Retired Life Is As Cheap As It Gets in These 10 States

Retiring somewhere that is affordable has always been important to those about to enter their golden years. But today’s rising cost of living has added new urgency to finding a place that offers cheap living during one’s post-work years.

Recently, DepositAccounts crunched the numbers to find out how much it costs to live in various states during retirement. Cost of living was determined by spending data for households headed by someone age 65 or older.

With those numbers in mind, here are the states where retired life is as cheap as it gets.

10. Ohio

The average cost of living for retiree households in this state, based on consumer spending, is:

• $36,918 per year — which reflects an increase of 13.5% since 2021
• $3,077 per month

Ohio is home to three major cities — Cleveland, Cincinnati and Columbus, the state capital. You will also find nearly 300 wineries and many state parks.

9. Missouri

The average cost of living for retiree households in this state, based on consumer spending, is:

• $36,722 per year — which reflects an increase of 13% since 2021
• $3,060 per month

Kansas City and St. Louis are the major cities in Missouri. For family fun and great entertainment, check out Branson in the southwest part of the state.

8. Iowa

The average cost of living for retiree households in this state, based on consumer spending, is:

• $36,249 per year — which reflects an increase of 11.1% since 2021
• $3,021 per month

Des Moines is the biggest city in Iowa, as well as the state’s capital. Four sites designed by architect Frank Lloyd Wright are in the state and on the National Register of Historic Places.

7. Oklahoma

The average cost of living for retiree households in this state, based on consumer spending, is:

• $36,181 per year — which reflects an increase of 13.8% since 2021
• $3,015 per month

Those looking for retirement in a bigger city in Oklahoma should check out Tulsa and Oklahoma City, the state capital. Four mountain ranges can be found in the state: the Ouachitas, Arbuckles, Wichitas and the Ozarks.

6. Kentucky

The average cost of living for retiree households in this state, based on consumer spending, is:

• $35,298 per year — which reflects an increase of 13.2% since 2021
• $2,942 per month

Louisville is Kentucky‘s largest city, but Lexington is home to the University of Kentucky — and to over 15 distilleries located within 45 minutes of the city.

5. Indiana

The average cost of living for retiree households in this state, based on consumer spending, is:

• $35,222 per year — which reflects an increase of 13.5% since 2021
• $2,935 per month

Indianapolis — home of the Indianapolis 500 auto race — is the state capital and biggest city in Indiana. Retirees looking for a little adventure can check out the Indiana Dunes on Lake Michigan’s shore.

4. Alabama

The average cost of living for retiree households in this state, based on consumer spending, is:

• $35,044 per year — which reflects an increase of 13.5% since 2021
• $2,920 per month

Alabama is home to a little of everything — from forests to the Gulf of Mexico to big cities such as Birmingham and Huntsville. The state is also home to the University of Alabama and Auburn University.

3. Mississippi

The average cost of living for retiree households in this state, based on consumer spending, is:

• $34,566 per year — which reflects an increase of 14.1% since 2021
• $2,880 per month

The home of the blues, Mississippi is the birthplace of musical legends such as Elvis Presley and B.B. King. Jackson, the state capital, is the biggest city, and you will find the University of Mississippi in Oxford.

2. Arkansas

The average cost of living for retiree households in this state, based on consumer spending, is:

• $33,546 per year — which reflects an increase of 12.8% since 2021
• $2,795 per month

Little Rock is the capital of Arkansas, and the biggest city in the state. Hot Springs National Park provides the perfect getaway.

1. West Virginia

The average cost of living for retiree households in this state, based on consumer spending, is:

• $33,388 per year — which reflects an increase of 12.2% since 2021
• $2,782 per month

Charleston is the state capital and biggest city in West Virginia, but West Virginia University is located in Morgantown. The state also serves as the gateway to the Appalachian Mountains.