+ : 366,444
Household 65+ : 233,878
Percent of 65+ Households with Retirement Income: 59.3%
Avg Income of 65+ Households with Retirement Income: $24,984
Mortgage Avg Cost: $1,000
Expenditure Monthly Average Cost: $1,790
Monthly Total Cost of Living: $2,790
Kentucky
Population Total: 4,502,935
Household Total: 1,769,102
Avg Home Value May 2024: $207,575
Population 65+ :756,439
Household 65+ :480,951
Percent of 65+ Households with Retirement Income:56.2%
Avg Income of 65+ Households with Retirement Income: $28,983
Mortgage Avg Cost: $1,237
Expenditure Monthly Average Cost: $1,748
Monthly Total Cost of Living: $2,985
Kansas
Population Total: 2,935,922
Household Total: 1,148,635
Avg Home Value May 2024: $230,617
Population 65+ : 478,994
Household 65+ :303,781
Percent of 65+ Households with Retirement Income:58.1%
Avg Income of 65+ Households with Retirement Income: $28,582
Mortgage Avg Cost: $1,374
Expenditure Monthly Average Cost: $1,807
Monthly Total Cost of Living: $3,181
Alabama
Population Total: 5,028,092
Household Total: 1,933,150
Avg Home Value May 2024: $227,856
Population 65+ : 871,034
Household 65+ : 549,261
Percent of 65+ Households with Retirement Income:54.4%
Avg Income of 65+ Households with Retirement Income: $30,158
Mortgage Avg Cost: $1,357
Expenditure Monthly Average Cost: $1,732
Monthly Total Cost of Living: $3,089
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Pennsylvania
Population Total: 12,989,208
Household Total: 5,193,727
Avg Home Value May 2024: $270,479
Population 65+ : 2,434,405
Household 65+ : 1,527,375
Percent of 65+ Households with Retirement Income: 60.5%
Avg Income of 65+ Households with Retirement Income: $29,303
Mortgage Avg Cost: $1,611
Expenditure Monthly Average Cost: $1,870
Monthly Total Cost of Living: $3,481
Indiana
Population Total: 6,784,403
Household Total: 2,653,596
Avg Home Value May 2024: $244,828
Population 65+ : 1,097,201
Household 65+ : 689,317
Percent of 65+ Households with Retirement Income:60.7%
Avg Income of 65+ Households with Retirement Income: $24,579
Mortgage Avg Cost: $1,459
Expenditure Monthly Average Cost: $1,833
Monthly Total Cost of Living: $3,291
Wisconsin
Population Total: 5,882,128
Household Total: 2,425,488
Avg Home Value May 2024: $307,613
Population 65+ :1,038,620
Household 65+ : 667,538
Percent of 65+ Households with Retirement Income: 62.9%
Avg Income of 65+ Households with Retirement Income: $29,957
Mortgage Avg Cost: $1,833
Expenditure Monthly Average Cost: $1,931
Monthly Total Cost of Living: $3,764
Iowa
Population Total: 3,188,836
Household Total: 1,290,139
Avg Home Value May 2024: $225,470
Population 65+ : 560,125
Household 65+ : 351,989
Percent of 65+ Households with Retirement Income: 57.7%
Avg Income of 65+ Households with Retirement Income: $27,009
Mortgage Avg Cost: $1,343
Expenditure Monthly Average Cost: $1,818
Monthly Total Cost of Living: $3,161
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Minnesota
Population Total: 5,695,292
Household Total: 2,256,126
Avg Home Value May 2024: $344,891
Population 65+ : 939,396
Household 65+ : 587,274
Percent of 65+ Households with Retirement Income: 60.9%
Avg Income of 65+ Households with Retirement Income: $31,304
Mortgage Avg Cost: $2,055
Expenditure Monthly Average Cost: $1,876
Monthly Total Cost of Living: $3,930
South Carolina
Population Total: 5,142,750
Household Total: 2,023,085
Avg Home Value May 2024: $299,709
Population 65+ : 938,517
Household 65+ : 586,317
Percent of 65+ Households with Retirement Income:56.4%
Avg Income of 65+ Households with Retirement Income: $31,465
Mortgage Avg Cost: $1,786
Expenditure Monthly Average Cost: $1,809
Monthly Total Cost of Living: $3,549
Oklahoma
Population Total: 3,970,497
Household Total: 1,522,711
Avg Home Value May 2024: $208,367
Population 65+ :632,751
Household 65+ :406,242
Percent of 65+ Households with Retirement Income: 53.0%
Avg Income of 65+ Households with Retirement Income: $28,511
Mortgage Avg Cost: $1,241
Expenditure Monthly Average Cost: $1,749
Monthly Total Cost of Living: $2,990
New Mexico
Population Total: 2,112,463
Household Total: 812,852
Avg Home Value May 2024: $304,456
Population 65+ : 382,672
Household 65+ :242,762
Percent of 65+ Households with Retirement Income: 54.0%
Avg Income of 65+ Households with Retirement Income: $34,478
Mortgage Avg Cost: $1,814
Expenditure Monthly Average Cost: $1,794
Monthly Total Cost of Living: $3,608
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Utah
Population Total: 3,283,809
Household Total: 1,062,819
Avg Home Value May 2024: $533,112
Population 65+ :374,344
Household 65+ : 224,648
Percent of 65+ Households with Retirement Income: 62.0%
Avg Income of 65+ Households with Retirement Income: $34,255
Mortgage Avg Cost: $3,176
Expenditure Monthly Average Cost: $1,805
Monthly Total Cost of Living: $4,981
Tennessee
Population Total: 6,923,772
Household Total: 2,713,635
Avg Home Value May 2024: $324,633
Population 65+ : 1,155,313
Household 65+ : 727,534
Percent of 65+ Households with Retirement Income: 54.5%
Avg Income of 65+ Households with Retirement Income: $28,380
Mortgage Avg Cost: $1,934
Expenditure Monthly Average Cost: $1,701
Monthly Total Cost of Living: $3,635
Arkansas
Population Total: 3,018,669
Household Total: 1,171,694
Avg Home Value May 2024: $207,999
Population 65+ : 519,434
Household 65+ : 324,611
Percent of 65+ Households with Retirement Income: 50.8%
Avg Income of 65+ Households with Retirement Income: $27,123
Mortgage Avg Cost: $1,239
Expenditure Monthly Average Cost: $1,690
Monthly Total Cost of Living: $2,929
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Wyoming
Population Total: 577,929
Household Total: 234,156
Avg Home Value May 2024: $346,709
Population 65+ : 100,891
Household 65+ : 64,504
Percent of 65+ Households with Retirement Income: 56.4%
Avg Income of 65+ Households with Retirement Income: $31,610
Mortgage Avg Cost: $2,066
Expenditure Monthly Average Cost: $1,803
Monthly Total Cost of Living: $3,868
Georgia
Population Total: 10,722,325
Household Total:3,946,490
Avg Home Value May 2024: $335,654
Population 65+ : 1,540,445
Household 65+ : 938,009
Percent of 65+ Households with Retirement Income: 53.8%
Avg Income of 65+ Households with Retirement Income: $33,807
Mortgage Avg Cost: $2,000
Expenditure Monthly Average Cost: $1,775
Monthly Total Cost of Living: $3,775
Arizona
Population Total: 7,172,282
Household Total: 2,739,136
Avg Home Value May 2024: $445,624
Population 65+ :1,297,802
Household 65+ :794,607
Percent of 65+ Households with Retirement Income: 58.5%
Avg Income of 65+ Households with Retirement Income: $33,906
Mortgage Avg Cost: $2,655
Expenditure Monthly Average Cost: $1,841
Monthly Total Cost of Living: $4,496
Methodology: For this study, GOBankingRates analyzed each US State to find the best states to live to save a lot for retirement. For each state a number of factors were found, including total population, total households, populations aged 65 & up, households with householder aged 65 & up, percent of 65+ households with retirement income, average retirement income of 65+ households with retirement income — all sourced from the U.S. Census American Community Survey S0103 – Population 65 years and over in the United States. The average single family home value from May 2024 was sourced from Zillow Home Value Index and by assuming a 10% down payment and using the national average 30-year fixed mortgage rate, the average mortgage cost can be calculated. The average mortgage cost and average expenditure cost can be calculated to find the total monthly cost of living. The percent of 65+ households with retirement income was scored and weighted at 1.00, the avg. income of 65 households with retirement income was scored and weighted at 1.00, the mortgage avg. cost was scored and weighted at 1.50, the average expenditure cost was scored and weighted at 1.50. All the scores were summed and sorted to show the best states to live if you want to save a lot for retirement. All data was collected on and is up to date as of June 17, 2024.
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This article originally appeared on GOBankingRates.com: 25 Best States To Live If You Want To Save a Lot for Retirement