Senior housing developers may want to avoid New England as a spot to build retirement communities, as five out of the six states composing the region made it to TopRetirements.com’s list of the 10 worst states for retirees in 2012.
Connecticut ranked first as the absolute worst state to retire in, because it’s not considered to be affordable due to its property taxes, personal income taxes, and cost of living, according to John Brady, president of TopRetirements.com
Rhode Island, Massachusetts, Maine, and Vermont also make the list, with Brady examining factors such as a states’s fiscal health, property taxes, state income tax, cost of living, and climate.
Nearby New York and New Jersey have high costs of living and property taxes, respectively, among other reasons for being undesirable retirement locations.
Illinois is the second-worst state for retirees thanks to its pension funding, deficit spending, unemployment, and foreclosure rates being among the worst of any state. The other two states rounding out the top-10 are also in the Midwest: Minnesota and #10 Wisconsin.
View TopRetirements.com’s list and full set of criteria here.
Written by Alyssa Gerace