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24/7 Wall St.: States Where Seniors Cannot Afford to Live

10. California

Elderly economic security gap: $6,684
Median elder income: $19,200 (11th highest)
Annual cost of comfortable living for an elder: $25,884 (7th highest)
Life expectancy in years: 80.4 (3rd longest)
Housing costs per month: $799 (14th highest)
Health care costs per month: $338 (3rd lowest)

The average annual cost of comfortable living for a senior in California is $25,884, the seventh-highest cost in the country, according to the WOW’s Economic Security Database. Health care costs are among the biggest expenses for the elderly in the state. California’s economy has been badly damaged the past few years by the recession. Home prices in the state have plummeted almost 50% since they peaked in 2006. Even with this massive decline, housing costs for the elderly are still nearly $800 per month, or $9,600 annually. Another burden on the state’s residents is the cost of food, which WOW’s database estimates at $259 per month, the highest in the U.S. The cost of housing, health care and food comes to $16,592 per year, close to the median elder income, leaving barely any room for transportation or other expenses.

(iStock Photo)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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