10 Most Expensive States for Baby Boomers

Though baby boomers are positioned to pass down the lion’s share of wealth in the U.S. to subsequent generations, plenty of Americans aged 65 and up are hurting financially. 

According to a recent study commissioned by the ALI Retirement Income Institute, a majority of Americans who will turn 65 between 2024 and 2030 are not financially prepared for retirement.

How far your retirement savings will stretch depends largely on where you live. In a recent study, GOBankingRates analyzed each U.S. state to find the average monthly expenses and the highest expenditure cost for different generations. From there, the 10 most expensive states for baby boomers were found.

The 10 states are ranked from least to most expensive in terms of cost of living for boomers, with the priciest state claiming the No. 1 spot. 

Also see how much debt the average boomer has in every state.

• Household median income: $81,386 
• Boomers’ average monthly expenditures cost: $3,583 
• Highest-cost expenditure: Health
• Total cost of living monthly for boomers: $6,080 
• Total cost of living annually for boomers: $72,965

• Household median income: $76,632 
• Boomers’ average monthly expenditures cost: $3,335 
• Highest-cost expenditure: Health 
• Total cost of living monthly for boomers: $6,099 
• Total cost of living annually for boomers: $73,191

• Household median income: $90,845 
• Boomers’ average monthly expenditures cost: $3,357 
• Highest-cost expenditure: Health 
• Total cost of living monthly for boomers: $6,106  
• Total cost of living annually for boomers: $73,276

• Household median income: $81,370 
• Boomers’ average monthly expenditures cost: $3,509 
• Highest-cost expenditure: Housing 
• Total cost of living monthly for boomers: $6,130 
• Total cost of living annually for boomers: $73,561

• Household median income: $86,370 
• Boomers’ average monthly expenditures cost: $4,159 
• Highest-cost expenditure: Transportation
• Total cost of living monthly for boomers: $6,206 
• Total cost of living annually for boomers: $74,474

• Household median income: $97,126 
• Boomers’ average monthly expenditures cost: $3,440 
• Highest-cost expenditure: Health 
• Total cost of living monthly for boomers: $6,446 
• Total cost of living annually for boomers: $77,353

• Household median income: $90,325 
• Boomers’ average monthly expenditures cost: $3,425 
• Highest-cost expenditure: Health 
• Total cost of living monthly for boomers: $6,749 
• Total cost of living annually for boomers: $80,989 

• Household median income: $96,505 
• Boomers’ average monthly expenditures cost: $4,324 
• Highest-cost expenditure: Health 
• Total cost of living monthly for boomers: $7,874 
• Total cost of living annually for boomers: $94,483

• Household median income: $91,905 
• Boomers’ average monthly expenditures cost: $4,385 
• Highest-cost expenditure: Health 
• Total cost of living monthly for boomers: $8,731 
• Total cost of living annually for boomers: $104,774

• Household median income: $94,814 
• Boomers’ average monthly expenditures cost: $5,790 
• Highest-cost expenditure: Health 
• Total cost of living monthly for boomers: $11,151 
• Total cost of living annually for boomers: $133,817  

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, and household median income, all sourced from the U.S. Census American Community Survey. The cost of living indexes for each state were sourced from the 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 in 1997 or later; millennials, born between 1981 and 1997; Gen X, born between 1965 and 1980; and boomers, born between 1946 and 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.