This blog originally appeared at The Hill.
A new study identifies a rugged group of states — Wyoming, Utah, Montana and Idaho — as the most affordable destinations for American retirees.
Clouds rise above the mountains of the Teton Range as seen from Grand Teton National Park in Jackson Hole, Wyoming on August 15, 2022.
If those places sound cold, consider some warmer states that rank nearly as high in cost of living and other affordability measures: Virginia (5th on the list), New Mexico (7th), Tennessee (10th), Georgia (12th) and South Carolina (15th).
According to a study conducted by Seniorly, a senior-living site, states were ranked based on eight financial factors important to seniors who are planning to retire on a budget. It is worth noting that the study did not consider lifestyle or climate factors typically associated with retirees moving to warmer states in the South. Instead, it focused on housing costs and living expenses, taking into account recent inflation and retirement account volatility.
Census figures indicate that over 200,000 Americans relocated to new states for retirement in 2022. The most popular destinations were Florida, North Carolina, Michigan, Arizona, and Georgia. While Florida and Arizona have long been favored retirement destinations, it’s worth noting that they have become more crowded and less affordable in recent years.
Despite the desire for warmer climates, a significant majority of older Americans, approximately three-quarters, express a preference to stay in their current homes and communities, as revealed by an AARP survey. This sentiment is often driven by a sense of attachment to the places where they grew up and raised their families, as well as the difficulty associated with changing healthcare providers.
As retirees evaluate their options, they are increasingly considering housing costs and living expenses, recognizing the impact of inflation and market volatility on their retirement savings. While Florida and Arizona continue to be popular choices, retirees are also exploring alternatives that offer a balance of affordability and quality of life.
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