Posted 3/11/24

A recent poll using data from the Census Bureau, Bureau of Economic Analysis, Social Security Administration and Centers for Medicare and Medicaid Services, and a wide range of financial factors were analyzed including housing, electricity, gas, groceries, taxes, Social Security payments, inflation and Medicare spending, ranks Tennessee a great place to retire to.

In Tennessee, a strong 82.1% of seniors own their own home; home values jumped 21.1% between 2021 and 2022, the second-most in the nation. The state ranked # 3 for groceries ($245 per month), # 13 for gas ($2.86 per gallon) and # 16 for inflation ($845 per month).

Tennessee was also rated most tax-friendly for retirees, and fell squarely in the middle of the pack for median rent ($1,749 a month). Residents do receive relatively low SSI payments compared to other states: $599 per month (tied at No. 32).

What other states were ranked as the best places to retire on a budget ? Iowa, New Mexico, Oklahoma, and South Dakota.