According to the report, Florida is recognized for its warm weather, low taxes, and miles of captivating coastline, making it the best state for retirement in 2024. The state has no estate or inheritance taxes, and the costs for adult day healthcare and household services are relatively low. This allows retirees to make the most of their retirement savings. Additionally, Florida boasts a favorable natural environment, ranking second in coastline miles among all states, and excels in adult volunteer activities, golf courses, country clubs, and theater companies.
However, Florida's housing prices are relatively high. According to Realtor.com® data, the median listing price in December was $459,900, about 12% higher than the national median. This may put some pressure on retirees' savings.
Surprisingly, among the top 10 states for retirees, eight have housing prices above the national median. Most of these states are also snowy, lacking the warm climate often sought by retirees. However, these states offer other quality of life amenities and top-notch healthcare systems, giving them an advantage in the rankings.
According to WalletHub's data, the top 10 states best suited for retirement in 2024 are:
1. Florida (Median Home Listing Price: $459,900)
2. Colorado ($549,900)
3. Virginia ($415,250)
4. Delaware ($474,990)
5. Wyoming ($435,000)
6. Idaho ($550,000)
7. New Hampshire ($549,999)
8. Minnesota ($375,000)
9. Montana ($619,000)
10. Pennsylvania ($285,000)
However, WalletHub's report also highlights the 10 states least suitable for retirement in 2024. These states score low in factors such as life expectancy, healthcare ranking, and quality of life amenities.
According to WalletHub's data, the 10 worst states for retirement in 2024 are:
1. Kentucky (Median Home Listing Price: $294,900)
2. New Jersey ($525,000)
3. Mississippi ($275,000)
4. Rhode Island ($485,000)
5. Oklahoma ($295,000)
6. Louisiana ($275,000)
7. New York ($634,900)
8. Washington ($614,975)
9. Arkansas ($298,900)
10. Illinois ($294,700)
These assessments are based on various factors, including affordability, quality of life, and healthcare in each state. Please note that the median home listing price is just one of several considerations. When choosing a place to live in retirement, individuals should also consider personal preferences and needs, including social networks, cost of living, and the accessibility of other amenities and facilities.
