15 States With the Most People Ages 65 and Over — and the Cost of Living There

When it comes to choosing which state to retire in, there are a few relevant factors to consider including cost of living, safety and healthcare accessibility. However, there’s something else you may want to think about when making such a big decision: how many other people ages 65 and over live there. This is especially important if you want to build a community of peers and make friends who are in your age bracket and may have similar lifestyles and needs.  

GOBankingRates conducted a study that ranked states in order to see how many people ages 65 and over are in each. We also factored in the concentration of people ages 65 and over and the total cost of living for these residents. 

The 15 states with the largest percentage of elderly folks are listed in order from lowest to highest population. 

• Total population: 10,034,118 
• Percentage of population ages 65 and older: 18.7% 
• Household median income: $68,505 
• Total cost of living annually: $36,147

• Total population: 7,359,197 
• Percentage of population ages 65 and older: 18.8% 
• Household median income: $72,581  
• Total cost of living annually: $53,868

• Total population: 1,093,734  
• Percentage of population ages 65 and older: 18.8% 
• Household median income: $81,370   
• Total cost of living annually: $54,909

• Total population: 5,282,634 
• Percentage of population ages 65 and older: 19.1%
• Household median income: $63,623   
• Total cost of living annually: $40,519

• Total population: 2,113,344 
• Percentage of population ages 65 and older: 19.2%
• Household median income: $58,722  
• Total cost of living annually: $41,080

• Total population: 4,240,137 
• Percentage of population ages 65 and older: 19.3%
• Household median income: $76,632 
• Total cost of living annually: $59,973

• Total population: 12,972,008 
• Percentage of population ages 65 and older: 19.6%
• Household median income: $73,170 
• Total cost of living annually: $38,498

• Total population: 1,122,867 
• Percentage of population ages 65 and older: 20.1%
• Household median income: $66,341
• Total cost of living annually: $53,195

• Total population: 1,395,231 
• Percentage of population ages 65 and older: 20.2%
• Household median income: $90,845 
• Total cost of living annually: $57,503

• Total population: 1,440,196 
• Percentage of population ages 65 and older: 20.5%
• Household median income: $94,814 
• Total cost of living annually: $107,502

• Total population: 1,018,396 
• Percentage of population ages 65 and older: 20.8%
• Household median income: $79,325  
• Total cost of living annually: $48,009

• Total population: 1,775,156 
• Percentage of population ages 65 and older: 21.2%
• Household median income: $55,217  
• Total cost of living annually: $30,170

• Total population: 22,244,823  
• Percentage of population ages 65 and older: 21.6%
• Household median income: $67,917 
• Total cost of living annually: $50,580

• Total population: 647,064 
• Percentage of population ages 65 and older: 21.6%
• Household median income: $74,014 
• Total cost of living annually: $51,622

• Total population:1,385,340 
• Percentage of population ages 65 and older: 22.6%
• Household median income: $68,251 
• Total cost of living annually: $52,242 

Methodology. For this study, the population and cost of living for residents ages 65 and over were found for each U.S. state. First GOBankingRates found the cost of living indexes as sourced from the Missouri Economic and Research Information Center and by using the national average expenditure costs for residents ages 65 and over, the monthly average cost of expenditure can be calculated. Using the Zillow Home Value Index to find the average single-family home value from April 2024 was found and by using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, and by assuming a 10% down payment, the average mortgage cost can be calculated. Using the average mortgage and expenditure cost, the total cost of living can be calculated. The total population, population ages 65 and over, total households, and household median income were all sourced from the U.S. Census American Community Survey. The states were ranked three different ways in order to see how many people ages 65 and over are in each state, the concentration of people ages 65 and over and the total cost of living for residents ages 65 and over. All data was collected on and is up to date as of Sept. 23, 2024.