Retirement Retirement Planning

12 Crazy Reasons West Virginia Might Be the Best State for Retirement

Come for the scenic mountain beauty, stay for the low cost of living

By Holly Humbert

Edited by Ellen Cannon

Updated Jan. 22, 2025

If you live in an area with a high cost of living, you may be paying more for everyday items.

Reducing your expenses during retirement means you are less likely to need to supplement Social Security.

Doxo, a company that helps consumers manage bill payments, recently released its 2024 Cost of Bills Index. The report found that West Virginians had the lowest bill payments — 25% below the national average.

If you're considering relocating to save money, here are some crazy reasons why West Virginia might be the best state for retirement.

Earn cash back on everyday purchases with this rare account

Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!¹ See website for details.

With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!

This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.

Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.

Apply for a Discover Cashback Checking account today

Low cost of living

According to the doxo report, West Virginia is ranked the cheapest state to live in 2024. The report looked at the average of 10 types of bills: utilities, cable & phone, mobile phone, auto loans, auto insurance, life insurance, health Insurance, alarm & security, rent, and mortgage.

For retirees and those looking to escape higher costs of living, West Virginia provides a financial sanctuary.

Who really has the cheapest auto insurance in your area? Check your zip code here.

Average monthly household bills total $1,596

The average resident in West Virginia spends $1,596 per month, which is 25% below the national average. Simply put, this means a utility bill of $100 elsewhere could be $75 in West Virginia.

Your household size could impact that number, but if you are a retired couple, your costs will likely be lower here than other places.

Average mortgage cost is $961

The average mortgage payment of $961 in West Virginia is less than half of the national average, which sits at $2,715.

With the cost of homeownership skyrocketing in the last few years, West Virginia still offers a place where you can get a reasonable mortgage. Average homes in West Virginia are just over 1,700 square feet, and the average home price is $169,446 in 2024, according to Zillow.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

Go here, select your free gift, and click “Join Today”
Create your account (important!) by answering a few simple questions
Start enjoying your discounts and perks!

You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $15 the first year with auto-renewal.

Become an AARP member now

Average monthly rent is $846

If you're ready to downsize from your larger home when you retire, you might consider renting to allow you some flexibility.

Monthly rents are actually cheaper than mortgage costs in West Virginia. Renting offers you a chance to see if West Virginia is the right place for you to retire.

Average utility bill is $178.61

The average American spends more than $425 per month on utility bills. This totals more than $5,000 per year.

In West Virginia, people typically spend less than half the national average. Spending half on your utility bill sounds pretty great, right?

Low taxes

West Virginia has relatively low tax rates across the board. Combined local and state sales taxes equal 6.75%.

Income tax rates range from 2.36% to 5.12%. However, Social Security income isn't taxed at all. And there is no estate or inheritance tax. However, pensions and income from retirement accounts such as a 401(k) or IRA are taxed at the state income rate.

For retirees looking to stretch their retirement dollars, West Virginia may offer tax incentives to keep more money in your pocket.

Retirement News: Almost 80% of Americans fear a retirement age increase — here’s the real reason why

Low crime rate

For those worried about safety, West Virginia has a low crime rate compared to the national average. This may be due to the smaller than average population or the fact that 21% of the population is over 65. Either way, West Virginia is one of the safest states to live in.

Appalachian Mountains

West Virginia is the only state located wholly inside the Appalachian Mountains. It is an outdoor playground with plenty of recreational options. Hiking, skiing, fishing, camping, rafting, and more are all easily accessible.

For outdoor enthusiasts or retirees with lots of time on your hands, West Virginia offers miles of mountains to explore.

Get paid to live there

If you are still employed and have the ability to work remotely, you could get paid up to $12,000 just for moving to West Virginia. The Ascend WV program incentivizes people to move to West Virginia. As long as you're over 18 and can work remotely, you can apply.

The program also offers a free outdoor recreation package that includes passes for off-road excursions, rafting expeditions, and golf trips.

In 2023 Americans lost over $10 billion to identity theft and fraud

That's right. According to the FTC, Americans lost over $10 Billion to fraud and identity theft in 2023.

But you can safeguard your data with all-in-one identity theft protection services from Aura which comes with $1,000,000.00 in identity theft insurance² Identity Theft Insurance underwritten by insurance company subsidiaries or affiliates of American International Group‚ Inc. The description herein is a summary and intended for informational purposes only and does not include all terms‚ conditions and exclusions of the policies described. Please refer to the actual policies for terms‚ conditions‚ and exclusions of coverage. Coverage may not be available in all jurisdictions. per adult, to cover you should you have eligible identity theft-related losses.

An individual plan starts at $9 per month, and you can choose a family plan that outmatches most others - includes Dark Web monitoring to scour data breaches and leaks for your sensitive personal data — such as Social Security numbers (SSN), Medicare information, and phone numbers.

Before you make your next online purchase, protect what you’ve built for a fraction of what it could cost you if your data were compromised.

Save up to 68% when you sign up for protection today!

Cold winters

The cold climate during the winter may be a deterrent for some retirees. However, the cold and snow mean you can experience many winter recreational activities. If cold winters are difficult for you, you may want to reconsider West Virginia for your retirement.

Rural location

West Virginia's rural communities are one of the reasons people love living here. If you're a city-lover or want access to world-class shopping, entertainment, health care, and technology, this may not be the state for you. While you can access all those things within a few hours' drive, you most likely won't have access to these conveniences nearby.

Job market

Often places that have a low cost of living translates to low wages. The same is true in West Virginia.

The average hourly rate in West Virginia is just over $25. If you are a retiree who decides to go back to work, you may find the job options and wages less than you might hope.

Bottom line

When you're planning for retirement, choosing a state with a low cost of living, like West Virginia, makes a whole lot of sense. You'll worry less about running out of money, needing to go back to work, or how you're going to afford health care.

While there may be drawbacks like a rural location and cold winters, giving you confidence about your retirement finances might be worth it.

More from FinanceBuzz: