10 Most Affordable States for Gen X

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The oldest Gen Xer is 60 and, as such, retirement isn’t too far off. Or is it? Unfortunately, many Gen Xers don’t have anywhere near enough money saved to live out their golden years in comfort. There’s only so many things you can do to prepare when said golden years are right around the corner. Gen X must get creative and make sacrifices. This could mean relocating to a more affordable state. 

A new study by GOBankingRates analyzed each U.S. state to find which states are the most affordable for Gen X.

10. Indiana

• Median household income: $67,173   
• Single-family home value: $246,479   
• Annual cost of living for Gen X: $57,535 

9. Kansas    

• Median household income: $69,747 
• Single-family home value: $233,595  
• Annual cost of living for Gen X: $57,472 

8. Iowa

• Median household income: $70,571 
• Single-family home value: $227,918 
• Annual cost of living for Gen X: $56,348 

7. Alabama

• Median household income: $59,609 
• Single-family home value: $229,960 
• Annual cost of living for Gen X: $56,264 

6. Kentucky

• Median household income: $60,183 
• Single-family home value: $210,663 
• Annual cost of living for Gen X: $54,845 

5. Oklahoma

• Median household income: $61,364 
• Single-family home value: $210,082 
• Annual cost of living for Gen X: $54,462 

4. Arkansas

• Median household income: $56,335 
• Single-family home value: $210,131 
• Annual cost of living for Gen X: $54,029 

3. West Virginia

• Median household income: $55,217  
• Single-family home value: $169,401 
• Annual cost of living for Gen X: $53,171 

2. Louisiana

• Median household income: $57,852   
• Single-family home value: $206,641 
• Annual cost of living for Gen X: $52,977 

1. Mississippi 

• Median household income: $52,985 
• Single-family home value: $182,825 
• Annual cost of living for Gen X: $52,376 

Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average monthly expenses and the highest expenditure cost for different generations. First, GOBankingRates found information on each state including total population, population ages 65 and over, total households, household median income all sourced from the U.S. Census American Community Survey. The cost of living indexes for each state as sourced from Missouri Economic Research Information Center. For each cost of living index the average expenditure cost can be calculated using the Bureau of Labor Statistics Consumer Expenditure Survey 2602 for different generations. The generations are defined as; Gen Z born between 1997 or later, millennials born between 1981-1997, Gen X born between 1965-1980, and boomers born between 1946-1964. This calculation gives the average expenditure cost of living for each generation in each state. Using the average home value as sourced from Zillow Home Value Index for August 2024, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and expenditure costs the total cost of living can be calculated for each state and for each generation. The highest expenditure index and average monthly cost were also shown to find the highest expenditure cost for each state. The states were sorted to show the cheapest to most expensive total cost of living. The data was collected on and is up to date as of Aug. 24, 2024.

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