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The 10 best states for retirement

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No. 5: Virginia
Virginia | iStock.com

No. 5: Virginia

Strengths
  • Low cost of living
  • Low crime rate

Virginia has earned the No. 5 spot on Bankrate's list of best places to retire in the U.S. for the 2nd year in a row. It's also the only coastal state in our ranking.

One of the main draws to the Old Dominion State is its low cost of living, which is particularly impressive because of that coastal location. In fact, Virginia ranks in the top half of all U.S. states for affordability. Retirees looking to invest in real estate here will be happy to know that the average home price in the Richmond metro area is $265,703, much lower than the $312,874 national average. If you just want to rent, you'll pay about $893 a month.

Virginia's low crime rate is another attractive feature. From 2001 to 2010, violent crime rates decreased in Virginia by 27% and property crimes went down 19%. The state's violent crime rate now ranks as the 5th lowest in the nation.

The state also received above-average marks for health care quality and weather.

Sources: Agency for Healthcare Research and Quality; Gallup-Healthways; Council for Community and Economic Research; FBI; Tax Foundation; National Oceanic and Atmospheric Administration.

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