Mississippi and Ohio are among the most affordable places to retire, according to two separate reports looking at the best places to set down roots after work life.
Bankruptcy experts at CreditDonkey ranked all 50 states on nine factors to determine the best state for retirement. According to its metrics, Mississippi ranks as the best for its lowest cost of utilities and property tax rates.
US News, on the other hand, pointed to Ohio as being the most affordable place to retire to in 2024.
Both sites show affordability as a top priority for retirees and those nearing retirement. A place that provides the most bang for their retirement buck also is a priority, they said.
CreditDonkey factored average salary, annual utility bills and medical costs, food expenses, car insurance costs, housing prices and tax rates, crime rates, average temperature, and population aged more than 65 into its rankings.
According to the bankruptcy site, Alabama ranked second, with affordable property tax rates and utility costs. Rounding out the top 10 states on CreditDonkey’s list were No. 3, Idaho, No. 4 Iowa, No. 5 Arkansas, No. 6 North Carolina, No. 7 Virginia, No. 8 Kentucky, No. 9 West Virginia and No. 10 Oklahoma.
Alaska ranked as the worst state for retirees, ranking second-highest among states for annual medical costs, behind New York. Alaska also has one of the highest costs of annual utilities in the country, according to the analysis.
Meanwhile, Youngtown, OH, topped a recent US News analysis comparing the nation’s 150 largest metropolitan areas in the areas of housing affordability, happiness, desirability, taxes, the job market and access to healthcare.
Youngtown, located midway between New York City and Chicago, once was known for its ties to the steel industry. Today, the area is known for affordable housing prices, according to US News.
Hickory, NC, came in second on the US News list. Known for furniture manufacturing, the city has more than 100 miles of shoreline as well as opportunities for boating and fishing, along with a low cost of living for retirees, the site said.
Rounding out the top 10 cities on the US News list were No. 3 Springfield, MO; No. 4 Brownsville, TX; No. 5 Hunington, WV, and Ashland, KY (tie); No. 6 Fort Wayne, IN; No. 7 Winston-Salem, NC; No. 8 Mobile, AL; No. 9 Toledo, OH; and No. 10 South Bend, IN.
