Should You Retire in Wyoming? | The Motley Fool

If you’re thinking of relocating for retirement, you may be thinking about Florida or Arizona — and you may not be thinking about Wyoming. Give it some consideration, though, as it has a lot to offer.

Let’s start with its amazing natural beauty. It’s home to the Grand Teton National Park, for starters. Those who love to hike or bike, hunt or fish or ski, will be able to keep busy. The state also sports a low crime rate.

Wyoming was named the 10th-best state for retirement by Bankrate.com, ranking high for affordability but low for weather. Winters in Wyoming can be quite extreme, with lots of snow and very cold temperatures. Per the World Population Review, Wyoming’s overall cost of living is about 93% of the national average — with housing costs particularly low. The typical home price in Wyoming was recently $348,066 — close to the national average — though much less costly housing can be found depending on where in the state you look. Car insurance, meanwhile, averages $2,393 annually, about $624 below average.

Wyoming rates well when it comes to taxes. It has no state income tax, and it also has no estate tax, either.

Retirees, understandably, tend to care a lot about healthcare, and Wyoming scores adequately but not impressively on this measure, ranked the 29th-best state in the nation for elderly healthcare by MedicareGuide.com.

Remember, too, that Wyoming sports lots of wildlife, but not that many people. If you thrive on the hustle and bustle of big cities, look elsewhere. Wyoming features lots of rural areas and some small cities — but not as much in the way of cultural attractions such as museums, theater, and art galleries as you can find in other states.

It’s smart to spend at least a few months in any location you’re thinking about, to make sure it’s a good fit for you and your overall retirement plan.