We write a lot about retirement destinations and our friends over at MarketWatch just published an interesting article that you should be aware of. Their article, aptly titled: These are the most expensive places to retire caught our attention because it provides it provides a detailed financial analysis of just how much it takes to live in each US geographic region.
Nationwide, the average household with people between the ages of 65 and 74 spent $45,633 per year, including nearly $21,000 on housing costs, $4,300 annually on health care and $4,700 on food. – MarketWatch reporting on University of Michigan’s Health and Retirement Study
According to MarketWatch and the Employee Benefits Research Institute, the cost of housing, healthcare and other necessities differs depending on what regional area you decide to live in. Here are the geographic areas, and what you’d expect to spend annually per household -as a younger retired person(s). List are the least expensive regions to the most expensive regions:
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Most expensive areas to retire in USA
- West South Central – Average spending: $28,540
- Texas, Oklahoma, Arkansas and Louisiana
- East South Central – Average spending: $29,140
- Mississippi, Alabama, Tennessee and Kentucky
- East North Central – Average spending: $35,201
- Wisconsin, Michigan, Illinois, Indiana and Ohio
- Middle Atlantic – Average spending: $38,125
- New York, Pennsylvania and New Jersey
- Pacific – Average spending: $38,464
- Washington, Oregon, California, Hawaii and Alaska
- Mountain – Average spending: $39,411
- Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona and New Mexico
- West North Central – Average spending: $42,240
- Minnesota, North Dakota, South Dakota, Iowa, Nebraska, Kansas and Missouri
- South Atlantic – Average spending: $44,350
- Delaware, Maryland, West Virginia, Virginia, North Carolina, South Carolina, Georgia and Florida
- New England – Average spending: $46,019
- Maine, New Hampshire, Massachusetts, Vermont, Rhode Island and Connecticut
Sure, Honolulu has beaches and well-priced pineapples, but few of us can afford its median home price of $550,000. Chicago has world-class dining and lake views galore, though its 9.75 percent sales tax can put those amenities out of reach. -Sarah Mahoney, AARP – The Magazine
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I would have thought the Pacific region would have been the most expensive but this data suggests otherwise. If you have thoughts on this data or any of the retirement destinations you’re’ considering, let us know in the comments below! For more details around the above List of most expensive areas to retire, read the full MarketWatch report —>Here.
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