(WTRF) A recent study has found that West Virginia is the second least expensive state to retire in.
The Mountain State falls right behind Arkansas with annual costs just under $30,000.
Senior Vice President and Financial Advisor of Hazlett, Burt & Watson, Pete Holloway, says prices are cheap in the area because people are moving away.
It’s simply supply and demand.
The less demand there is for property in the area, the cheaper the cost of living becomes.
But the cheaper prices could also be what encourages people to move to West Virginia.
“A lot of people are now working from home, so why pay for an expensive apartment or condo when you can buy something that’s really inexpensive, have a better view, not face traffic or all the other hassles that go with a big city.”Pete Holloway – Senior Vice President and Financial Advisor, Hazlett, Burt & Watson
Holloway said the key to retirement is to start planning early and figure out your goals for retirement.