Retirees on a budget would do best to steer clear of coastal states, according to a new ranking from Seniorly.
On March 4, the resource center for older adults analyzed all 50 states and Washington, D.C., across 10 measures of retirement affordability, including the share of people ages 65 and older who own their home; growth in median home value; average cost of electricity, gas and groceries; tax friendliness for retirees; average Supplemental Security Income payment; and Medicare hospital spending per beneficiary. Data sources included the U.S. Senate, Census Bureau, CMS, AAA and Zillow. Read more about the methodology here.
These are the best and worst states to retire on a budget, according to the analysis:
Best states:
1. Iowa
2. New Mexico
3. Tennessee
4. Oklahoma
5. South Dakota
6. Idaho
7. Michigan
8. Wyoming
9. Pennsylvania
10. Utah
11. Arkansas
12. Mississippi
13. Wisconsin
14. North Carolina
15. Alabama
16. Minnesota
17. North Dakota
18. Arizona
19. Kentucky
20. Indiana
21. South Carolina
22. Ohio
23. West Virginia
24. Missouri
25. Oregon
26. Kansas
Worst states:
1. California
2. New York
3. Massachusetts
4. District of Columbia
5. Connecticut
6. New Jersey
7. Hawaii
8. New Hampshire
9. Nevada
10. Maryland
11. Rhode Island
12. Illinois
13. Virginia
14. Louisiana
15. Florida
16. Vermont
17. Colorado
18. Alaska
19. Delaware
20. Texas
21. Nebraska
22. Georgia
23. Montana
24. Washington
25. Maine