Delaware Crowned the Best State to Retire in 2024
Affordable Living and Top-Notch Healthcare Make It a Top Choice
According to the report of WNCT, Delaware is known for being the first state to approve the U.S. Constitution in 1787, has been named the best state to retire in 2024 by a new Bankrate report. Though it might not be the first place people think of for retirement, Delaware offers a good mix of affordable living, nice weather, and cultural activities. According to Bankrate Analyst Alex Gailey, despite some higher costs, Delaware’s top-notch healthcare, low taxes, affordable homeowners insurance, and good weather helped it reach the top spot.
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Delaware Ranks #1 for Retirees
Another benefit for retirees in Delaware is its large number of residents aged 62 and older, which helps create a strong community for seniors. This makes Delaware even more attractive for those looking to retire.
Bankrate’s 2024 rankings are based on factors like affordability, overall well-being, healthcare quality and cost, weather, and crime. West Virginia came in second due to its very low cost of living, but it ranked last in healthcare, which hurt its overall score.
Georgia and South Carolina improved their rankings to third and fourth place because they became more affordable. Missouri also made it into the top five, thanks to its low living costs.
Florida, a state many associate with retirement, ranked eighth on Bankrate’s list. Despite its popularity, Florida’s high homeowners insurance costs, the highest in the country, hurt its ranking. Additionally, residents in warm states like Florida might face higher electric bills in the future.
On the other hand, expensive states like Alaska, New York, Washington, and California were named the worst places to retire. Alaska, for the second year in a row, ranked at the bottom due to its high costs, poor healthcare, bad weather, and crime rates.
California, with some of the highest taxes and housing costs in the U.S., ranked 47th overall and last in affordability. A different Bankrate analysis found that people need nearly $200,000 a year to buy a typical home in California, with that number going up to around $380,000 in cities like San Francisco and San Jose.
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Guide to Healthcare Costs and Best States to Retire
When it comes to healthcare, retirees can expect to spend an average of $157,500 according to a 2023 Fidelity analysis. Western states like Idaho, Colorado, Washington, Utah, and Oregon did well in Bankrate’s healthcare rankings, showing they have better and more affordable medical care.
Bankrate’s top 10 best states to retire in 2024 are Delaware, West Virginia, Georgia, South Carolina, Missouri, Mississippi, Pennsylvania, Florida, Iowa, and Wyoming. The 10 worst states to retire are Alaska, New York, Washington, California, North Dakota, Massachusetts, Colorado, Maryland, Texas, and Minnesota.