What is the cheapest state to live in when you retire?

Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. This is due to a low cost of living and light tax burden for residents.

cnbc.com - The 7 most affordable U.S. states to retire—and none of them are Florida

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If you want to make your money stretch after retiring, look no further than the Great Lakes state. Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. This is due to a low cost of living and light tax burden for residents. To compile the overall list of best states to retire, Bankrate ranked states according to five categories: affordability; health and wellness; culture and diversity; weather; and crime. To calculate affordability, Bankrate analyzed the July 2022 Cost of Living Index from the Council for Community and Economic Research and property and sales tax rates from the Tax Foundation's 2022 rankings.

Here are the seven most affordable states to retire, according to Bankrate:

Michigan Tennessee Missouri Mississippi Kentucky Oklahoma Georgia

Despite its top ranking in affordability, Michigan didn't place as highly in other categories. It ranked in the 30s for health and wellness, culture and diversity, and weather, and ranked 29th for crime. And although Florida is known to have good tax benefits for retirees, it came in at No. 18 for affordability since the state's cost of living has been rising, Bankrate reports. However, the state scored high marks in other categories, including ranking No. 1 for culture and diversity and No. 5 for weather. When thinking about where to retire, there are a number of things to consider. Everyone has different priorities. Ask yourself questions such as, "how will your income be taxed?" says Clark Kendall, president of Kendall Capital Management in Rockville, Maryland, and author of "Middle-Class Millionaire."

"Look at how you're going to spend your money, too," Kendall adds.

"When you're considering a community, you have to think about what you still want to do," says Ginni Field, a real estate broker in Oceanside, California, who specializes in senior buyers and sellers. "Do you still want to be able to play golf, tennis or pickleball?" Don't miss: Millennial and Gen Z workers aren’t saving enough for retirement—here are 3 tips to get on track

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Is it cheaper to buy a house or build one yourself?

In general, buying an existing home is cheaper. According to the National Association of Home Builders and the U.S. Census Bureau the median cost to buy a house today is $410,600 which is $28,800 less than building one.

usbank.com - Is it cheaper to build or buy a house? - U.S. Bank

Pros and cons: Building a house

You can build a basic home for about $150 per square foot1. But it’s easy to spend $500 per square foot if you want the best of everything. Still, building your own home means you’ll be paying for things you really want, like a large eat-in kitchen—and not items you may not need, like a separate formal dining room. Get ideas on building a unique dream home that fits your life. Another plus is that new homes come with fewer long-term costs. For example, new homes with more energy-efficient building materials may mean lower utility bills. Also, new homes tend to have fewer repairs and may have lower maintenance costs. Finally, newer homes may return a higher rate when you’re ready to sell. On the downside, construction timelines are longer today than they were a few years ago due to labor shortages and difficulties sourcing construction materials. The U.S. Census Bureau reports that the average time it takes to build a home is 6.8 months, but that can easily extend to a year or more for owner-built homes. And you’ll have to budget for a place to live while your new home is being built. Demand is also up, making the cost of building your dream home rise as well. According to the U.S. Census Bureau, the average price of a new-construction home has gone up $84,700 over the same time last year.

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