(Click on map at top to see how other states fared)
Delaware ranks as the ninth best state in the union for retirees, according to the financial information site WalletHub.
The ranking comes as little surprise, due to the state’s low property taxes that include a credit for seniors and no sales tax.The state ranked as second best in the tax category.
However, WalletHub looked at a number of other factors that included:
- 29th – Adjusted Cost of Living
- 24th – % of the Population Aged 65 & Older Working
- 7th – % of Population Aged 65 & Older
- 30th – Property-Crime Rate
- 1st – Access to Adult Volunteer Activities
- 12th – Nurses per Capita
In-migration of seniors has contributed to population growth in Delaware, especially in coastal areas and Milford on the Kent and Sussex County line.
Seniors boost the economy, often buying homes and vehicles outright. In Milford, Bayhealth is building a quarter of a billion dollar medical center, due, in part, to health needs of a growing retirement-age population.
Outgoing Gov. Jack Markell’s final state budget proposed ending the property tax credit, citing the state’s already low property taxes. That proposal has already generated opposition as the state looks at a $350 million budget shortfall.
Still, as the report noted, Delaware ranked seventh among the 50 states in the percentage of the population 65 and older.
Among surrounding states, Pennsylvania ranks 11th, with New Jersey and New Jersey ranking 37th and 46th respectively. Property taxes are so high in New Jersey that the yearly figure can be more than the total mortgage payment for a Delaware home.
Click here for the full report.
