Monthly Expenses for Boomers in Every State and What They Spend the Most Money On

Every generation needs to be cautious about their spending, but baby boomers, particularly those who are already retired, often need to be extra careful because they’re likely living on fixed incomes (or getting ready to).

If you’re planning on “aging in place” in your golden years, or looking to relocate to a different state, it’s important to know what type of expenditure you can expect to spend the most on. 

In a new study, GOBankingRates analyzed every state to find the average monthly expenses and the highest expenditure cost for baby boomers. The states were sorted to show the cheapest to most expensive cost of living.

Also see the three best states for boomers to live.

• Total cost of living annually: $44,716 
• Highest expenditure: Transportation  
• Highest expenditure cost: $6,257
• Household median income: $52,985 
• Average home value: $182,825  

• Total cost of living: $44,754  
• Highest expenditure: Transportation  
• Highest expenditure cost: $6,428  
• Household median income: $55,217 
• Average home value: $169,401  

• Total cost of living annually: $45,835 
• Highest expenditure: Miscellaneous  
• Highest expenditure cost: $1,078
• Household median income: $57,852 
• Average home value: $206,641  

• Total cost of living annually: $46,418 
• Highest expenditure: Miscellaneous  
• Highest expenditure cost: $1,050  
• Household median income: $56,335 
• Average home value: $210,131  

• Total cost of living annually: $46,580  
• Highest expenditure: Groceries   
• Highest expenditure cost: $5,252  
• Household median income: $61,364 
• Average home value: $210,082  

• Total cost of living annually: $47,215  
• Highest expenditure: Transportation  
• Highest expenditure cost: $6,873  
• Household median income: $60,183 
• Average home value: $210,663  

• Total cost of living annually: $48,272  
• Highest expenditure: Housing  
• Highest expenditure cost: $12,405  
• Household median income: $59,609 
• Average home value: $229,960  

• Total cost of living annually: $48,472  
• Highest expenditure: Transportation  
• Highest expenditure cost: $6,168  
• Household median income: $70,571 
• Average home value: $227,918  

• Total cost of living annually: $49,300  
• Highest expenditure: Transportation  
• Highest expenditure cost: $6,283  
• Household median income: $69,747 
• Average home value: $233,595  

• Total cost of living annually: $49,727 
• Highest expenditure: Utilities  
• Highest expenditure cost: $4,575  
• Household median income: $67,173 
• Average home value: $246,479  

• Total cost of living annually: $50,628 
• Highest expenditure: Utilities   
• Highest expenditure cost: $4,644  
• Household median income: $68,505 
• Average home value: $249,507   

• Total cost of living annually: $50,655 
• Highest costing expenditure: Housing 
• Highest expenditure cost: $12,455
• Household median income: $65,920 
• Average home value: $253,477    

• Total cost of living annually: $50,865 
• Highest expenditure: Housing 
• Highest expenditure cost: $12,655
• Household median income: $66,990 
• Average home value: $236,673 

• Total cost of living annually: $51,014 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,993
• Household median income: $73,959 
• Average home value: $270,630 

• Total cost of living annually: $51,512 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,451
• Household median income: $71,722 
• Average home value: $265,662 

• Total cost of living annually: $53,672 
• Highest expenditure: Housing 
• Highest expenditure cost: $13,154
• Household median income: $73,170 
• Average home value: $271,967 

• Total cost of living annually: $53,711 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,486 
• Household median income: $58,722 
• Average home value: $307,769 

• Total cost of living annually: $54,005 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,524 
• Household median income: $69,457 
• Average home value: $312,354  

• Total cost of living annually: $54,043 
• Highest expenditure: Utilities 
• Highest expenditure cost: $4,805 
• Household median income: $78,433  
• Average home value: $275,604 

• Total cost of living annually: $54,340  
• Highest expenditure: Groceries
• Highest expenditure cost: $5,363
• Household median income: $64,035 
• Average home value: $325,404  

• Total cost of living annually: $54,995 
• Highest expenditure: Miscellaneous  
• Highest expenditure cost: $1,109
• Household median income: $63,623 
• Average home value: $302,143  

• Total cost of living annually: $55,037 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,778
• Household median income: $72,458 
• Average home value: $316,420 

• Total cost of living annually: $55,161 
• Highest expenditure: Housing 
• Highest expenditure cost: $12,917
• Household median income: $73,035 
• Average home value: $307,614 

• Total cost of living annually: $56,749 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,384
• Household median income: $71,355 
• Average home value: $336,386 

• Total cost of living annually: $57,467 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,816
• Household median income: $72,495 
• Average home value: $351,490  

• Total cost of living annually: $57,966 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,581
• Household median income: $66,186 
• Average home value: $337,588 

• Total cost of living annually: $58,237 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,854
• Household median income: $84,313 
• Average home value: $346,001 

• Total cost of living annually: $62,446 
• Highest expenditure: Groceries
• Highest expenditure cost: $5,713
• Household median income: $79,325 
• Average home value: $388,397 

• Total cost of living annually: $63,628 
• Highest expenditure: Transportation 
• Highest expenditure cost: $6,689
• Household median income: $87,249 
• Average home value: $402,127 

• Total cost of living annually: $65,172 
• Highest expenditure: Health   
• Highest expenditure cost: $7,685
• Household median income: $67,917 
• Average home value: $418,360 

• Total cost of living annually: $65,426 
• Highest expenditure: Utilities 
• Highest expenditure cost: $5,062
• Household median income: $70,214 
• Average home value: $460,851 

• Total cost of living annually: $65,902 
• Highest expenditure: Utilities 
• Highest expenditure cost: $5,080
• Household median income: $66,341 
• Average home value: $472,100 

• Total cost of living annually: $67,809 
• Highest expenditure: Health 
• Highest expenditure cost: $8,988
• Household median income: $74,014 
• Average home value: $406,002 

• Total cost of living annually: $68,094 
• Highest expenditure: Health 
• Highest expenditure cost: $8,995
• Household median income: $68,251 
• Average home value: $408,176 

• Total cost of living annually: $68,844 
• Highest expenditure: Health 
• Highest expenditure cost: $9,372
• Household median income: $72,581 
• Average home value: $442,986 

• Total cost of living annually: $68,854  
• Highest expenditure: Utilities 
• Highest expenditure cost: $5,727
• Household median income: $71,646 
• Average home value: $462,299 

• Total cost of living annually: $69,476 
• Highest expenditure: Health 
• Highest expenditure cost: $9,500
• Household median income: $98,461 
• Average home value: $433,655 

• Total cost of living annually: $71,945 
• Highest expenditure: Housing 
• Highest expenditure cost: $16,860
• Household median income: $90,213 
• Average home value: $439,538 

• Total cost of living annually: $72,035 
• Highest expenditure: Health 
• Highest expenditure cost: $8,340
• Household median income: $86,833 
• Average home value: $531,351 

• Total cost of living annually: $72,930 
• Highest expenditure: Health 
• Highest expenditure cost: $7,621
• Household median income: $87,598 
• Average home value: $563,014 

• Total cost of living annually: $72,965 
• Highest expenditure: Health 
• Highest expenditure cost: $12,175
• Household median income: $81,386 
• Average home value: $461,889 

• Total cost of living annually: $73,191 
• Highest expenditure: Health 
• Highest expenditure cost: $9,464
• Household median income: $76,632 
• Average home value: $511,186 

• Total cost of living annually: $73,276 
• Highest expenditure: Health 
• Highest expenditure cost: $8,45
• Household median income: $90,845 
• Average home value: $508,384 

• Total cost of living annually: $73,561 
• Highest expenditure: Housing 
• Highest expenditure cost: $16,636
• Household median income: $81,370 
• Average home value: $484,787 

• Total cost of living annually: $74,474 
• Highest expenditure: Transportation 
• Highest expenditure cost: $9,589 
• Household median income: $86,370 
• Average home value: $378,626 

• Total cost of living annually: $77,353 
• Highest expenditure: Health 
• Highest expenditure cost: $9,742
• Household median income: $97,126 
• Average home value: $555,911 

• Total cost of living annually: $80,989 
• Highest expenditure: Health 
• Highest expenditure cost: $9,158
• Household median income: $90,325 
• Average home value: $614,677  

• Total cost of living annually: $94,483 
• Highest expenditure: Health 
• Highest expenditure cost: $13,876
• Household median income: $96,505 
• Average home value: $656,427  

• Total cost of living annually: $104,774  
• Highest expenditure: Health  
• Highest expenditure cost: $14,260
• Household median income: $91,905 
• Average home value: $803,798  

• Total cost of living annually: $133,817 
• Highest expenditure: Health  
• Highest expenditure cost: $22,401
• Household median income: $94,814 
• Average home value: $991,499  

Methodology. For this study, GOBankingRates analyzed every U.S. state to find the average monthly expenses and the highest expenditure 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. Also found were 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 was calculated using the Bureau of Labor Statistics Consumer Expenditure Survey for different generations. The generations are defined as Gen Z (born 1997 or later), millennials (born 1981-97), Gen X (born 1965-80) and boomers (born 1946-64). This calculation gives the average 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 was calculated. Using the average mortgage and expenditure costs, the total cost of living was 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.