Retiring and thinking of heading straight for Florida? This list doesn't rank state so high

Samantha Neely, Fort Myers News-Press
Updated ·4 min read
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Florida is officially dethroned as the top state for Americans to go to retire.

Bankrate, a consumer financial services company, ranked all 50 U.S. states on affordability, overall well-being, healthcare quality/cost, weather, and crime. With soaring inflation and a volatile stock market, affordability was given the most statistical weight, with the others decreasing respectively.

While Florida still placed within the top 10, other states jumped ahead due to better affordability, healthcare, and crime.

The study also found that southern states, such as Florida, Mississippi, and West Virginia, ranked high on their list, mostly because of how affordable homes are in those locales compared to the national median. However, states in the Northwest and Northeast — including Massachusetts, New York, and Alaska — are the worst states for retirement.

See who ranked above the Sunshine State:

Cost of retiring is rising: How much money do you need to retire? Most Americans calculate $1.8 million, survey says.

Where did Florida rank out of 50 states?

Florida placed within the top 10 states for retirees, nabbing the ninth spot on the list. Its overall statistics in the study include:

  • Overall rank: 8

  • Affordability: 35

  • Healthcare: 21

  • Well-being: 3

  • Weather: 3

  • Crime: 37

What was the top state for retiring?

Of all 50 U.S. states, Iowa topped Bankrate's list. Its overall statistics in the study:

  • Overall rank: 1

  • Affordability: 3

  • Healthcare: 11

  • Well-being: 31

  • Weather: 38

  • Crime: 12

Experts said that with its vast farmlands, peaceful countryside, and friendly locals, the midwest state offers a "unique retirement experience for many Americans seeking a more relaxed and affordable lifestyle with access to the outdoors and retirement-age communities."

Iowa is the sixth cheapest place to live in the U.S., according to the Council for Community and Economic Research, which can be a huge advantage for retirees on a fixed income. Lower housing costs also helped prop the state up to the No. 3 spot for affordability.

Iowa’s median home price is $239,400, per Redfin data — well below the nationwide median home price of $388,800. Homeowners insurance in Iowa is also below the national average.

However, there are still some cons retirees might want to consider despite its top spot. It ranks poorly for racial and ethnic diversity, and its community well-being index is subpar. It also is generally colder in Iowa and has a high incidence of tornadoes.

Top 10 best states for retiring

  1. Iowa

  2. Delaware

  3. West Virginia

  4. Missouri

  5. Mississippi

  6. Wyoming

  7. Pennsylvania

  8. Florida

  9. Hawaii

  10. Nebraska

What was the worst state for retiring?

Bankrate determined that Alaska was the worst state in which to settle down and retire. Experts claimed that the state was dragged down by back-of-the-pack scores in affordability and weather.

Top 10 worst states for retiring

With Alaska ranked at the bottom of Bankrate's list, here are the 10 worst states to retire to:

  1. Alaska

  2. New York

  3. California

  4. Washington

  5. Massachusetts

  6. North Dakota

  7. Texas

  8. Colorado

  9. Maryland

  10. Louisiana

See the full list of Bankrate's best and worst states for retirement here.

Tips on relocating for retirement from experts

Within the study, Bankrate sought out advice from experts to help retirees and soon-to-be-retired workers through the decision, such as:

Take current and future costs to relocate into account

"If you’re going to uproot and relocate to another area, you have to make a decision not only about the way things look today but whether a place is going to be sustainably and less expensive over the long term," Larry Sprung, Financial Advisor and Founder of Mitlin Financial said. "You have to look at the full picture."

Consider a trial run in a new place

"Consider renting a place for six months to ensure you have a community there," Kerry Hannon of Retirement Expert and Author of ‘In Control at 50+: How to Succeed in the New World of Work said. "See if it’s easy to join groups, whether it’s joining a bowling league or a volunteer organization. Set up your community before you take that leap."

Saving on housing costs isn’t the whole story

"Making a decision about your housing can impact your bottom line, but it’s also important to think about how your home works for you," Rodney Harrell, Vice President of Family, Home and Community at AARP’s Public Policy Institute said. "None out of 10 of those 65 and older say that they want to stay in their home or community as they age, but the home can cause challenges for that. Think about your needs now and into the future, and know that your needs might change. Who does your homework for yourself today and your future self?"

This article originally appeared on Fort Myers News-Press: Florida 8th in U.S. states-to-retire list, trails leader Iowa