What It’s Like to Retire in Texas Compared to Other States | Texas

Deciding where to live in retirement is one of the most important decisions many retirees in the United States need to make. While some may want to stay close to family and friends, others may prioritize affordable housing, a reasonable cost of living, and a low tax rate to maximize retirement income. Safety, access to health care, and climate are also big factors.

Using data from financial services company and personal finance website Bankrate, 24/7 Wall St. reviewed the best and worst states to retire. Bankrate analyzed multiple data points and assigned a weight to each category: affordability (40%), well-being (20%), culture and diversity (15%), weather (15%), and crime (10%).

According to the report, Texas ranks as the seventh best place to retire among the 50 states. The state ranks ninth best in affordability, its best performing category. This category takes into account overall cost of living as well as sales and property tax rates. Texas’ worst performing category is culture and diversity. In this category, which takes into account venues for arts, entertainment, and recreation as well as the population’s racial and ethnic diversity, Texas ranks third worst in the country.

Of the 28,635,442 people who reside in Texas, 12.5% are 65 or older, the third smallest share among states, according to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.

All data in this story is from Bankrate and the U.S. Census Bureau. A full methodological explanation is available here.