25 Best States To Live If You Want To Save a Lot for Retirement

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pawel.gaul / Getty Images

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.

DenisTangneyJr / iStock.com
DenisTangneyJr / iStock.com

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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DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

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

Check Out: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

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

InfiniteImpactStudios / Getty Images/iStockphoto
InfiniteImpactStudios / Getty Images/iStockphoto

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

PBallay / iStock.com
PBallay / iStock.com

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

ferrantraite / Getty Images
ferrantraite / Getty Images

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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Art Wager / iStock.com
Art Wager / iStock.com

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

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

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

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

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

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

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

Michael Warren / Getty Images
Michael Warren / Getty Images

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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Wirestock / Getty Images/iStockphoto
Wirestock / Getty Images/iStockphoto

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

Nicholas Klein / Getty Images
Nicholas Klein / Getty Images

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

Jon Mattrisch / Getty Images/iStockphoto
Jon Mattrisch / Getty Images/iStockphoto

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

Aaron Yoder / Getty Images/iStockphoto
Aaron Yoder / Getty Images/iStockphoto

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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Jacob Boomsma / Getty Images

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

digidreamgrafix / Getty Images/iStockphoto
digidreamgrafix / Getty Images/iStockphoto

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

traveler1116 / Getty Images/iStockphoto
traveler1116 / Getty Images/iStockphoto

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

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

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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f11photo / Getty Images/iStockphoto

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

Wirestock / Getty Images
Wirestock / Getty Images

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

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

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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jmoor17 / Getty Images

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

©iStock.com
©iStock.com

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

halbergman / Getty Images/iStockphoto
halbergman / Getty Images/iStockphoto

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