The Most Expensive States Retirees Should Think Twice About Moving To

Inflation has cooled from its recent highs, but it continues to affect the cost of everyday life across the United States. As of early 2024, the Consumer Price Index shows inflation running at a lower annual rate than its June 2022 peak of 9.1%, though it still remains above the Federal Reserve’s long-term 2% target. Even at a slower pace, rising prices continue to strain household budgets, especially for those on fixed incomes like retirees.

While inflation impacts every part of the country, the cost of living varies significantly by state. Expenses such as housing, groceries, utilities, and healthcare can differ widely, making some states far more expensive places to live, particularly for those trying to stretch retirement savings.

To identify the most expensive states to live in, My Investment News reviewed data from the Missouri Economic Research and Information Center’s (MERIC) Composite Cost of Living Index. This index compares states to the national average of 100, with higher scores indicating a higher cost of living. Rankings are based on the most recent full-year data available.

Housing remains the single largest driver of cost differences. In the most expensive states, housing costs can exceed the national average by well over 100%, significantly impacting overall affordability. Other major categories include groceries, transportation, utilities, and healthcare, all of which contribute to the total cost burden.

Income levels often rise alongside cost of living, but not always enough to offset higher expenses, particularly for retirees who rely on fixed incomes, savings, or Social Security. Understanding where costs are highest can help individuals make more informed decisions about where to live, relocate, or retire.

51. Oklahoma

Avg. cost of living in 2023: 86.2, or 13.8% less than avg
Most expensive category: Utilities — 98.2, or 1.8% less than avg
Least expensive category: Housing — 68.5, or 31.5% less than avg
Median household income, 2022: $59,673 (6th lowest)
Poverty rate, 2022: 15.7% (8th highest)
Inflation rate, Feb 2024: 3.5% (for West South Central region)

50. Mississippi

Avg. cost of living in 2023: 86.3, or 13.7% less than avg
Most expensive category: Health — 98.4, or 1.6% less than avg
Least expensive category: Housing — 70.9, or 29.1% less than avg
Median household income, 2022: $52,719 (the lowest)
Poverty rate, 2022: 19.1% (the highest)
Inflation rate, Feb 2024: 3.5% (for East South Central region)

49. Kansas

Avg. cost of living in 2023: 87.1, or 12.9% less than avg
Most expensive category: Utilities — 106.6, or 6.6% more than avg
Least expensive category: Housing — 67.4, or 32.6% less than avg
Median household income, 2022: $68,925 (17th lowest)
Poverty rate, 2022: 12.0% (25th lowest)
Inflation rate, Feb 2024: 3.0% (for West North Central region)

48. West Virginia

Avg. cost of living in 2023: 87.7, or 12.3% less than avg
Most expensive category: Grocery — 98.4, or 1.6% less than avg
Least expensive category: Housing — 66.9, or 33.1% less than avg
Median household income, 2022: $54,329 (2nd lowest)
Poverty rate, 2022: 17.9% (3rd highest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region)

47. Alabama

Avg. cost of living in 2023: 88.3, or 11.7% less than avg
Most expensive category: Utilities — 102.4, or 2.4% more than avg
Least expensive category: Housing — 70, or 30% less than avg
Median household income, 2022: $59,674 (7th lowest)
Poverty rate, 2022: 16.2% (7th highest)
Inflation rate, Feb 2024: 3.5% (for East South Central region)

46. Missouri

Avg. cost of living in 2023: 88.5, or 11.5% less than avg
Most expensive category: Utilities — 98.6, or 1.4% less than avg
Least expensive category: Housing — 77, or 23% less than avg
Median household income, 2022: $64,811 (10th lowest)
Poverty rate, 2022: 13.2% (16th highest)
Inflation rate, Feb 2024: 3.0% (for West North Central region)

45. Arkansas

Avg. cost of living in 2023: 89.0, or 11.0% less than avg
Most expensive category: Grocery — 95.3, or 4.7% less than avg
Least expensive category: Housing — 74.6, or 25.4% less than avg
Median household income, 2022: $55,432 (4th lowest)
Poverty rate, 2022: 16.8% (5th highest)
Inflation rate, Feb 2024: 3.5% (for West South Central region)

44. Tennessee

Avg. cost of living in 2023: 90.3, or 9.7% less than avg
Most expensive category: Grocery — 97.7, or 2.3% less than avg
Least expensive category: Housing — 82.4, or 17.6% less than avg
Median household income, 2022: $65,254 (11th lowest)
Poverty rate, 2022: 13.3% (15th highest)
Inflation rate, Feb 2024: 3.5% (for East South Central region)

43. Iowa

Avg. cost of living in 2023: 90.3, or 9.7% less than avg
Most expensive category: Health — 99.4, or 0.6% less than avg
Least expensive category: Housing — 74.1, or 25.9% less than avg
Median household income, 2022: $69,588 (20th lowest)
Poverty rate, 2022: 11.0% (18th lowest)
Inflation rate, Feb 2024: 3.0% (for West North Central region)

42. Michigan

Avg. cost of living in 2023: 90.6, or 9.4% less than avg
Most expensive category: Utilities — 101.1, or 1.1% more than avg
Least expensive category: Housing — 77.1, or 22.9% less than avg
Median household income, 2022: $66,986 (14th lowest)
Poverty rate, 2022: 13.4% (13th highest)
Inflation rate, Feb 2024: 2.6% (for East North Central region)

41. Georgia

Avg. cost of living in 2023: 90.8, or 9.2% less than avg
Most expensive category: Health — 100.3, or 0.3% more than avg
Least expensive category: Housing — 78.2, or 21.8% less than avg
Median household income, 2022: $72,837 (22nd highest)
Poverty rate, 2022: 12.7% (19th highest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region)

40. Nebraska

Avg. cost of living in 2023: 90.9, or 9.1% less than avg
Most expensive category: Transportation — 100, or 0% average
Least expensive category: Housing — 78.6, or 21.4% less than avg
Median household income, 2022: $69,597 (21st lowest)
Poverty rate, 2022: 11.2% (20th lowest)
Inflation rate, Feb 2024: 3.0% (for West North Central region)

39. Louisiana

Avg. cost of living in 2023: 91.0, or 9.0% less than avg
Most expensive category: Health — 98.7, or 1.3% less than avg
Least expensive category: Housing — 81.6, or 18.4% less than avg
Median household income, 2022: $55,416 (3rd lowest)
Poverty rate, 2022: 18.6% (2nd highest)
Inflation rate, Feb 2024: 3.5% (for West South Central region)

38. Indiana

Avg. cost of living in 2023: 91.0, or 9.0% less than avg
Most expensive category: Utilities — 106.7, or 6.7% more than avg
Least expensive category: Housing — 75.8, or 24.2% less than avg
Median household income, 2022: $66,785 (13th lowest)
Poverty rate, 2022: 12.6% (20th highest)
Inflation rate, Feb 2024: 2.6% (for East North Central region)

37. Kentucky

Avg. cost of living in 2023: 92.0, or 8.0% less than avg
Most expensive category: Utilities — 104.4, or 4.4% more than avg
Least expensive category: Housing — 73.7, or 26.3% less than avg
Median household income, 2022: $59,341 (5th lowest)
Poverty rate, 2022: 16.5% (6th highest)
Inflation rate, Feb 2024: 3.5% (for East South Central region)

36. Illinois

Avg. cost of living in 2023: 92.1, or 7.9% less than avg
Most expensive category: Transportation — 103, or 3% more than avg
Least expensive category: Housing — 79.8, or 20.2% less than avg
Median household income, 2022: $76,708 (18th highest)
Poverty rate, 2022: 11.9% (24th lowest)
Inflation rate, Feb 2024: 2.6% (for East North Central region)

35. South Dakota

Avg. cost of living in 2023: 92.4, or 7.6% less than avg
Most expensive category: Health — 97.9, or 2.1% less than avg
Least expensive category: Housing — 87.1, or 12.9% less than avg
Median household income, 2022: $69,728 (22nd lowest)
Poverty rate, 2022: 12.5% (21st highest)
Inflation rate, Feb 2024: 3.0% (for West North Central region)

34. Wyoming

Avg. cost of living in 2023: 92.4, or 7.6% less than avg
Most expensive category: Grocery — 102.3, or 2.3% more than avg
Least expensive category: Housing — 80, or 20% less than avg
Median household income, 2022: $70,042 (23rd lowest)
Poverty rate, 2022: 11.8% (22nd lowest)
Inflation rate, Feb 2024: 2.5% (for Mountain region)

33. Texas

Avg. cost of living in 2023: 92.7, or 7.3% less than avg
Most expensive category: Utilities — 104, or 4% more than avg
Least expensive category: Housing — 83.1, or 16.9% less than avg
Median household income, 2022: $72,284 (25th highest)
Poverty rate, 2022: 14.0% (10th highest)
Inflation rate, Feb 2024: 3.5% (for West South Central region)

32. New Mexico

Avg. cost of living in 2023: 94.0, or 6.0% less than avg
Most expensive category: Health — 99.3, or 0.7% less than avg
Least expensive category: Housing — 87.3, or 12.7% less than avg
Median household income, 2022: $59,726 (8th lowest)
Poverty rate, 2022: 17.6% (4th highest)
Inflation rate, Feb 2024: 2.5% (for Mountain region)

31. Minnesota

Avg. cost of living in 2023: 94.1, or 5.9% less than avg
Most expensive category: Health — 109.2, or 9.2% more than avg
Least expensive category: Housing — 82.1, or 17.9% less than avg
Median household income, 2022: $82,338 (14th highest)
Poverty rate, 2022: 9.6% (6th lowest)
Inflation rate, Feb 2024: 3.0% (for West North Central region)

30. North Dakota

Avg. cost of living in 2023: 94.6, or 5.4% less than avg
Most expensive category: Health — 111.2, or 11.2% more than avg
Least expensive category: Housing — 83.4, or 16.6% less than avg
Median household income, 2022: $71,970 (26th highest)
Poverty rate, 2022: 11.5% (21st lowest)
Inflation rate, Feb 2024: 3.0% (for West North Central region}

29. Ohio

Avg. cost of living in 2023: 94.7, or 5.3% less than avg
Most expensive category: Grocery — 101.4, or 1.4% more than avg
Least expensive category: Housing — 81.2, or 18.8% less than avg
Median household income, 2022: $65,720 (12th lowest)
Poverty rate, 2022: 13.4% (12th highest)
Inflation rate, Feb 2024: 2.6% (for East North Central region}

28. Wisconsin

Avg. cost of living in 2023: 95.1, or 4.9% less than avg
Most expensive category: Health — 112.3, or 12.3% more than avg
Least expensive category: Housing — 84.7, or 15.3% less than avg
Median household income, 2022: $70,996 (24th lowest)
Poverty rate, 2022: 10.7% (14th lowest)
Inflation rate, Feb 2024: 2.6% (for East North Central region}

27. South Carolina

Avg. cost of living in 2023: 95.3, or 4.7% less than avg
Most expensive category: Utilities — 106.5, or 6.5% more than avg
Least expensive category: Housing — 86.5, or 13.5% less than avg
Median household income, 2022: $64,115 (9th lowest)
Poverty rate, 2022: 14.0% (11th highest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region}

26. North Carolina

Avg. cost of living in 2023: 95.3, or 4.7% less than avg
Most expensive category: Health — 108.1, or 8.1% more than avg
Least expensive category: Housing — 90.2, or 9.8% less than avg
Median household income, 2022: $67,481 (15th lowest)
Poverty rate, 2022: 12.8% (17th highest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region}

25. Pennsylvania

Avg. cost of living in 2023: 95.6, or 4.4% less than avg
Most expensive category: Utilities — 107.3, or 7.3% more than avg
Least expensive category: Housing — 81.9, or 18.1% less than avg
Median household income, 2022: $71,798 (25th lowest)
Poverty rate, 2022: 11.8% (23rd lowest)
Inflation rate, Feb 2024: 2.6% (for Middle Atlantic region}

24. Idaho

Avg. cost of living in 2023: 98.6, or 1.4% less than avg
Most expensive category: Transportation — 105.2, or 5.2% more than avg
Least expensive category: Utilities — 85.7, or 14.3% less than avg
Median household income, 2022: $72,785 (23rd highest)
Poverty rate, 2022: 10.7% (15th lowest)
Inflation rate, Feb 2024: 2.5% (for Mountain region}

23. Florida

Avg. cost of living in 2023: 100.7, or 0.7% more than avg
Most expensive category: Housing — 106.3, or 6.3% more than avg
Least expensive category: Health — 96.5, or 3.5% less than avg
Median household income, 2022: $69,303 (18th lowest)
Poverty rate, 2022: 12.7% (18th highest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region}

22. Nevada

Avg. cost of living in 2023: 101.0, or 1.0% more than avg
Most expensive category: Transportation — 116.6, or 16.6% more than avg
Least expensive category: Health — 91.7, or 8.3% less than avg
Median household income, 2022: $72,333 (24th highest)
Poverty rate, 2022: 12.5% (23rd highest)
Inflation rate, Feb 2024: 2.5% (for Mountain region}

21. Delaware

Avg. cost of living in 2023: 101.1, or 1.1% more than avg
Most expensive category: Health — 103.2, or 3.2% more than avg
Least expensive category: Housing — 97, or 3% less than avg
Median household income, 2022: $82,174 (15th highest)
Poverty rate, 2022: 9.4% (3rd lowest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region}

20. Virginia

Avg. cost of living in 2023: 101.9, or 1.9% more than avg
Most expensive category: Housing — 105.7, or 5.7% more than avg
Least expensive category: Transportation — 94.8, or 5.2% less than avg
Median household income, 2022: $85,873 (13th highest)
Poverty rate, 2022: 10.6% (13th lowest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region}

19. Montana

Avg. cost of living in 2023: 102.9, or 2.9% more than avg
Most expensive category: Transportation — 109, or 9% more than avg
Least expensive category: Utilities — 92.8, or 7.2% less than avg
Median household income, 2022: $67,631 (16th lowest)
Poverty rate, 2022: 12.1% (25th highest)
Inflation rate, Feb 2024: 2.5% (for Mountain region)

18. Utah

Avg. cost of living in 2023: 103.2, or 3.2% more than avg
Most expensive category: Housing — 110.7, or 10.7% more than avg
Least expensive category: Health — 91, or 9% less than avg
Median household income, 2022: $89,168 (10th highest)
Poverty rate, 2022: 8.2% (2nd lowest)
Inflation rate, Feb 2024: 2.5% (for Mountain region)

17. Colorado

Avg. cost of living in 2023: 105.1, or 5.1% more than avg
Most expensive category: Housing — 113.6, or 13.6% more than avg
Least expensive category: Utilities — 91.3, or 8.7% less than avg
Median household income, 2022: $89,302 (9th highest)
Poverty rate, 2022: 9.4% (4th lowest)
Inflation rate, Feb 2024: 2.5% (for Mountain region)

16. Arizona

Avg. cost of living in 2023: 108.4, or 8.4% more than avg
Most expensive category: Housing — 124.1, or 24.1% more than avg
Least expensive category: Health — 93.8, or 6.2% less than avg
Median household income, 2022: $74,568 (20th highest)
Poverty rate, 2022: 12.5% (22nd highest)
Inflation rate, Feb 2024: 2.5% (for Mountain region)

15. Maine

Avg. cost of living in 2023: 109.9, or 9.9% more than avg
Most expensive category: Housing — 117.4, or 17.4% more than avg
Least expensive category: Grocery — 101.8, or 1.8% more than avg
Median household income, 2022: $69,543 (19th lowest)
Poverty rate, 2022: 10.8% (16th lowest)
Inflation rate, Feb 2024: 2.1% (for New England region)

14. Rhode Island

Avg. cost of living in 2023: 110.7, or 10.7% more than avg
Most expensive category: Housing — 116.8, or 16.8% more than avg
Least expensive category: Transportation — 92.5, or 7.5% less than avg
Median household income, 2022: $81,854 (16th highest)
Poverty rate, 2022: 10.8% (17th lowest)
Inflation rate, Feb 2024: 2.1% (for New England region)

13. Connecticut

Avg. cost of living in 2023: 112.8, or 12.8% more than avg
Most expensive category: Utilities — 130.4, or 30.4% more than avg
Least expensive category: Transportation — 100.4, or 0.4% more than avg
Median household income, 2022: $88,429 (11th highest)
Poverty rate, 2022: 9.8% (8th lowest)
Inflation rate, Feb 2024: 2.1% (for New England region)

12. New Jersey

Avg. cost of living in 2023: 113.9, or 13.9% more than avg
Most expensive category: Housing — 135.8, or 35.8% more than avg
Least expensive category: Health — 99.3, or 0.7% less than avg
Median household income, 2022: $96,346 (2nd highest)
Poverty rate, 2022: 9.7% (7th lowest)
Inflation rate, Feb 2024: 2.6% (for Middle Atlantic region)

11. New Hampshire

Avg. cost of living in 2023: 114.1, or 14.1% more than avg
Most expensive category: Utilities — 131, or 31% more than avg
Least expensive category: Grocery — 102, or 2% more than avg
Median household income, 2022: $89,992 (8th highest)
Poverty rate, 2022: 7.2% (the lowest)
Inflation rate, Feb 2024: 2.1% (for New England region)

10. Oregon

Avg. cost of living in 2023: 114.7, or 14.7% more than avg
Most expensive category: Housing — 136.3, or 36.3% more than avg
Least expensive category: Utilities — 95.9, or 4.1% less than avg
Median household income, 2022: $75,657 (19th highest)
Poverty rate, 2022: 12.1% (26th highest)
Inflation rate, Feb 2024: 3.5% (for Pacific region)

9. Vermont

Avg. cost of living in 2023: 115.3, or 15.3% more than avg
Most expensive category: Housing — 133.1, or 33.1% more than avg
Least expensive category: Grocery — 104.8, or 4.8% more than avg
Median household income, 2022: $73,991 (21st highest)
Poverty rate, 2022: 10.4% (12th lowest)
Inflation rate, Feb 2024: 2.1% (for New England region)

8. Washington

Avg. cost of living in 2023: 116.0, or 16.0% more than avg
Most expensive category: Housing — 128.7, or 28.7% more than avg
Least expensive category: Utilities — 92.1, or 7.9% less than avg
Median household income, 2022: $91,306 (7th highest)
Poverty rate, 2022: 10.0% (9th lowest)
Inflation rate, Feb 2024: 3.5% (for Pacific region)

7. Maryland

Avg. cost of living in 2023: 116.5, or 16.5% more than avg
Most expensive category: Housing — 146.4, or 46.4% more than avg
Least expensive category: Health — 97.4, or 2.6% less than avg
Median household income, 2022: $94,991 (3rd highest)
Poverty rate, 2022: 9.6% (5th lowest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region)

6. Alaska

Avg. cost of living in 2023: 125.2, or 25.2% more than avg
Most expensive category: Utilities — 157.9, or 57.9% more than avg
Least expensive category: Transportation — 115.3, or 15.3% more than avg
Median household income, 2022: $88,121 (12th highest)
Poverty rate, 2022: 11.0% (19th lowest)
Inflation rate, Feb 2024: 3.5% (for Pacific region)

5. New York

Avg. cost of living in 2023: 125.9, or 25.9% more than avg
Most expensive category: Housing — 176, or 76% more than avg
Least expensive category: Utilities — 103.1, or 3.1% more than avg
Median household income, 2022: $79,557 (17th highest)
Poverty rate, 2022: 14.3% (9th highest)
Inflation rate, Feb 2024: 2.6% (for Middle Atlantic region)

4. California

Avg. cost of living in 2023: 138.5, or 38.5% more than avg
Most expensive category: Housing — 198.8, or 98.8% more than avg
Least expensive category: Health — 108.5, or 8.5% more than avg
Median household income, 2022: $91,551 (6th highest)
Poverty rate, 2022: 12.2% (24th highest)
Inflation rate, Feb 2024: 3.5% (for Pacific region)

3. Massachusetts

Avg. cost of living in 2023: 146.5, or 46.5% more than avg
Most expensive category: Housing — 218.5, or 118.5% more than avg
Least expensive category: Grocery — 105.3, or 5.3% more than avg
Median household income, 2022: $94,488 (4th highest)
Poverty rate, 2022: 10.4% (11th lowest)
Inflation rate, Feb 2024: 2.1% (for New England region)

2. District of Columbia

Avg. cost of living in 2023: 146.8, or 46.8% more than avg
Most expensive category: Housing — 237.7, or 137.7% more than avg
Least expensive category: Grocery — 105.4, or 5.4% more than avg
Median household income, 2022: $101,027 (the highest)
Poverty rate, 2022: 13.3% (14th highest)
Inflation rate, Feb 2024: 3.9% (for South Atlantic region)

1. Hawaii

Avg. cost of living in 2023: 180.3, or 80.3% more than avg
Most expensive category: Housing — 313.1, or 213.1% more than avg
Least expensive category: Grocery — 116.7, or 16.7% more than avg
Median household income, 2022: $92,458 (5th highest)
Poverty rate, 2022: 10.2% (10th lowest)
Inflation rate, Feb 2024: 3.5% (for Pacific region)