Not wasting money is an important part of being financially responsible throughout your life. That effort never truly ends, as even after you retire it’s essential to determine how much money you need to live the life you want. There are many things that factor into your living expenses as an older adult, but one of the main ones is which state you live in. In this article, we’ll look at a few of the most affordable states for seniors.
Where Do Seniors Get the Most Bang for Their Buck?
- Florida – According to many sources, Florida is at or near the top of the list for most affordable states. Business Insider notes that Florida’s cost of living index is 98.2 and the percentage of the population over the age of 60 is 25.6%. A score of 100 is the average cost of living, so the lower a state’s score, the lower the cost of living and the more affordable it is.
- Missouri – Missouri is one of the most affordable states, with a cost of living index of 88.6 and particularly cheap housing. 17.6% of the population is 65 or older.
- Michigan – Michigan is also high on many lists of the most affordable states for seniors. It has a cost of living index of 91.6 and 18.1% of the population is over the age of 65.
- Ohio – Ohio is another affordable state for older adults with a cost of living index of 92.8 and 22.3% of the population over the age of 60.
- Illinois – While property prices can be high in Illinois—especially near Chicago—the overall cost of living is relatively low. Illinois has a cost of living index of 94.9 and 20.3% of the population is over the age of 60.
As you can see, there’s a trend of Midwestern states and states not on a coast being the most affordable for seniors. While Indiana itself isn’t at the top of the list according to some lists of the most affordable states for seniors, one of its cities is in the top 25 of the most affordable cities for seniors. That city is Fort Wayne, Indiana.
At Celebrate Senior Living, we are committed to celebrating the moments, victories, and memories that will last a lifetime for our residents and their loved ones. We are a Midwest-based foundation that serves Illinois and Indiana residents by offering Independent Living, Assisted Living, Memory Care, and Skilled Nursing living options. We also provide three delicious, healthy meals a day to ensure our residents get the nutrients they need!
If you or a loved one are interested in senior living options, schedule a tour with us today! You can also learn more by exploring our communities, which include South Holland, Niles, and Fort Wayne, or by contacting us with any other questions!
