Where Will You Live? Source: Council for Community and Economic Research, 2023 (data through Q3 2023) Owning a home can be a smart financial decision for many reasons, and you may have a valuable asset when you retire. But don’t place too much emphasis on your home value in your retirement planning. Housing prices are unpredictable, so selling your home should be an option, not a requirement, when you retire. Here are some ideas to consider. Cost of Living Your money might go further in some cities and states than in others, so do your homework before relocating. Take into account not only the cost of housing, food, and utilities but also taxes. States have different rules for taxing pension and Social Security income. Property taxes and sales taxes may vary by state and by county. Cost-of-living index for selected U.S. cities (U.S. average = 100.0) 239.6 179.2 145.3 Manhattan Honolulu Washington New York Hawaii District of Columbia
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