25 Best States To Live If You Want To Save a Lot for Retirement

One of the best methods for choosing a state to live in for retirement is to make a list with your top desires, be it the presence or absence of certain taxes, weather conditions, cost of living, proximity to family, or others. This can help you narrow down your choices for ideal retirement locations.

If budget comes first, it could narrow down the list. While Florida is often thought to be the best state for retirement, our data shows this may not be the case. This recent study provides you with an accurate blueprint of the best states to retire once you have an idea of what you want your retirement life to look like. This also includes average population, income and cost of living in each of the selected states to help you narrow down your options to fit your retirement needs.

• Population Total: 10,057,921 
• Household Total: 4,009,253
• Avg Home Value May 2024: $246,095
• Population 65+ : 1,786,825
• Household 65+ : 1,139,660
• Percent of 65+ Households with Retirement Income: 64.4%
• Avg Income of 65+ Households with Retirement Income: $29,081
• Mortgage Avg Cost: $1,466
• Expenditure Monthly Average Cost: $1,799
• Monthly Total Cost of Living: $3,265

• Population Total: 993,635
• Household Total: 389,000
• Avg Home Value May 2024: $387,069
• Population 65+ : 195,016
• Household 65+ : 120,426
• Percent of 65+ Households with Retirement Income: 67.0%
• Avg Income of 65+ Households with Retirement Income: $37,286
• Mortgage Avg Cost: $2,306
• Expenditure Monthly Average Cost: $1,893
• Monthly Total Cost of Living: $4,199

• Population Total: 12,757,634
• Household Total:4,968,761
• Avg Home Value May 2024: $270,566
• Population 65+ :2,070,907
• Household 65+ :1,307,984
• Percent of 65+ Households with Retirement Income: 58.0%
• Avg Income of 65+ Households with Retirement Income: $37,029
• Mortgage Avg Cost: $1,612
• Expenditure Monthly Average Cost: $1,790
• Monthly Total Cost of Living: $3,402

• Population Total: 11,774,683
• Household Total:4,789,408
• Avg Home Value May 2024: $234,069
• Population 65+ : 2,068,562
• Household 65+ :1,324,253
• Percent of 65+ Households with Retirement Income: 61.7%
• Avg Income of 65+ Households with Retirement Income: $30,984
• Mortgage Avg Cost: $1,394
• Expenditure Monthly Average Cost: $1,851
• Monthly Total Cost of Living: $3,246

• Population Total: 6,161,707
• Household Total: 2,318,124
• Avg Home Value May 2024: $433,613
• Population 65+ : 986,154
• Household 65+ : 600,045
• Percent of 65+ Households with Retirement Income: 62.3%
• Avg Income of 65+ Households with Retirement Income: $44,155
• Mortgage Avg Cost: $2,583
• Expenditure Monthly Average Cost: $1,906
• Monthly Total Cost of Living: $4,489

• Population Total: 8,624,511
• Household Total: 3,289,776
• Avg Home Value May 2024: $400,272
• Population 65+ : 1,381,006
• Household 65+ : 850,485
• Percent of 65+ Households with Retirement Income: 61.6%
• Avg Income of 65+ Households with Retirement Income: $40,900
• Mortgage Avg Cost: $2,385
• Expenditure Monthly Average Cost: $1,872
• Monthly Total Cost of Living: $4,256

• Population Total: 6,154,422
• Household Total:2,458,324
• Avg Home Value May 2024: $249,566
• Population 65+ :1,062,483
• Household 65+ : 670,408
• Percent of 65+ Households with Retirement Income: 58.0%
• Avg Income of 65+ Households with Retirement Income: $28,661
• Mortgage Avg Cost: $1,487
• Expenditure Monthly Average Cost: $1,730
• Monthly Total Cost of Living: $3,217

• Population Total: 1,792,967
• Household Total: 716,040
• Avg Home Value May 2024: $167,919
• Population 65+ : 366,444
• Household 65+ : 233,878
• Percent of 65+ Households with Retirement Income: 59.3%
• Avg Income of 65+ Households with Retirement Income: $24,984
• Mortgage Avg Cost: $1,000
• Expenditure Monthly Average Cost: $1,790
• Monthly Total Cost of Living: $2,790

• Population Total: 4,502,935
• Household Total: 1,769,102
• Avg Home Value May 2024: $207,575
• Population 65+ :756,439
• Household 65+ :480,951
• Percent of 65+ Households with Retirement Income:56.2%
• Avg Income of 65+ Households with Retirement Income: $28,983
• Mortgage Avg Cost: $1,237
• Expenditure Monthly Average Cost: $1,748
• Monthly Total Cost of Living: $2,985

• Population Total: 2,935,922
• Household Total: 1,148,635
• Avg Home Value May 2024: $230,617
• Population 65+ : 478,994
• Household 65+ :303,781
• Percent of 65+ Households with Retirement Income:58.1%
• Avg Income of 65+ Households with Retirement Income: $28,582
• Mortgage Avg Cost: $1,374
• Expenditure Monthly Average Cost: $1,807
• Monthly Total Cost of Living: $3,181

• Population Total: 5,028,092
• Household Total: 1,933,150
• Avg Home Value May 2024: $227,856
• Population 65+ : 871,034
• Household 65+ : 549,261
• Percent of 65+ Households with Retirement Income:54.4%
• Avg Income of 65+ Households with Retirement Income: $30,158
• Mortgage Avg Cost: $1,357
• Expenditure Monthly Average Cost: $1,732
• Monthly Total Cost of Living: $3,089

• Population Total: 12,989,208
• Household Total: 5,193,727
• Avg Home Value May 2024: $270,479
• Population 65+ : 2,434,405
• Household 65+ : 1,527,375
• Percent of 65+ Households with Retirement Income: 60.5%
• Avg Income of 65+ Households with Retirement Income: $29,303
• Mortgage Avg Cost: $1,611
• Expenditure Monthly Average Cost: $1,870
• Monthly Total Cost of Living: $3,481

• Population Total: 6,784,403
• Household Total: 2,653,596
• Avg Home Value May 2024: $244,828
• Population 65+ : 1,097,201
• Household 65+ : 689,317
• Percent of 65+ Households with Retirement Income:60.7%
• Avg Income of 65+ Households with Retirement Income: $24,579
• Mortgage Avg Cost: $1,459
• Expenditure Monthly Average Cost: $1,833
• Monthly Total Cost of Living: $3,291

• Population Total: 5,882,128
• Household Total: 2,425,488
• Avg Home Value May 2024: $307,613
• Population 65+ :1,038,620
• Household 65+ : 667,538
• Percent of 65+ Households with Retirement Income: 62.9%
• Avg Income of 65+ Households with Retirement Income: $29,957
• Mortgage Avg Cost: $1,833
• Expenditure Monthly Average Cost: $1,931
• Monthly Total Cost of Living: $3,764

• Population Total: 3,188,836
• Household Total: 1,290,139
• Avg Home Value May 2024: $225,470
• Population 65+ : 560,125
• Household 65+ : 351,989
• Percent of 65+ Households with Retirement Income: 57.7%
• Avg Income of 65+ Households with Retirement Income: $27,009
• Mortgage Avg Cost: $1,343
• Expenditure Monthly Average Cost: $1,818
• Monthly Total Cost of Living: $3,161

• Population Total: 5,695,292
• Household Total: 2,256,126
• Avg Home Value May 2024: $344,891
• Population 65+ : 939,396
• Household 65+ : 587,274
• Percent of 65+ Households with Retirement Income: 60.9%
• Avg Income of 65+ Households with Retirement Income: $31,304
• Mortgage Avg Cost: $2,055
• Expenditure Monthly Average Cost: $1,876
• Monthly Total Cost of Living: $3,930

• Population Total: 5,142,750
• Household Total: 2,023,085
• Avg Home Value May 2024: $299,709
• Population 65+ : 938,517
• Household 65+ : 586,317
• Percent of 65+ Households with Retirement Income:56.4%
• Avg Income of 65+ Households with Retirement Income: $31,465
• Mortgage Avg Cost: $1,786
• Expenditure Monthly Average Cost: $1,809
• Monthly Total Cost of Living: $3,549

• Population Total: 3,970,497
• Household Total: 1,522,711
• Avg Home Value May 2024: $208,367
• Population 65+ :632,751
• Household 65+ :406,242
• Percent of 65+ Households with Retirement Income: 53.0%
• Avg Income of 65+ Households with Retirement Income: $28,511
• Mortgage Avg Cost: $1,241
• Expenditure Monthly Average Cost: $1,749
• Monthly Total Cost of Living: $2,990

• Population Total: 2,112,463
• Household Total: 812,852
• Avg Home Value May 2024: $304,456
• Population 65+ : 382,672
• Household 65+ :242,762
• Percent of 65+ Households with Retirement Income: 54.0%
• Avg Income of 65+ Households with Retirement Income: $34,478
• Mortgage Avg Cost: $1,814
• Expenditure Monthly Average Cost: $1,794
• Monthly Total Cost of Living: $3,608

• Population Total: 3,283,809
• Household Total: 1,062,819
• Avg Home Value May 2024: $533,112
• Population 65+ :374,344
• Household 65+ : 224,648
• Percent of 65+ Households with Retirement Income: 62.0%
• Avg Income of 65+ Households with Retirement Income: $34,255
• Mortgage Avg Cost: $3,176
• Expenditure Monthly Average Cost: $1,805
• Monthly Total Cost of Living: $4,981

• Population Total: 6,923,772
• Household Total: 2,713,635
• Avg Home Value May 2024: $324,633
• Population 65+ : 1,155,313
• Household 65+ : 727,534
• Percent of 65+ Households with Retirement Income: 54.5%
• Avg Income of 65+ Households with Retirement Income: $28,380
• Mortgage Avg Cost: $1,934
• Expenditure Monthly Average Cost: $1,701
• Monthly Total Cost of Living: $3,635

• Population Total: 3,018,669
• Household Total: 1,171,694
• Avg Home Value May 2024: $207,999
• Population 65+ : 519,434
• Household 65+ : 324,611
• Percent of 65+ Households with Retirement Income: 50.8%
• Avg Income of 65+ Households with Retirement Income: $27,123
• Mortgage Avg Cost: $1,239
• Expenditure Monthly Average Cost: $1,690
• Monthly Total Cost of Living: $2,929

• Population Total: 577,929
• Household Total: 234,156
• Avg Home Value May 2024: $346,709
• Population 65+ : 100,891
• Household 65+ : 64,504
• Percent of 65+ Households with Retirement Income: 56.4%
• Avg Income of 65+ Households with Retirement Income: $31,610
• Mortgage Avg Cost: $2,066
• Expenditure Monthly Average Cost: $1,803
• Monthly Total Cost of Living: $3,868

• Population Total: 10,722,325
• Household Total:3,946,490
• Avg Home Value May 2024: $335,654
• Population 65+ : 1,540,445
• Household 65+ : 938,009
• Percent of 65+ Households with Retirement Income: 53.8%
• Avg Income of 65+ Households with Retirement Income: $33,807
• Mortgage Avg Cost: $2,000
• Expenditure Monthly Average Cost: $1,775
• Monthly Total Cost of Living: $3,775

• Population Total: 7,172,282
• Household Total: 2,739,136
• Avg Home Value May 2024: $445,624
• Population 65+ :1,297,802
• Household 65+ :794,607
• Percent of 65+ Households with Retirement Income: 58.5%
• Avg Income of 65+ Households with Retirement Income: $33,906
• Mortgage Avg Cost: $2,655
• Expenditure Monthly Average Cost: $1,841
• Monthly Total Cost of Living: $4,496

Methodology: For this study, GOBankingRates analyzed each US State to find the best states to live to save a lot for retirement. For each state a number of factors were found, including total population, total households, populations aged 65 & up, households with householder aged 65 & up, percent of 65+ households with retirement income, average retirement income of 65+ households with retirement income — all sourced from the U.S. Census American Community Survey S0103 – Population 65 years and over in the United States. The average single family home value from May 2024 was sourced from Zillow Home Value Index and by assuming a 10% down payment and using the national average 30-year fixed mortgage rate, the average mortgage cost can be calculated. The average mortgage cost and average expenditure cost can be calculated to find the total monthly cost of living. The percent of 65+ households with retirement income was scored and weighted at 1.00, the avg. income of 65 households with retirement income was scored and weighted at 1.00, the mortgage avg. cost was scored and weighted at 1.50, the average expenditure cost was scored and weighted at 1.50. All the scores were summed and sorted to show the best states to live if you want to save a lot for retirement. All data was collected on and is up to date as of June 17, 2024.