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The exact seven-state list behind the title “7 Most Affordable US States For Retirement In 2024” could not be verified, so it would be misleading to present a reconstructed list as the original ranking. One documented 2024 budget-focused analysis named Iowa, New Mexico, Tennessee, Oklahoma, and South Dakota as its top five. Other studies produced different results because they measured different costs and retirement priorities.
What the 2024 evidence can—and cannot—confirm
The originating publisher and exact seven states for the title’s promised list are unconfirmed. The available evidence does not support treating any other ranking as a substitute for that missing list. It does, however, support a useful comparison of the 2024 studies that addressed retirement affordability.
Seniorly’s “Best States to Retire on a Budget in 2024,” by Arthur Bretschneider and updated April 24, 2024, is the closest match to a budget-focused state ranking. It assessed all 50 states and Washington, D.C., using ten measures tied to housing, inflation, taxes, everyday costs, Medicare costs, and Social Security payments. Seniorly averaged each state’s Z-scores; it capped outliers at plus or minus two standard deviations and reversed the direction of cost measures where higher costs were undesirable. Maryland’s score used nine measures because Medicare data were missing. Its top five were Iowa, New Mexico, Tennessee, Oklahoma, and South Dakota—not a verified seven-state list. Seniorly’s methodology and ranking
Those states’ individual figures below are metrics reported within Seniorly’s 2024 study framework. They are not current price quotes or forecasts of an individual household’s bills, and SSI is not the same as Social Security retirement benefits.
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- Iowa: Seniorly reported median rent of $1,100 and an average SSI payment of $834 per month in its 2024 analysis. It credited the state’s result to factors including low median rent, comparatively high SSI payments, and retirement-income tax treatment for residents over 55. Seniorly’s methodology and ranking
- New Mexico: Seniorly reported average electricity costs of $91 per month in 2024. Seniorly’s state metrics
- Tennessee: Seniorly reported a senior homeownership rate of 82.1% in 2024. Seniorly’s state metrics
- Oklahoma: Seniorly reported retiree grocery spending of $226 per month in 2024. Seniorly’s state metrics
- South Dakota: Seniorly reported average rent of $1,143 in 2024. Seniorly’s state metrics
Why other 2024 rankings name different places
Rankings differ when one estimates annual expenses and another combines affordability with healthcare, weather, or quality of life. Their results should not be blended into one supposedly comparable list.
| Study | What it measured | Reported result |
|---|---|---|
| Seniorly, updated April 24, 2024 | Ten measures related to housing, inflation, taxes, everyday costs, Medicare costs, and Social Security payments; states were ranked by average Z-score. | Iowa, New Mexico, Tennessee, Oklahoma, and South Dakota were the top five. Methodology and ranking |
| GOBankingRates, June 3, 2024 | Estimated annual costs for retired residents age 65 and older using retired-resident expenditure data, cost-of-living indexes, and average rent; data were collected through May 10, 2024. | Estimated annual costs: Oklahoma, $43,605; West Virginia, $42,621; Kansas, $41,898. These are estimates under that publication’s model, not a universal personal budget. Methodology · Cost estimates |
| Bankrate, July 22, 2024 | Weighted affordability (40%), overall well-being (25%), healthcare quality and cost (20%), weather (10%), and crime (5%). Its affordability measure included cost of living, combined state and local sales taxes, annual property taxes, and homeowners insurance. | Delaware ranked first overall and West Virginia second; West Virginia ranked first for affordability. Delaware’s overall win included non-cost factors. Bankrate’s methodology |
| WalletHub, reported by Realtor.com on January 22, 2024 | 46 data points across affordability, quality of life, and healthcare. | Florida ranked first overall. This broad ranking did not answer only which states cost the least. Realtor.com’s report of WalletHub’s ranking |
Bankrate analyst Alex Gailey explained Delaware’s overall result this way: “While Delaware is a pricier state to live in, the state’s high-quality healthcare, light tax burden, affordable homeowners insurance and good weather propelled it to the top spot this year.” Bankrate’s 2024 report
Rank #2
The different winners are not inherently contradictory: a cost-only estimate, a budget-affordability index, and an overall retirement ranking answer different questions. WalletHub analyst Cassandra Happe, quoted by Realtor.com in 2024, likewise advised weighing both costs and personal priorities: “To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees. You should also consider factors like the quality of the state’s health care system and the abundance of activities that you enjoy.” Realtor.com’s report of WalletHub’s ranking
How to judge affordability for your own retirement
A state average cannot predict what an individual will spend. Before choosing a destination, compare the expenses and conditions that apply to your situation, using the same categories and assumptions for each state.
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Rank #3
- Start with housing. Compare rent with the full cost of ownership, including property taxes and homeowners insurance where applicable. A homeownership rate or average rent alone does not capture your own housing budget.
- Estimate recurring expenses. Include groceries, utilities, transportation, and other routine costs. Keep each study’s figures attached to its publisher and year rather than treating them as current quotes.
- Check taxes against your income sources. Tax treatment can depend on the type of retirement income and personal circumstances. A broad affordability score does not establish what you will owe.
- Consider healthcare access and cost. An expense-focused ranking may not capture the quality or availability of care that matters to you. Broader rankings such as Bankrate’s and WalletHub’s include healthcare-related factors.
- Weigh the conditions that affect your quality of life. Weather, crime, activities, and other personal priorities can change what “best” means, even when a state is not the lowest-cost option.
- Build a personal comparison. Use a retirement budget planner or expense worksheet to estimate your own monthly and annual costs for each location. Do not treat a state ranking as a substitute for that calculation.
How to use the figures responsibly
The dollar amounts in these studies have different definitions and time frames: Seniorly reported selected monthly metrics in its 2024 framework, while GOBankingRates modeled estimated annual costs using its own inputs. They are not parts of a single dataset and should not be combined into a cross-study total. The cited 2024 figures are historical study results, not current prices.
For a practical decision, use rankings to identify places for further comparison, then verify the costs and tax treatment that apply to your housing, income, healthcare, and location preferences. The evidence supports a five-state result from Seniorly and separate findings from other publishers; it does not establish the exact seven-state list implied by the title.
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