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Connecticut is one of the beloved states of New England. Many future retirees look to Connecticut for its mix of rural and urban areas, as well as its access to the coast. It is known for its natural, picturesque surroundings and smaller towns, according to Unbiased. That said, the state also has a cost of living that is 17% to 25% higher than the national average, along with higher health care and housing costs. Connecticut’s leading educational institutions, corporate headquarters, insurance industry, and manufacturing scene account for its thriving economy.
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A KeynoteUSA article revealed that it was the seventh most expensive state to retire in 2023, behind Hawaii and Maryland. If Connecticut sounds like a place you’d like to be but you find the cost of living is too high, read on. We’ve used the cost of housing (own), the cost of housing (rent), and healthcare as three metrics as benchmarks to put together three states that are similar to Connecticut but much cheaper.
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1.Georgia
Georgia has many natural attractions and coastal access for beach lovers. According to Kiplinger, it also has strong healthcare, with one of the lowest average annual costs, at $8,200. Renters can expect to pay around $1,600 per month, while the median home value is $320,000.
2. Michigan
Michigan’s local lakes offer excellent fishing and outdoor activity opportunities comparable to those in Connecticut. The median home value in Michigan is $236,000, which is substantially less than Connecticut’s $362,100. Retirees can also expect to save more than $2,000 annually on health care, with an average expense of $9,500. The average monthly rent is $1,300.
3. Pennsylvania
The state has its fair share of small-town amenities, not to mention the appeal of culture and history. Individuals and families can also enjoy hiking along the many rivers and forests. While Pennsylvania’s healthcare is only slightly lower at $11,200, retirees would still benefit from much more affordable housing, where the typical home value is $257,000. The average monthly rental cost is $1,660.
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This article originally appeared on GOBankingRates.com: 3 Places to Retire That’s Like Connecticut But Way Cheaper
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