Bankrate, a consumer financial services company examined data from a variety of sources, including the Tax Foundation and the Council for Community and Economic Research's 2023 cost of living index, to estimate the affordability of each US state for retired people.
According to information from Bankrate's "Best and Worst States to Retire" list, West Virginia will be the least expensive state in which to retire in 2023. The state may be a desirable alternative for retirees due to its low cost of living and modest tax burden.
In addition to being the most affordable state to retire in, West Virginia scored highly in the categories of well-being, weather, and crime, making it the third-best state overall.
Florida has traditionally been a popular retirement destination, but for the second year in a row, it didn't rank among the least expensive states to retire in. In terms of affordability, the Sunshine State came in at number 35 this year, down from number 18 the year before.
According to the National Association of Realtors, Florida was the state where people migrated the most in 2022, but that migration has driven up housing costs.
Following are the least affordable states to retire in 2023, according to Bankrate.
1. West Virginia
When choosing where to live in your post-work years, price can be a very essential issue, but it's also necessary to take other variables into account, such as proximity to family and ease of access to medical facilities.
According to personal financial expert Shang Saavedra in Bankrate's research, it's also critical to understand how much money you'll have saved for retirement.
“Determining how much you have available for retirement then leads to all the other decisions for your lifestyle,” Saavedra told Bankrate.