Discover the Best and Worst States to Retire in 2024 According to New Report
Delaware was the first state to adopt the United States Constitution in 1787, and according to recent research, it is number one again this year on the list of best states to retire.
Although it may not be considered a retirement haven, a Bankrate analysis found that Delaware strikes the best blend of affordability, climate, and cultural amenities.
“While Delaware is a more expensive state to live in, the state’s high-quality healthcare, low tax burden, affordable homeowners insurance, and favorable weather propelled it to the top spot this year,” Bankrate Analyst Alex Gailey said in a statement.
Another plus: Delaware has one of the largest percentages of residents aged 62 and up in the country, which is ideal for retirees searching for a sense of community. Bankrate’s 2024 rankings are based on five criteria: affordability, overall well-being, healthcare quality and cost, weather, and crime.
West Virginia finished second overall due to its best-in-the-nation affordability. However, the Mountain State suffered a setback in health care, ranking dead last.
Georgia and South Carolina improved their 2023 rankings, moving up to third and fourth place, respectively, after scoring higher in affordability. Missouri also made the top five because of its inexpensive cost of living.
Florida, a state many Americans associate with the golden years, scored seventh on Bankrate’s list.
One of the drawbacks of the Sunshine State is the skyrocketing cost of homeowner’s insurance, which is the highest in the country. Residents in warm states may also see increased utility prices in the coming years, according to the survey.
Meanwhile, areas with high costs of living, such as Alaska, New York, Washington, and California, are the worst locations to retire, according to Bankrate.
Alaska has finished at the bottom of the rankings for affordability, health care, weather, and crime for the second year running.
California, which has some of the country’s highest taxes and housing costs, ranked 47th overall and worst in affordability. A separate Bankrate survey published earlier this year indicated that wannabe homebuyers must earn over $200,000 per year to afford the average property in California. Redfin data reveals that in locations like San Francisco and San Jose, the figure is closer to $380,000.
According to a 2023 Fidelity estimate, the average 65-year-old may anticipate spending $157,500 on health care throughout their retirement. Western states perform far better in this category. Idaho, Colorado, Washington, Utah, and Oregon topped Bankrate’s list for medical care quality and cost.
The 10 best states to retire in 2024, according to Bankrate:
- Delaware
- West Virginia
- Georgia
- South Carolina
- Missouri
- Mississippi
- Pennsylvania
- Florida
- Iowa
- Wyoming
The 10 worst states to retire in 2024, according to Bankrate:
- Alaska
- New York
- Washington
- California
- North Dakota
- Massachusetts
- Colorado
- Maryland
- Texas
- Minnesota
Final Words
Finally, Delaware has emerged as the best state for retirement in 2024, combining affordability, excellent healthcare, low taxes, and pleasant weather. While West Virginia is extremely affordable, its healthcare system falls short. In contrast, states with high costs and less favorable conditions, such as California and Alaska, rank low among retirees.