Aspiring retirees struggling to decide where they want to live may be in luck. A new Best and Worst States to Retire in 2021 report from Bankrate.com has pointed out some of the more desirable destinations for folks looking to step away from their careers.
According to the report, Georgia ranked as the best place to retire, while Maryland was considered the worst.
The breakdown:
– The top five best states to retire (1 to 5) were Georgia, Florida, Tennessee, Missouri and Massachusetts.
– The bottom five worst states to retire (50 to 46) were Maryland, Minnesota, Kansas, Montana and Alaska.
– All 50 states were examined and ranked based on affordability (weighted 40%), wellness (weighted 20%), culture (weighted 15%), weather (weighted 15%) and crime (10%).
What this means:
Retirees want to spend their remaining years enjoying a low cost of living, decent weather and a mix of recreation with folks in their age group. As a result, a combination—or a lack—of affordability, culture and climate could make or break a state’s appeal.
“Some people want to stay close to family and friends,” said Bankrate.com analyst Jeff Ostrowski. “Others want warmer winters, more affordable housing or a slower pace of life. Before you make a move, think hard about the various factors that are important to you.”
It’s no surprise Florida made the top five, according to Rei Mesa, CEO of Berkshire Hathaway HomeServices Florida Realty.
“It’s a big, diverse state with awesome weather and no state income tax, which makes retiring and living in Florida awesome,” Mesa said.
Low cost of living and minuscule tax burdens helped Tennessee zero in on the “most affordable state” title—an accolade that attracted buyers nationwide.
“The major factors that have ranked Tennessee as one of the top states to live in are: no State income tax, affordability, excellent schools—both public and private—a thriving downtown that is within minutes of many appealing suburbs around Nashville, and access to a world-class health care system,” says Carrie Zeier, owner and CEO of Carrie Zeier Luxury Properties. “Nashville is a hotspot that will undoubtedly continue to explode with growth and prosperity making it one of the best cities in the world.”
Jordan Grice is RISMedia’s associate content editor. Email him your real estate news to jgrice@rismedia.com.
