Gen Z Says These Are the 6 Best Places To Retire — And Won’t Cost a Fortune

In a survey conducted February 26 through 28, GOBankingRates asked 1,395 Americans ages 18 and older their thoughts on a variety of issues, including which states in the South and the Midwest they considered the best places to retire. The group from 18 to 24 differed from respondents the ages of their parents and grandparents in most instances.

And here’s some good news, too. None of the states identified by Gen Z as their top retirement preferences top of the bank-breaking list. None appear in another GOBankingRates study as a state where $1 million is the minimum amount needed to retire comfortably.

So which are the top states to make Gen Z’s list of best places to retire? Read on to find out the six locations — three in the South, three in the Midwest — named by at least 10% of the respondents.

Respondents Ages 18 to 24: 19.86%

Long a retirement haven for seniors, Florida also topped the southern-state list for the Gen Z group, with nearly 20% of them giving it the nod as a great place to retire. But that is a much lower percentage than their elders, with 25.57% of those 55 to 64 and 28.42% in the 65 and over range preferring Florida — the only state to receive at least 20% of the responses from all age groups aside from Gen Z.

Respondents Ages 18 to 24: 17.81%

Just as they like to say in the Lone Star State, everything is better in Texas. At least that’s what the youngest generation thinks, perhaps lured by the hip city of Austin. Not all of their elders share their passion for Texas, however. Among the group ages 45 to 54, only 7.44% thought Texas was the best southern state to retire.

Respondents Ages 18 to 24: 17.12%

The first Midwest city on the list, Ohio was favored by more than 17% of Gen Zers. That number is consistent among all age groups, with the range from 15.47% (ages 65 and older) to 18.22% (ages 25 to 34). Another GOBankingRates study ranked Toledo and Cleveland as the cheapest places to retire in the U.S.

Percentage of Respondents Ages 18 to 24: 15.07

Chicago was named the best large city to visit by readers of Conde Nast Traveler, and maybe Gen Z’s attraction to Chicago has something to do with its being its second-choice state in the Midwest for retirement. Respondents in the groups encompassing ages 45 and older didn’t give Illinois higher than a 9.30% approval rating, however.

Respondents Ages 18 to 24: 12.33%

Georgia was favored as a retirement location by 12.33% of those ages 18 to 24, but it didn’t rate nearly as well with the other groups. Only 3.65% of people 55 to 64 found the southern state to be an ideal location for retirement.

Percentage of Respondents Ages 18 to 24: 12.33

The amount of money needed to retire comfortably in Michigan was on the lower side of the list in GOBankingRates’ study that ranked the U.S. states on that criteria. Among Gen Z, 12.33% of respondents considered it a great retirement location in the Midwest, and every age group except ages 45 to 54 voted Michigan 10% or higher.

Methodology: GOBankingRates surveyed 1,395 Americans aged 18 and older from across the country between Feb. 26 and Feb. 28, 2024, asking six different questions: (1) Which part of the U.S. would you prefer to live in when you retire?; (2) Which state in the South do you consider to be the best place to retire?; (3) Which state in the Midwest do you consider to be the best place to retire?; (4) Which state would you choose to move to if you had to relocate to the Midwest?; (5) Which state would you choose to move to if you had to relocate to the South?; and (6) Which of the following personal finance issues are most important to you in 2024?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.