In a study based on affordability (40%), overall well-being (25%), quality/cost of health care (20%), weather (10%) and crime (5%), Bankrate – a consumer financial services company – found Iowa to be the best state to retire, after ranking it 14th a year ago.

“Choosing where to retire is deeply personal, but Iowa’s affordable cost of living, inexpensive
but high-quality health care and low crime make it a compelling option for retirees looking to stretch their retirement income in this economy,” Bankrate analyst Alex Gailey said in a news release.

Iowa is the sixth-cheapest place to live in the U.S., according to the Council for Community and Economic Research. The state’s median home price of $239,400, according to Redfin, is well below the nationwide median home price of $388,800. Homeowners insurance is below the national average as well.

Iowa, however, ranks No. 23 for property taxes and No. 22 for state and local tax, according to ATTOM Data Solutions. The state doesn’t tax social security benefits, and Iowans who are 55 and older are exempt from paying state taxes on retirement income for the 2023 tax year, according to the Iowa Department of Revenue.

Health care services and low health care costs in the state also influenced the top ranking.

Bankrate ranked Alaska as the worst state to retire. For a full list of the rankings, click here.