Connecticut is among the least affordable states to retire in, data shows

Some Connecticut residents may choose to head south once reaching retirement age. But for those who choose to remain in the Nutmeg State, it might not be the friendliest state for retirement, according to recent data.

Financial website Bankrate calculated each state’s affordability using the Community and Economic Research's cost of living index from July 2022 and the Tax Foundation's rankings for property and sales tax rates for 2022.

The Bankrate analysis found that Connecticut is the third least affordable state to retire in this year, behind Hawaii (No. 1) and California (No. 2). 

Massachusetts, New Jersey, Vermont and Rhode Island occupy spots four through seven, respectively.

Bankrate ranked Connecticut the 43rd best state to retire in overall, including its affordability along with its measures for well-being, culture and diversity, weather and crime. 

While Connecticut was among the worst states for affordability, it ranked high in three of the four other areas: the state was No. 4 for crime, No. 8 for well-being and No. 14 for culture and diversity. The Nutmeg State’s weather earned a ranking of No. 39. 

Bankrate ranked Florida the best place to retire, giving it top scores for weather (No. 5), as well as culture and diversity (No. 1). The rest of the site's choices for the top five best states to retire in include Georgia (No. 2), Michigan (No. 3), Ohio (No. 4) and Missouri (No. 5).

Bankrate’s ranking of affordable states to retire follows another analysis by real estate market publication Point2, which found that home prices in the Bridgeport-Stamford-Norwalk metro area and the Norwich-New London metro area increased by more than half between 2011 and 2021. Net increases in greater Bridgeport metro area hit $60 per day in that 10-year span. 

While home prices are starting to fall, bids are still coming in above asking price for homes. However, listings and sales transactions point to many properties selling for under the asking price.