When it comes to retirement, choosing where to settle down is a big decision influenced by countless factors, such as cost of living, lifestyle, and preferred climate. And while retirees have historically opted for sunbelt states like Florida and Arizona, a new report found that a Midwest state is actually a top retirement haven.
Bankrate analyzed metrics of affordability, healthcare quality and costs, weather, well-being, and crime, to determine the best places to retire in 2023.
Perhaps surprising to some, Iowa took the top spot due to its affordability (the median home price in Iowa stands at $239,400, according to Redfin data, notably lower than the nationwide average of $388,800) and tax advantages for retirees, such as no taxation on Social Security benefits and tax exemption for those aged 55 and over on retirement income.
The second best place to retire is Delaware, due to its high rankings for overall well-being and favorable weather.
West Virginia, Missouri, and Mississippi rounded out the top five, mostly due to the states’ affordability and climate scores.
Meanwhile, Florida came in at No. 8 and Arizona at No. 34 — with Florida ranking low for affordability and Arizona low for crime.
Here’s a look at the top 10 best places to retire, according to Bankrate, and the state’s rankings for affordability, healthcare, weather, well-being, and crime.
1. Iowa
Affordability: 3
Healthcare: 11
Well-being: 31
Weather: 38
Crime: 12
2. Delaware
Affordability: 18
Healthcare: 37
Well-being: 2
Weather: 8
Crime: 36
3. West Virginia
Affordability: 1
Healthcare: 50
Well-being: 26
Weather: 20
Crime: 16
4. Missouri
Affordability: 5
Healthcare: 28
Well-being: 32
Weather: 22
Crime: 42
5. Mississippi
Affordability: 2
Healthcare: 49
Well-being: 46
Weather: 7
Crime: 22
6. Wyoming
Affordability: 9
Healthcare: 38
Well-being: 16
Weather: 47
Crime: 7
7. Pennsylvania
Affordability: 25
Healthcare: 22
Well-being: 14
Weather: 33
Crime: 12
8. Florida
Affordability: 35
Healthcare: 21
Well-being: 3
Weather: 3
Crime: 27
9. Hawaii
Affordability: 45
Healthcare: 12
Well-being: 1
Weather: 1
Crime: 32
10. Nebraska
Affordability: 13
Healthcare: 18
Well-being: 37
Weather: 35
Crime: 21
You can see the full list, here.
Madeline Garfinkle
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