Yahoo Finance 5 Things To Know Before Retiring on the East Coast
Deciding where to retire is one of the most important decisions you’ll ever make.
Some people decide where to retire based on the proximity to their family, affordable housing, climate, and access to healthcare options.
GOBankingRates analyzed each U.S. state to rank it from best to worst. The study measured factors like home prices, the population ages 65 and over, median property taxes paid, and crime rates.
Whether you’re considering a quiet, coastal retreat or an active arts community, here are five things to know before retiring on the East Coast.
Housing Prices Are Cheaper in the South
There’s a reason many retirees flock south to southern states – the average housing prices are cheaper.
Maine ranked second overall in the GOBankingRates study in terms of housing prices, retiree population, cost of living, and crime rate. However, the average single-family home in Maine is $407,172. This compares to the average home prices in North and South Carolina, which are $337,441 and $302,768, respectively. The Carolinas ranked in the middle overall in the study.
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Don’t Sleep on New York
New York can be expensive because NYC is home to some of the most expensive zip codes in the country.
However, the average cost of living per month is $4,632, and the price for a single-family home in New York is $455,756. These prices seem expensive until you compare New York with its neighbors.
New Jersey, its southern neighbor, has an average monthly cost of living of $5,184, and the average price for a single-family home is more than half a million dollars ($554,214).
Massachusetts, a northern neighboring state, is also expensive. While retirees account for over 1.2 million, or 18% of the Massachusetts population, they pay an average of $657,464 for a single-family home and $6,114 per month in cost-of-living expenses.
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Crime Rates Vary by Region
The GOBankingRates study examined the average violent and property crimes on the East Coast.
Northern states like New Hampshire and Maine had the lowest violent crime rates, at less than 1% – 0.82% (New Hampshire) and 0.85% (Maine).
Mid-Atlantic states like Delaware and Maryland had higher violent crime rates of 5.71% and 4.31%, respectively. At 6.32%, South Carolina had the highest violent crime rate on the East Coast in the GOBankingRates study.
Property crimes were highest in the Carolinas, with 27.19% in North Carolina and 31.65% in South Carolina.
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Property Tax Rates Higher in Northern States
On average, the median effective property tax rates were higher in Northern East Coast states than in Southern states, often because of differences in state tax policies.
According to the GOBankingRates survey, New Jersey had the highest property tax rate at 2.47%, while Southern states like South Carolina (0.56%), North Carolina (0.8%), and Virginia (0.82%) have lower rates. Delaware, a Mid-Atlantic state, is an outlier with a tax rate of only 0.58%
Retirees Are Everywhere
It’s a common perception that people long for warmer weather and sunny days as they age.
In some cases, that perception is true. According to GOBankingRates’ research, older adults aged 65 and over accounted for over 21% of Florida’s population. However, in terms of percentage of the overall population, retirees accounted for nearly 23% of Maine’s population and over 20% of New Hampshire’s population.
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This article originally appeared on GOBankingRates.com: 5 Things To Know Before Retiring on the East Coast
