©Shutterstock.com
Commitment to our readers
The GOBankingRates editorial team is committed to providing you with unbiased reviews and information. We use data-driven methods to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our review methodology for products and services.
20 years
Helping you become richer
trusted by
millions of readers
When people dream of a retirement destination, things like mild weather and affordability often come to mind.
Unfortunately, sometimes things don’t go as expected. These six states may seem like perfect places to retire at first glance, but for some retirees they are the cause of regrets.
Florida
Florida remains a popular location for retirees to relocate, but insurance costs are a common source of regret after a move. The average property insurance cost for mortgaged homes in the Sunshine State was the highest in the country at $2,273. US Census Bureau.
texas
Texas attracts retirees because it has no state income tax, but insurance and climate-related costs can put a strain on the budget.
Homeowners insurance premiums have increased dramatically in recent years Texas Insurance Department. Additionally, the state’s tendency to get extremely hot during the summer may result in utility costs being higher than expected, which some retirees may underestimate when budgeting for the move. BMG.
louisiana
Low home prices in Louisiana attract retirees. The median home price in the state is $251,700, according to redfin dataThat’s $200,000 less than the average US home price of $433.21. However, hurricane risk and insurance affordability often lead to regrets. Census data shows Louisiana is also among the states with high property insurance costs associated with severe weather risk.
California
Although California offers a lot of benefits related to climate and recreation, covering housing and insurance costs can be a struggle. Analysis to 2025 Turner Center for Housing Innovation at UC Berkeley Description of insurance availability problems in the state due to wildfire risk.
nevada
Nevada attracts retirees with tax benefits, such as no state income tax and relatively reasonable property taxes. However, water shortages and extreme heat are ongoing issues in the southwest, resulting in unaffordable utility bills, as reported by various local news outlets. nevada current.