Retiring is a big decision, and one of the most important factors to consider is where you want to live. There are many factors to consider when choosing a retirement destination, such as cost of living, climate, healthcare, crime, and activities. For decades, Florida has been known as an excellent state to retire in. Oftentimes, The Sunshine State is even listed as the top state to retire in. In fact, to see the list of top states to retire in 2022, click here. Recently, Bankrate.com published their annual their annual “Best and Worst States To Retire in 2023” report. The study factored in a variety of data for its rankings including affordability (40%), overall well-being (25%), quality and cost of health care (20%), weather (10%) and crime (5%). The results may be somewhat surprising to some.
Top 5 states to retire in 2023
#1. Iowa: Iowa is the top-ranked state for retirement in 2023, according to Bankrate. The state has a low cost of living, affordable healthcare, and low crime rates. Iowa is also home to a number of cultural attractions, such as the Field of Dreams movie site and the Iowa State Fair.
#2. Delaware: Delaware is another great option for retirees. The state has a low cost of living, no state income tax, and a high quality of life. Delaware is also home to the beaches of Cape Henlopen State Park and the historic town of New Castle.
#3. West Virginia: West Virginia is a great choice for retirees who want to enjoy the outdoors. The state has a number of national parks and forests, as well as the Monongahela National Scenic River. West Virginia is also home to a number of historical attractions, such as Harpers Ferry National Historical Park.
#4. Missouri: Missouri is a great option for retirees who want a variety of activities. The state has a number of cities with cultural attractions, such as St. Louis and Kansas City. Missouri is also home to the Ozark Mountains, which offer plenty of opportunities for hiking, camping, and fishing.
#5. Mississippi: Mississippi is a great choice for retirees who want a low cost of living. The state has a number of small towns with a friendly atmosphere. Mississippi is also home to the Gulf Coast, which offers beautiful beaches and mild weather.
Where does Florida rank?
After coming in at the top spot in 2022, The Sunshine State dropped a few spots to #8 in the rankings. Not surprising, the main culprit for this drop was due to the increased cost of living to live in paradise. For perspective, Florida was ranked 18th in the country for affordability in 2022. A year later, this ranking has dropped to 35th. Needless to say, the increased and persistent demand from more Americans relocating to Florida is the biggest driver behind this. Growing demand combined with a persistently low supply of housing has caused prices to continue to rise. Since affordability represented 40% of the weighting for this report, it is not surprising to see The Sunshine State lose its top spot from last year.
In closing, Florida continues to be a top place to retire in the country. According to this study, The Sunshine State ranked particularly well with regards to “overall well-being” and “weather”. In fact, it was ranked third in the country for both of these metrics. South Florida in particular, continues to be a great place to enjoy your retirement.
Are you thinking about retiring in paradise and looking to buy your dream home? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet.