(News Nation) —Delaware was the first state to ratify the U.S. Constitution in 1787, and it’s the first state to do so again this year, topping the list of best states to retire in, according to a new report.
It may not seem like a perfect retirement haven, but Bankrate Analysis Delaware was found to have the best balance between affordability, climate and cultural amenities.
“Despite Delaware’s high cost of living, its quality health care, low tax burden, affordable home insurance and great weather have propelled it to the top spot this year,” Bankrate analyst Alex Gailey said in a statement.
Another benefit is that Delaware has one of the highest percentages of residents over 62 in the nation, a plus for retirees looking for a community.
Bankrate based its 2024 rankings on five criteria: affordability, overall happiness, quality and cost of health care, weather, and crime.
West Virginia ranked second overall for being the least expensive state in the country, but the mountain state’s poor health care situation dropped it to the bottom of the list.
Georgia and South Carolina improved from their 2023 rankings, moving up to third and fourth place with better scores for affordable cost of living. Missouri also cracked the top five for affordable cost of living.
Florida —Many Americans Associated with the Golden Age —It ranked #8 on Bankrate’s list.
One of the downsides of the Sunshine State is Rising costs Homeowners insurance premiums are the highest in the nation. Residents of warm states also pay Electricity bills rise The report predicts that over the next few years,
Meanwhile, states with high costs of living, such as Alaska, New York, Washington and California, are the worst places to retire, according to Bankrate.
Alaska ranked last for the second year in a row, ranking last in cost of living, health care, weather and crime.
In California, Top Tax Rate The city ranked 47th in the country for housing costs and housing expenses, and last for home affordability. Bankrate Analysis A study earlier this year found that potential homebuyers would need to earn nearly $200,000 a year to afford a typical home in California — in cities like San Francisco and San Jose, that figure rises to closer to $380,000. According to Redfin data,.
When it comes to health care costs, the average 65-year-old can expect to spend an average of $157,500 in retirement. 2023 Fidelity AnalysisWestern states fare much better in this category: Idaho, Colorado, Washington, Utah and Oregon topped Bankrate’s list when it comes to quality and cost of care.
According to Bankrate, here are the 10 best states to retire in 2024:
- Delaware
- West Virginia
- Georgia
- South Carolina
- Missouri
- Mississippi
- Pennsylvania
- Florida
- Iowa
- Wyoming
According to Bankrate, here are the 10 worst states to retire in 2024:
- Alaska
- new york
- Washington
- California
- North Dakota
- Massachusetts
- Colorado
- Maryland
- Texas
- Minnesota
