Choosing where to retire to is a major life decision, and finding the right location can make all the difference in your golden years, particularly if you’re thinking of settling down in a completely new state. It’s not just the climate you need to consider, you should also be thinking about factors like affordability, safety and senior-friendly living.
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If you’ve been considering retiring to the West Coast, we’ve put together some of the key things you need to know before you make your decision, based on an extensive GOBankingRates study. The study analyzed every U.S. state to rank the best places to retire based on cost of living indexes, average home values and crime rates, as well as key data like population statistics for those aged 65 and over.
By calculating factors such as median property taxes and household income, the study helps paint a complete picture of what it really costs to retire and live in each state. It also examines crime rates and the monthly cost of living to give future retirees a holistic view of what each state has to offer.
Before deciding to spend your retirement years in California, Oregon, Washington, Hawaii or Alaska, here are six key things to consider:
- Percentage of population 65+
- Average single family home value
- Monthly cost of living
- Median property tax rate
- Violent crime rate per 1000 residents
- Property crime rate per 1000 residents
Based on all of these key factors, here is how each of these five West Coast states ranks overall in places to retire:
- Oregon (ranked 29)
- Hawaii (ranked 42)
- Washington (ranked 45)
- Alaska (ranked 47)
- California (ranked 50)
Oregon
- Percentage of population 65+: 19.3%
- Average single family home value: $511,920
- Monthly cost of living: $5,019
- Median property tax rate: 0.93%
- Violent crime rate per 1000 residents: 2.41
- Property crime rate per 1000 residents: 24.57
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Retirees heading to Oregon benefit from a combination of natural beauty and access to the arts, with reasonable living costs and lower crime rates compared to other states on this list.
Hawaii
- Percentage of population 65+: 20.5%
- Average single family home value: $991,137
- Monthly cost of living: $8,348
- Median property tax rate: 0.29%
- Violent crime rate per 1000 residents: 2.53
- Property crime rate per 1000 residents: 25.78
While the high costs of this island state may deter some, Hawaii’s beautiful beaches and low property tax rate make it a dream destination for retirees who can afford the premium.
Washington
- Percentage of population 65+: 16.8%
- Average single family home value: $616,665
- Monthly cost of living: $5,702
- Median property tax rate: 0.94%
- Violent crime rate per 1000 residents: 2.63
- Property crime rate per 1000 residents: 31.44
Washington combines higher living costs with a moderate crime rate, but its proximity to both nature and city living make it an attractive option for retirees looking for a diverse lifestyle.
Alaska
- Percentage of population 65+: 13.8%
- Average single family home value: $378,750
- Monthly cost of living: $4,774
- Median property tax rate: 1.22%
- Violent crime rate per 1000 residents: 4.96
- Property crime rate per 1000 residents: 12.11
Alaska offers the lowest cost of living of these states, along with more affordable housing, but its higher crime rates and colder climate may not appeal to everyone looking for a traditional retirement experience.
California
- Percentage of population 65+: 15.8%
- Average single family home value: $810,327
- Monthly cost of living: $6,992
- Median property tax rate: 0.75%
- Violent crime rate per 1000 residents: 5.39
- Property crime rate per 1000 residents: 44.38
California’s high costs and crime rates are offset by its desirable climate and cultural diversity, making it a popular but pricey choice for retirees.
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This article originally appeared on GOBankingRates.com: 6 Things To Know Before Retiring on the West Coast
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
