If you’re looking for the best place to retire, Delaware has a lot to offer – actually, a new report says it’s the best.
The First State takes the top spot in Bankrate's new ranking of the best states to retire.
Why is Delaware the best state to retire in?
“The First State isn’t typically thought of as a retirement haven, but it has many strong selling points for retirees,” Bankrate said in an article posted on July 22, 2024.
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The rankings are based on affordability, overall well-being, cost of health care, weather and crime.
So, why might people nearing retirement want to consider a beach house in Rehoboth, Dewey or Rehoboth?
First and foremost, Delaware got the top spot due to taxes, or lack thereof:
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“Delaware is a tax-friendly state for retirees,” Bankrate said. “It doesn’t have state or local sales tax, and it doesn’t tax Social Security benefits.
Why else does Delaware top Bankrate's list?
“It also has lower property taxes relative to the rest of the country, averaging roughly $1,939 annually, according to ATTOM data,” Bakrate said. “The state ranks well for racial and ethnic diversity, arts and entertainment establishments per 100,000 residents and overall well-being. Compared to its population, it also has a high share of residents who are 62 and older. Earthquakes, tornados, and hurricanes are also rare, and the climate is temperate.”
“While Delaware is a pricier state to live in, it scores well in all other affordability metrics we considered in the ranking: property taxes, combined state and local sales tax and homeowners insurance,” Bankrate said.
Delaware doesn’t earn high rankings in every category, however
“The state’s weaker spots are its cost of living, crime, and cost of health care,” Bankrate said.
Delaware is at the top, which is one step up from last year. West Virginia, Georgia, South Carolina and Missouri round out the Top 5.
Alaska came in dead last with New York 49th
How did the rest of the tri-state do?
Pennsylvania came in at 7th, while New Jersey ranks 35th.
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