A recently published WalletHub study for 2024 ranked all 50 U.S. states based on how good of a place to retire they are, using contributing factors such as quality of life, the cost of living, and healthcare to ascertain which states are the most “retirement-friendly.”
While New York ranks relatively high for quality of life and healthcare, the steep cost of living is what makes it the state the seventh-worst place to retire in the country, according to the study.
New York was ranked the 46th most expensive state to live in, while West Virginia was listed as the cheapest and Hawaii as the most costly.
Additionally, New York was also ranked pretty high for its tax rates, getting listed in 48th place under the “Taxpayer” ranking. Alaska is at number 1 with the lowest taxes and Illinois is at 50 with the steepest tax rates.
Although when it comes to the fine arts and culture, New York is still a leading player in the country, getting ranked at number 1 for both theater and museums per capita.
The state that holds the first and best ranking for retirement is Florida, which is hardly a shock given its low taxes for retirees- the study also read that the sunshine state has the second-most shoreline miles of any state, as its scenic aspects also contribute to it being a popular residing destination for retirees.
“There are plenty of ways for seniors to stay healthy and happy, which is reflected in the fact that Florida has one of the lowest death rates for people aged 65 and older in the country,” the WalletHub report stated.
The six other states that ranked below New York in the list are Luisiana(6th), Oklahoma(5th), Rhode Island(4th), Mississippi(3rd), New Jersey(2nd), and Kentucky which came in at last place.
Despite its spot as the 7th worst place to retire in the U.S., New York still listed pretty impressively in the life expectancy category- getting ranked as the state with the 4th highest life expectancies for its residents. The state with the highest life expectancy is Hawaii, whereas the one with the lowest is Mississippi.
