The average household of people between 65 and 74 spend $45,633 per year on housing, healthcare, food, and other costs. But, those expenditures vary by location.
MarketWatch ranked the regions of the U.S. where retirement is the least, and most, expensive.
People between 65 and 74 spend only $28,540 in West South Central, which counts Texas, Oklahoma, Louisiana, and Arkansas. West South Central was found to be the cheapest place for retirees, in part due to low housing and healthcare costs. Neighboring East South Central (Mississippi, Alabama, Tennessee and Kentucky) is the second-least expensive region.
New England, at $46,019, was found to be most expensive. Housing costs and healthcare are both pricey in states such as Massachusetts and Maine. The South Atlantic region, which goes from Delaware to Florida, is second-most expensive.
Advertisement
Related Stories
Economics
Housing Share of GDP in Q1 2024 Rises Above 16%
The increase marks the first time GDP has surpassed 16% since 2022
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
