Some years ago, Delaware was the first state to pass the U.S. Constitution. Now, a new report says that it’s also the best state to retire in.
A study by Bankrate found that Delaware is the best place to retire in terms of affordability, climate, and cultural amenities. You might not think of it as a retirement haven.
Bankrate Analyst Alex Gailey said in a statement, “Delaware is a more expensive place to live, but its good weather, high-quality healthcare, and low taxes helped it win the top spot this year.”
Another plus is that Delaware has one of the highest rates of people aged 62 and up in the country, which is good for retirees looking for a community.
Bankrate ranked cities in 2024 based on five factors: crime, weather, weather patterns, and the quality and cost of health care.
Overall, West Virginia came in second because it was the most affordable state in the country. But the Mountain State did badly in health care, coming in dead last.
After getting better scores on cost, Georgia and South Carolina moved up from fifth and sixth place in 2023 to third and fourth place, respectively. This state also made it into the top five because it has a low cost of living.
Florida came in at number eight on Bankrate’s list. Many Americans think of Florida when they think of the golden years.
The Sunshine State has the most expensive homeowner’s insurance in the country, which is one of its problems. The study also said that people who live in warm states might have to pay more for their electricity in the coming years.
Bankrate says that the worst places to retire are in states with high costs of living, such as Alaska, New York, Washington, and California.
Alaska has come in last place for the second year in a row when it comes to crime, weather, health care, and value for money.
California came in 47th overall and last in affordability, even though it has some of the highest taxes and living costs in the country. A different study from earlier this year by Bankrate found that people who want to buy a home in California need to make almost $200,000 a year. Based on figures from Redfin, that number is closer to $380,000 in cities like San Francisco and San Jose.
According to a 2023 Fidelity study, the average 65-year-old will spend $157,500 on health care for their retirement. Western states do much better in that area. Based on the cost and standard of health care, Idaho, Colorado, Washington, Utah, and Oregon were at the top of Bankrate’s list.