West Virginia Offers The Best Opportunities For Retiring On A Budget

Bankrate found that West Virginia is the most budget-friendly state in which to retire due to its cheap housing prices and lack of a state income tax.

Travellers have traditionally been drawn to West Virginia for its breathtaking landscapes, delicious Appalachian cuisine, quaint little towns, breathtaking autumn foliage, and magnificent national parks.

However, the state is also a top choice for retirees looking for a peaceful environment in which to spend their golden years.

Bankrate found that West Virginia is the third best place to retire in the United States behind Iowa and Delaware because of its low cost of living.

West Virginia ranked 16th among the safest states. There is already a sizeable elderly population in the state, as 20% or 1.77 million residents are seniors (Census estimates).

To top it all off, the state of West Virginia no longer taxes its residents' Social Security payments and has one of the lowest real estate tax rates in the nation (0.55%).

SeniorLiving.org reports that the median monthly rent for a one-bedroom apartment in West Virginia is $552, while the median rent for a two-bedroom apartment is basically $678. Both of these figures are much lower than the national median of $1,027.

The website also predicts that an elderly person in the state would need $3,241 a month for a comfortable lifestyle, which includes access to assistance with food preparation, grocery buying, and errand running. The cheapest of West Virginia's over 40 independent living communities may be found in Beckley, while the most expensive can be found in Morgantown. Monthly costs vary from $800 to $3,366.

Retirees are attracted to West Virginia by the state's many recreational opportunities, including countless parks and resorts. During the summer, Charleston, the state capital, celebrates a 10-day festival complete with live music, food trucks, boat races, and other free cultural activities.

 

Source: travelandleisure.com