Revealed: The most affordable state for retirement in 2024

West Virginia has been named the cheapest state to retire in for the second year in a row.

This is evident from an annual pension report from Bank interest.

The report ranks each state on affordability, quality of health care, weather and the well-being of its residents.

The small state of West Virginia, nestled in the tree-covered Appalachians, has a low cost of living, low property taxes and affordable homeowners insurance, it turns out.

Besides West Virginia, the most affordable states for retirement are in the South and Midwest.

According to a report from the National Health Service, home prices in West Virginia are 20 percent lower than the national average. Bank interestand the effective property tax rate of 0.49 percent is among the lowest in the country.

According to the real estate website, the cost of living in the state of Appalachia is on average 9 percent lower than in the rest of the country RentalCafewhich offers retirees with a fixed income a little extra.

The state will also phase out state taxes on income from social security benefits by 2026, NBC Los Angeles reported.

Withdrawals from retirement accounts such as 401(K)s, IRAs or government pensions are still taxable, but residents 65 and older can claim a deduction of up to $8,000 per person.

Mississippi ranks second as the most affordable state for retirement, followed by Indiana, Alabama and Georgia.

According to Bankrate, the Peach State has become significantly more affordable since last year, as the cost of living in the state has dropped significantly and average homeowners insurance premiums have decreased slightly.

Tennessee ranks sixth in affordability, followed by Oklahoma, Wyoming, Missouri and Kansas.

The low cost of living and low property taxes were among the reasons the states fell into the cheaper category for older Americans on fixed incomes.

While West Virginia topped the list for affordability, it dropped to second place on Bankrate’s ranking of “best” places to retire.

In terms of well-being, the state ranked in the middle and in terms of quality and cost of health care, the state scored worst of all states.

This was due to high health care costs, poor health care system performance and a lower number of health care facilities per 100,000 residents than in other states.

Instead, Delaware was named the “best” place in the US to retire.

West Virginia, one of the smallest states in the US, is located in the tree-covered Appalachian Mountains

According to Bankrate, home prices in West Virginia are 20 percent lower than the national average

Florida is traditionally seen as a hotspot for retirees, but Delaware is set to take the top spot in 2024 for its reasonable cost of living, affordable yet quality healthcare, and low crime rate.

In the so-called First State, no state or local sales tax is levied, and no social security benefits are taxed.

Property taxes are also lower than the rest of the country, averaging $1,940 per year.

“The state scores well in racial and ethnic diversity, arts and entertainment institutions per 100,000 residents, and overall well-being. It also has a high share of residents aged 62 and older relative to its population,” says Bankrate’s Alex Gailey.

“Earthquakes, tornadoes and hurricanes are also rare and the climate is temperate. The state’s weak spots are the cost of living, crime and health care costs,” Gailey explained.

Alaska, meanwhile, was named the worst place for Americans to retire for the second year in a row.

Meanwhile, another recent report outlined the fastest-growing retirement hotspots in America. And Florida isn’t one of them.

Msea, Arizona, was the top destination for seniors last year. Retiree Darius McLintock knows exactly why life there is great: crime is low, hospitals are excellent, housing is cheap, and it almost never rains.