Senior living companies operating in Florida may be buoyed by Bankrate’s new rankings of the best and worst states for retirement in 2022.
After crunching statistics on cost of living, public health and other metrics, the website named the Sunshine State tops, followed by another southern state and three states in the Midwest. The analysis also looked at wellness, culture, weather and crime.
Florida, with the second-largest share of adults aged 65 and older among all 50 states, led the ranking categories of culture and diversity. The state also boasts racial diversity and a significant LGBTQ population, according to Bankrate. The high incidence of hurricanes and tornadoes hurt the state’s weather ranking (No 5), however.
Affordability, once a major selling point for the state, is fading as the cost of living rises, Bankrate said. Florida ranked No. 18 on the site’s affordability index.
Next in line for the best retirement state was Georgia, which claims affordability as a major selling point. The state combines a low cost of living and a low tax burden to rank No. 7 in affordability, Bankrate said.
With an average annual temperature of 64 degrees, the Peach State is the fifth-warmest state in the nation. Although its tornado risk is average, its small coastline places it at risk for hurricanes, Bankrate noted.
The state’s weak spot was culture (No. 37), according to the rankings. Georgia has one of the nation’s lowest percentages of residents aged 65 and older, and it ranked near the bottom in arts and entertainment establishments.
Midwest states rounded out the rest of the top five, with Michigan (No. 3 overall), which was tops for affordability in the nation due to a low cost of living and low tax burden; Ohio (No. 4 overall), which also scored well on affordability (No. 11); and Missouri (No. 5 overall), where affordability (No. 3) and a moderate climate (No. 19) won points.
States landing in the bottom five were Alaska (No. 50 overall), Maine (49), California (48), New Mexico (47) and Montana (46). Alaska ranked No. 48 in the subcategory of weather and No. 49 for crime. Maine ranked dead last for weather. California ranked No. 49 for affordability, whereas New Mexico ranked last for crime and No. 45 for well-being. Montana ranked No 47 for weather.
