How far will $1 Million go in retirement in your state?

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gfh77665

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https://www.visualcapitalist.com/ma...aUb-GKYd6qxTX7S-Og_aem_3YuOy4VwJbfV-al5JlyUWA

I find this an extremely helpful guide for quantifying and comparing the cost of retirement in the 50 states. It's methodology uses the
national average expenditure costs for retirees from the Bureau of Labor Statistics Consumer Expenditure Survey. The Home values as of November 2024 were sourced from the Zillow, calculated using a 10% down payment and a 30-year fixed mortgage rate.
 
gfh77665 said:
https://www.visualcapitalist.com/ma...aUb-GKYd6qxTX7S-Og_aem_3YuOy4VwJbfV-al5JlyUWA

I find this an extremely helpful guide for quantifying and comparing the cost of retirement in the 50 states. It's methodology uses the
national average expenditure costs for retirees from the Bureau of Labor Statistics Consumer Expenditure Survey. The Home values as of November 2024 were sourced from the Zillow, calculated using a 10% down payment and a 30-year fixed mortgage rate.
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Don't most retirees own their houses?
 
demarpaint said:
OK, the purpose of my question was pretty simple. Not to get too deep into it owning a house vs. having a mortgage could make a big difference no matter where a person lives.
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Yep, have owned my house for several years now and not ready to retire. At the rate property taxes go up - not interested in something that’s going to trigger a mortgage+tax 🚀 with an empty nest. Besides, I don’t even think of a home as an investment …
 
Property taxes, homeowner insurance, and HOA fees in some states might be higher monthly dollar amount than a mortgage and property taxes, homeowner insurance in other states.

Not ever tested the above but thinking property taxes, homeowner insurance, and HOA fees in Florida might be in the $1-2k per month range, which might be the same as a mortgage payment for a home in central Kansas.
 
gfh77665 said:
https://www.visualcapitalist.com/ma...aUb-GKYd6qxTX7S-Og_aem_3YuOy4VwJbfV-al5JlyUWA

I find this an extremely helpful guide for quantifying and comparing the cost of retirement in the 50 states. It's methodology uses the
national average expenditure costs for retirees from the Bureau of Labor Statistics Consumer Expenditure Survey. The Home values as of November 2024 were sourced from the Zillow, calculated using a 10% down payment and a 30-year fixed mortgage rate.
Click to expand...
Fascinating/ helpful chart. Thanks for posting.

Utah's number I found unexpectedly low (unfavorable). Utah as a state is reported as fiscally well run.
 
JeffKeryk said:
The question is far to general, IMO. Depends on how you play your cards.
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Not so sure about that.

The criteria is a person is retiring with $1 million in savings, will need to make a mortgage payment, where are they better off financially.

The question posed is very different if one has 8 million in the bank. But with only 1 million and a requirement to pay a mortgage, on a macro basis that chart may provide some critical supplemental information.
 
fdcg27 said:
These results are in line with what I would have expected.
Ohio has long been a low cost state in which to live.
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I thought of it this way.

A person has one million dollars in the bank, will get social security, and that is it. The person has to pay for housing, food, etc.

What state will the above person run out of money/ be homeless first- Hawaii. What state will this person be able to keep a roof over their head and food on the table longest- West Virginia.

Real issue for many Americans.
 
All retirees over age 65 with less than 1M in their what ever, should not be paying any sort of tax on anything. Try living on almost nothing and having to pay 600 a month tax, to live in your own home, with all utilities on top of that.
 
Vil_Riker said:
Not most but a larger percentage than younger people. About 1/3 of the retirees i know own their home. Some will never reach that point in their lifetime.
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I don't think I've ever met someone retired that didn't own their home...for real. This is surprising to me. I guess personally I see owning my house as a highly desirable pre-req for retirement.
 
tbm5690 said:
I don't think I've ever met someone retired that didn't own their home...for real. This is surprising to me. I guess personally I see owning my house as a highly desirable pre-req for retirement.
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I think the values instilled in the people of North and South Dakota often do not reflect the values in numerous other states.
 
If you are willing to live in a van down by the river a million bucks will take you a long way.

Paco
 
Paco Pena said:
If you are willing to live in a van down by the river a million bucks will take you a long way.

Paco
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Interest income on $1 million dollars is about $400 per month. Social security likely around $2500 a month if one draws it at age 62. If the generalities are accurate, that is an annual income of $34,800.

I have no idea if medical expenses are part of the equation. I know Medicare is a entitlement, but not sure if Medicare always covers all medical expenses.
 
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