retirees kayakingHanneke Luijting/Getty Images

For anyone thinking about relocating for retirement, affordability is a big consideration. 
According to data from Blacktower Financial Management, the best states for retirees based on cost of living are Mississippi, Oklahoma, and Arkansas. 
Other states to make the list include Texas, New Mexico, and Tennessee, which all offer retirees affordable homes and costs of living. 
Read more personal finance coverage. 

Choosing a state for retirement can be a big challenge. 

Financial management firm Blacktower gathered data on property prices, population demographics, and more to put together a list of US states where retirees will get the most from their retirement savings. Blacktower also looked at the cost of living index created by the Missouri Economic Research and Information Center, which includes costs of housing, groceries, utilities, transportation, and healthcare in relation to the median cost, calculated as 100. The lower the index number, the lower the cost of living. 

Here are the 15 most affordable states for retirees, including their cost of living index along with the average home price and the percentage of senior population from the Census Bureau

15. West Virginia
Steve Heap/Shutterstock

West Virginia has the lowest average property prices in the US according to this data, with the average home priced at $146,596. 

Cost of living index: 92.1

Percent of population aged 60 and older: 25.5%

Average property price: $146,596

14. Iowa
Max Maximov MM/Shutterstock

Iowa’s low costs of living aren’t the only thing that appeal to seniors. Low home prices and a quarter of the population over age 60 also make this state ideal. 

Cost of living index: 92.1

Percent of population aged 60 and older: 25.5%

Average property price: $173,561

13. Kentucky
Alexey Stiop/Shutterstock

Kentucky has slightly lower average property prices than Iowa, and other costs are slightly lower in the Bluegrass state as well. 

Cost of living index: 91.7

Percent of population aged 60 and older: 21.4%

Average property price: $168,902


See the rest of the story at Business Insider

See Also:

Here are the best high-yield savings accounts right nowAlly vs. Marcus vs. Wealthfront: How 3 of the most popular high-yield savings accounts stack up17 US cities where retirement is affordable, taxes are reasonable, and healthcare costs less

Read more: