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Choosing a state for retirement can be a big challenge.
Financial management firm Blacktower gathered data on property prices, population demographics, and more to put together a list of US states where retirees will get the most from their retirement savings. Blacktower also looked at the cost of living index created by the Missouri Economic Research and Information Center, which includes costs of housing, groceries, utilities, transportation, and healthcare in relation to the median cost, calculated as 100. The lower the index number, the lower the cost of living.
Here are the 15 most affordable states for retirees, including their cost of living index along with the average home price and the percentage of senior population from the Census Bureau.
West Virginia has the lowest average property prices in the US according to this data, with the average home priced at $146,596.
Cost of living index: 92.1
Percent of population aged 60 and older: 25.5%
Average property price: $146,596
14. Iowa
Iowa's low costs of living aren't the only thing that appeal to seniors. Low home prices and a quarter of the population over age 60 also make this state ideal.
Cost of living index: 92.1
Percent of population aged 60 and older: 25.5%
Average property price: $173,561
13. Kentucky
Kentucky has slightly lower average property prices than Iowa, and other costs are slightly lower in the Bluegrass state as well.
Cost of living index: 91.7
Percent of population aged 60 and older: 21.4%
Average property price: $168,902
12. Texas
Popular with retirees, Texas is also affordable. However, average property prices are higher here than many other places on this list.
Cost of living index: 91.5
Percent of population aged 60 and older: 16.8%
Average property price: $211,441
11. New Mexico
New Mexico is ideal for retirees thanks to its relatively warm climate and affordable costs of living.
Cost of living index: 91.4
Percent of population aged 60 and older: 22.1%
Average property price: $213,491
10. Georgia
Georgia's relatively low cost of living and overall affordability makes it a pretty good place to retire, though the average home is more expensive than many of the other states on this list.
Cost of living index: 91.4
Percent of population aged 60 and older: 22.1%
Average property price: $213,491
9. Indiana
Indiana can help your retirement dollars go further. With low average prices, buying a home is within reach in this state.
Cost of living index: 90.5
Percent of population aged 60 and older: 20.7%
Average property price: $167,504
8. Kansas
With affordable living and homes, Kansas has lots of opportunities to make your retirement money last.
Cost of living index: 89.6
Percent of population aged 60 and older: 20.7%
Average property price: $177,194
7. Michigan
Michigan is fairly affordable for anyone retiring soon. With a cost of living index below 90, fairly affordable home prices, and no shortage of summer activities, this state is ideal for retirement.
Cost of living index: 89.5
Percent of population aged 60 and older: 20.7%
Average property price: $178,219
6. Alabama
Alabama's affordable living costs and relatively cheap homes make it a more budget-friendly alternative to more-expensive Florida.
Cost of living index: 89.2
Percent of population aged 60 and older: 22%
Average property price: $175,256
5. Tennessee
Tennessee's affordability and natural beauty makes this state perfect for retirees who want mountains nearby, without the higher costs of living in western states like Colorado or Washington.
Cost of living index: 88.9
Percent of population aged 60 and older: 21.5%
Average property price: $203,449
4. Missouri
Missouri offers fairly affordable living, and a variety of environments from rural to urban.
Cost of living index: 88.3
Percent of population aged 60 and older: 22%
Average property price: $187,682
3. Arkansas
Arkansas's costs of living are pretty low, and an index well below 90 helps this state take one of the top three spots.
Cost of living index: 87.7
Percent of population aged 60 and older: 22%
Average property price: $157,514
2. Oklahoma
Oklahoma is the second-most affordable state for retirement according to this data, from home prices to overall costs of living.
Cost of living index: 87.2
Percent of population aged 60 and older: 20.5%
Average property price: $165,943
1. Mississippi
Mississippi takes the top spot for affordability, with the average home price under $150,000 and low costs of living all around. Retirees will see their money go much further here than it would in other states.
