GITNUX MARKETDATA REPORT 2024

Statistics About The Most Expensive States To Retire In

The most expensive states to retire in tend to have high costs of living, healthcare expenses, and property values, which can impact retirees' financial well-being.

Last Updated: June 23, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore the most expensive states to retire in based on a range of statistics related to cost of living, housing expenses, healthcare costs, and taxation. From New York’s high cost of living index to Hawaii’s overall expense, we will delve into the financial implications for retirees looking to settle in these states.

Statistic 1

"New York's average cost of living index is 124.7, significantly higher than the national average."

Statistic 2

"Colorado has a cost of living index that is 12% above the national average, greatly influenced by housing expenses."

Statistic 3

"Connecticut has one of the highest state income tax rates, impacting its affordability for retirees."

Statistic 4

"In Delaware, housing and healthcare costs are significantly higher than the national average."

Statistic 5

"New Hampshire has some of the highest property tax rates, affecting retirees' budgets."

Statistic 6

"The average monthly rent in Virginia is significantly higher than the national median, affecting retirees."

Statistic 7

"California's high housing costs contribute greatly to its ranking as one of the most expensive states to retire in."

Statistic 8

"Maine's living expenses, including healthcare, are roughly 15% higher than the national average."

Statistic 9

"Minnesota's overall cost of living is about 18% higher than the national average."

Statistic 10

"New Jersey's property taxes are the highest in the nation, a significant burden for retirees."

Statistic 11

"Rhode Island has a cost of living index of 123.2, primarily due to high housing and utility expenses."

Statistic 12

"Illinois has a relatively high cost of utilities and transportation, impacting overall retirement costs."

Statistic 13

"Maryland retirees face an average annual healthcare cost of over $7,000."

Statistic 14

"Oregon's high housing and healthcare costs make it difficult for retirees on a fixed income."

Statistic 15

"Hawaii has the highest cost of living index in the U.S., making it the most expensive state to retire in."

Statistic 16

"Washington D.C. has some of the highest healthcare costs for retirees in the U.S."

Statistic 17

"The average cost of living in Alaska is about 28% higher than the national average."

Statistic 18

"Vermont has high utility costs, which add to the overall expense for retirees."

Statistic 19

"The median home cost in Massachusetts is around $427,000, making it a costly state for retirees."

Statistic 20

"Nebraska has higher-than-average healthcare costs for retirees, contributing to its expense."

In conclusion, the statistics reveal a landscape where certain states consistently stand out as the most expensive places for retirees to reside in. Factors such as high housing expenses, steep property taxes, elevated healthcare costs, and above-average utility expenses contribute to the overall increased cost of living in these states. New York, California, Hawaii, and the District of Columbia are among the top contenders, painting a clear picture of the financial challenges faced by retirees looking to settle in these areas. Retirees should carefully consider these statistics when planning their retirement locations to ensure their financial stability and well-being in the later stages of life.