Post-career goals vary for many Americans. Whether retirement means moving closer to the grandchildren, playing more golf, or simply relaxing on a beach somewhere, many Americans have a plan of how they would like to spend their retirement years. Of course, in South Florida we are quite familiar with retirees opting to change their latitudes in paradise. Although The Sunshine State has long been known as a popular retirement destination, how does it rank compared to other parts of the country? A recent Bankrate study titled: “The best and worst states for retirement 2022” set out to determine this.
The study design
In order to compile the top retirement destinations in the country, the Bankrate study analyzed the following five broad categories with the heaviest emphasis on affordability:
- Affordability
- Wellness
- Culture
- Weather
- Crime
With home prices soaring since the beginning of the pandemic and now record-high inflation impacting all aspects of life, many retirees are looking for ways to stretch their savings. At the same time, crime has gotten out of control in many states and continues to be on top of mind for many retirees.
The top 5 states to retire in
- #1. Florida: If you like warm weather, beautiful beaches, and a diverse culture, then Florida is a magnificent choice. In addition, The Sunshine State also ranks favorably in terms of affordability as compared to other states. With this said, this affordability advantage is quickly fading as persistent demand keeps driving prices higher.
- #2. Georgia: Sticking with the warm weather theme, Georgia comes in at #2. In addition to warmer weather, Georgia also ranks highly from a cost of living standpoint as well as having a light tax burden.
- #3. Michigan: Although not a warm climate year round, Michigan does offer the best affordability in the nation. This is based on an overall low cost of living combined with a low tax burden. In addition, Michigan also ranked highly in the wellness category.
- #4. Ohio: Staying in the rust belt, Ohio comes in at the #4 spot. Given the emphasis on affordability, the Buckeye State scored high marks as a retirement destination.
- #5. Missouri: Although the Show Me State’s rankings for culture, crime, and wellness were subpar, a high affordability ranking pushed it to the #5 spot.
Summary
Florida has consistently been a top destination state for retirees. In fact, we have written previous articles highlighting this and they can be found here, here, and here. Although the state has historically been ranked extremely high for affordability, it is currently ranked 18th in the country. This is certainly not surprising as we have seen a mass migration of not only retirees, but also working-aged Americans relocating to Florida. Are you ready to relocate to paradise? We can help! Contact Natasha at Live South Florida Realty, Inc. today to begin your trip to tranquility! Also, be sure to download the free Florida Home Search app for your mobile device as well!
