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August 01, 2022 at 09:00 AM
Related: 12 Best States for Retirement: 2021
New research from Caring.com, a senior care referral service, shows that affordability is a top priority for seniors and those approaching retirement when deciding where to live in their post-work years — not surprising, with inflation running at a four-decade high of 9.1% in June.
Caring.com has compiled a ranking of the 50 states that addresses the needs and socio-economic conditions of older populations, particularly as they advance toward retirement and consider relocating to a different part of the country.
These concerns will become increasingly urgent in this decade. Some 20% of Americans will be 65 or older by 2030, according to the U.S. Census Bureau.
“While many people associate good weather and sunshine with the best places for retirement, our 2022 Senior Living Report offers a broader perspective on a range of factors that impact the wellbeing of seniors,” Jim Rosenthal, chief executive of Caring.com, said in a statement.
To arrive at a ranking of the best states for retirement, Caring.com relied on expert analysis and survey findings from 1,000 Americans 55 and older to develop a comprehensive set of ranking criteria based on 46 key metrics across five categories.
Affordability, which measures cost of housing and job availability for older adults, made up 33% of the final score. The quality and availability of health care in each state was the next largest factor, with a 25% weighting.
The quality-of-life category, 18% of the final score, includes the availability of neighborhood amenities, such as museums, libraries, parks and fresh markets.
Senior living and housing, with a 14% weighting, is based on several metrics, including the percentage of multifamily homes and houses with no-step entrances. And transportation, 10% of the final score, focuses on access to public or private transportation services.
See the gallery for the 12 best states for older Americans to retire, according to Caring.com.
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