ST. LOUIS – Missouri has over 17% of residents aged 65 and older, according to the 2020 U.S. Census Bureau, and one website’s research says the state is among the top to retire in regarding affordability.
Retirement Living, the Journal of Retirement Research, published a list last week in a time of “many seniors facing food insecurity, prohibitive healthcare costs, and other challenges,” displaying where the most affordable states were to retire in and trends among other states when it comes to prices.
Missouri ranked number six in the top 10, with the journal noting the state’s rank as ninth in the country for affordable housing. By utilizing ranks of housing costs, living costs, and tax friendliness, this placed Missouri just below the halfway mark, as while it can be affordable, it is not as affordable as other states.
Between the different ranks, Missouri came in at #9 for housing costs, #7 for living costs, and #22 for tax friendliness.
Below are key statistics Retirement Living provided regarding these costs:
- Median monthly rent: $835
- Median home price: $258,000
- Average price of groceries per week: $206.61
- Average price of regular gas per gallon: $2.80
- Medicare advantage plan: $12.69
- No social security income tax
- State income tax: 4.80%
- Property tax: 0.88%
Ahead of Missouri on the list is Iowa, Indiana, Alabama, Mississippi and Arkansas. The ones to fall behind the Show-Me State are Kentucky, Ohio, Tennessee and Oklahoma.
To view the full report, click here.