Missouri is among the most affordable places to make your retirement destination, according to a new study.
The Show Me State ranked sixth on Retirement Living’s new list of most affordable states to retire, landing between Iowa and Kentucky. Arkansas came in first, with California landing last.
Missouri is “another balanced state that earned high marks for both an affordable cost of living and affordable housing,” writer Jack Flynn noted. The state came in ninth in overall housing costs, seventh in cost of living.
Here’s how the state compares to the national average on a variety of factors, according to the study:
Median rent: $835 (national average is $1,406)
Median home sale price: $258,000 (national: $425,000)
The cost of groceries and gas in Missouri is also marginally lower than the national average
“Taxes in Missouri are neither low nor high, with a property tax rate of 0.88% and a state income tax rate of 4.80%,” Flynn added. “This makes the Show-me State’s taxes affordable than many others, but as affordable, not most of the other states on our top 10 list.”
In compiling their list, Retirement Living weighted three categories that added up to 100 points: 35 points each for housing costs and living costs, 30 points for tax friendliness. You can read the full study and see where other states rank at https://www.retirementliving.com/most-affordable-states-to-retire.
Aarik Danielsen is the features and culture editor for the Tribune. Contact him at adanielsen@columbiatribune.com. He’s on Twitter/X @aarikdanielsen.
This article originally appeared on Columbia Daily Tribune: Study ranks Missouri among most affordable states to retire