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Retirees are flocking to some states in droves. While their motivations aren’t entirely clear, the growing cost of living — especially property taxes — is a likely factor.
A John Burns Research and Consulting study ranked states based on their highest and lowest median property tax rates.
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Those who are ready might look to West Virginia and South Carolina — two states standing out as retiree hotspots, with property taxes of under 0.5%. While it can be tempting to save money, retirees should fully understand their finances, including their budget and spending habits, before relocating. This ensures they can afford the move, no matter how financially appealing it may seem.
Here’s what they offer and what retirees should consider.
West Virginia
West Virginia is ranked second best for retirement, just behind Delaware. While an official annual retiree count isn’t available, the U.S. Census Bureau reports that as of 2020, the state has a population of approximately 1.8 million, with 22% of the population aged 65 and older.
According to the Bankrate study, West Virginia is the most affordable state in the country. But West Virginia’s appeal stretches beyond finances. Charleston offers laid-back, scenic mountain living with big-city amenities, as well as a thriving arts and culture scene.
West Virginia’s affordability also helps residents battle inflation, another sticking point in choosing where to retire. For example, the state has the ninth-lowest average property tax rate in the U.S. (0.55%).
Another way to combat inflation is by investing in inflation-protecting assets, like gold. One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of American Hartford Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account — combining the tax advantages of an IRA with the protective benefits of investing in gold. This makes it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.
Even better, you can often roll over existing 401(k) or IRA accounts into a gold IRA without tax-related penalties. To learn more, get your free 2025 information guide on investing in precious metals.
Qualifying purchases can also receive up to $20,000 in free silver.
Of course, no retirement destination is perfect. Challenges in West Virginia include access to health care facilities in rural areas, colder winters with significant snowfall and fewer job opportunities for retirees to supplement their fixed income.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
South Carolina
South Carolina’s affordability has improved since 2023, moving up six spots in Bankrate’s study from the previous year. However, the overall cost of living remains above average, at about 95.9% of the national mark.
Utility costs contribute to the higher expenses, while housing remains affordable. House prices vary by region, but the state’s average home value is around $303,1260 — about 21% below the U.S. average. To bring the cost of homeownership down even further, consider OfficialHomeInsurance.com, which can help you get great rates to protect your home. All it takes is two minutes for them to comb through over 200 insurers, for free, to find the best deal in your area. The process can be done entirely online.
What makes South Carolina stand out is its tax structure. There’s no estate tax, Social Security benefits aren’t taxed and 401(k) and IRA withdrawals are only partially taxed.
With nearly 200 miles of coastline, retirees can also find idyllic communities on islands like Kiawah and Seabrook.
While South Carolina’s mild winters and sunny summers appeal to many, retirees should consider the region’s hot summers (with July highs of 89°F), as well as the risks of hurricanes and flooding. Another potential drawback is the state’s relatively high health care costs, ranking 33rd in the study. It’s worth considering how to decrease costs on other essentials to compensate for that.
For example, OfficialCarInsurance.com makes comparing multiple insurance companies easier than ever. They’ll ask you some quick questions then sort through leading insurance companies in your area, ensuring you find the lowest rate possible. The process is 100% free and won’t affect your credit score.
Talk to a financial advisor
At the end of the day, there are plenty of factors to consider before you up and move for your retirement. It’s about so much more than just finding somewhere with better tax benefits or cheaper rent. To figure out the best decision for your personal circumstances, it might be worth consulting with a financial advisor.
With Advisor.com, you get a trusted partner that’s with you every step of the way in your retirement journey.
The platform matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you’ve always dreamed of. Start planning early, and get your retirement mapped out today.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
