This article takes a look at the 15 best places to retire in New York. If you wish to skip our detailed analysis on how to map your retirement, you may go to the 5 Best Places to Retire in New York.
Mapping Your Retirement: Insights, Solutions, and Top Places to Retire in New York
If you're a couple with shared goals for retirement, make sure that you work out the details. A research study called Ameriprise Couples, Money & Retirement by Ameriprise Financial, Inc. (NYSE:AMP) reveals that 94% of couples have shared retirement goals, and observe the same financial values, but overlook the importance of delving into the intricacies of such an important phase of life. The Ameriprise Financial, Inc. (NYSE:AMP) led survey highlights how nearly one-quarter of respondents haven’t come to a consensus regarding particulars like how much they will be saving for retirement, or how they might be spending on their children or grandchildren.
“Our research shows couples trust one another and share the same dreams for retirement, but that doesn’t necessarily mean they’ve mutually agreed on how they’ll spend, save, and give away their money when the time comes. Some couples avoid discussing these topics because they feel overwhelmed – especially knowing that unexpected events can happen at any time – but putting it off can lead to challenges down the road.”
The bottom line is that couples should be on the same page regarding money and retirement. Failing to share the specifics of retirement goals will lead to inefficiencies in savings and retirement planning in general, adding to undue stress. After all, retirement isn't a blissful time for today's retirees. Nearly two-thirds of American workers risk outliving their retirement savings anyway, according to a 2024 BlackRock Read on Retirement? survey by BlackRock, Inc. (NYSE:BLK). The looming retirement crisis has been motivating heavyweights such as BlackRock, Inc. (NYSE:BLK) to come up with solutions that will allow retirees to have access to a regular income stream that "mimics" the paycheck that they used to receive in their working years. The Blackrock product, called LifePath Paycheck, is aimed at helping retirees by simplifying the process of withdrawing funds from lifetime investments.
“A top concern among American workers is the fear of running out of money during retirement. And yet the industry has focused on helping people understand they need to save – but not how to manage spending in retirement, even as companies have shifted from defined benefit to defined contribution plans. With this solution, we’re rethinking retirement. And part of that was working across the industry to build something new”.
With solutions like these, Americans are more likely to be stressed about their retirement savings, as they will have a better understanding of their retirement income. This newfound financial confidence may also influence decisions regarding where to live during retirement, such as in states such as New York. For many retirees, living in states with higher costs of living could become a more viable option with the assurance of a steady income stream.
There are many pros and cons of retiring to New York State. Some of the advantages include age-friendliness, walkability, and culture. However, retirees don't appreciate it because of its cold winters and high cost of living. According to a study by CNBC, you need at least $73,140 annually to retire comfortably in New York. Nevertheless, retiring to this state can be very fulfilling to those who can afford it. With that said, let’s check out all the best places to retire in New York.
15 Best Places to Retire in New York
An aerial view of a New York city skyline, showing the expansive real estate projects of the company.
Methodology
To come up with the list of best places to retire in New York, we have used several of our lists such as the best cities to retire in 2024, external sources such as New Home Source, The Travel, and World Atlas, as well as forums such as Reddit and Quora. A consensus approach was used to come up with the list of best places, which were then ranked on their cost of living, median home price, average rent, livability scores, and number of hospitals. Home values have been taken from websites such as Redfin and Realtor, livability scores are from Area Vibes, rents are from Zumper and Apartment.com, while the number of hospitals is an estimated number sourced from websites such as Health Grades. Places were ranked and an Insider Monkey Score was calculated to determine the top 15 places for our list.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places to retire in New York:
15. Great Neck
Insider Monkey Score: 18
IM Cost of Living Index: 174
Median Home Price: $998,000
Average Rent (1-bedroom): $4,474
Livability Score: 74
Number of Hospitals: 3+
This affluent town is a region on Long Island that not everyone can afford. However, those who do have significant funds stacked away will find Great Neck to be one of the best places to retire in New York. Best known for its diverse population and vibrant downtown area, residents can enjoy many beautiful parks, picturesque waterfront views, and an overall relaxed pace of life.
14. Manhasset
Insider Monkey Score: 18
IM Cost of Living Index: 195
Median Home Price: $1,410,000
Average Rent (1-bedroom): $3,103
Livability Score: 81
Number of Hospitals: 1+
Another affluent community located on the North Shore of Long Island, Manhasset is an ideal retirement destination for the affluent New Yorkers. From dining at five-star restaurants to shopping high-end brands like Louis Vuitton and Prada, retirees get to live an upscale lifestyle here. The many parks, beaches, walking trails, and similar recreational facilities allow seniors to live an active lifestyle.
13. Rhinebeck
Insider Monkey Score: 23
IM Cost of Living Index: 124.2
Median Home Price: $510,000
Average Rent (1-bedroom): $1,897
Livability Score: 78
Number of Hospitals: 1+
A town in Dutchess County, Rhinebeck is a comparatively affordable retirement pick for those who have always lived in New York and wish to stay close to family and friends. Home values aren’t in the millions here, and residents can enjoy a good quality of life. This once-sleepy town now actively promotes farm-to-table dining, showcases a flourishing arts and culture scene, and even offers over 40 specialty shops in the village.
12. New York City
Insider Monkey Score: 27
IM Cost of Living Index: 127.5
Median Home Price: $800,000
Average Rent (1-bedroom): $4,299
Livability Score: 75
Number of Hospitals: 42+
Retiring to New York City is a dream for many retirees. Unfortunately, it remains a dream for many owing to its high home values and cost of living. If you’ve got a fat nest egg to lean on, then this place can offer you diverse neighborhoods, abundant amenities, and unparalleled cultural richness. The public transit system is great, and residents can walk to many of the places as it’s the nation’s most walkable city. An eventful day can be spent visiting museums such as The Metropolitan Museum of Art or The Museum of Modern Art (MoMA), enjoying strolls in Central Park, and even taking a relaxing cruise around Manhattan Island, followed by indulging in a gourmet meal at establishments such as Per Se or Le Bernardin.
11. Saratoga Springs
Insider Monkey Score: 27
IM Cost of Living Index: 115.3
Median Home Price: $471,000
Average Rent (1-bedroom): $1,921
Livability Score: 81
Number of Hospitals: 1+
Brimming with world-class attractions, a bustling arts and culture scene, and a vibrant nightlife, Saratoga Springs has got something for everyone. However, the three things this city is known best for are its health, history, and horses. Retirees can also explore the city’s award-winning golf courses, museums, and abundant outdoor activities. From taking in the beautiful Victorian architecture to enjoying gourmet restaurants and playing golf, there is much to see and do in Saratoga Springs.
10. Ithaca
Insider Monkey Score: 27
IM Cost of Living Index: 113.1
Median Home Price: $367,000
Average Rent (1-bedroom): $1,577
Livability Score: 75
Number of Hospitals: 1+
Brimming with beauty and music, this city on Cayuga Lake is one of the best places to retire in New York because of its cultural richness, natural beauty, and abundant amenities. Nested in the region known as Finger Lakes, this college town is home to Ivy League Cornell University and Ithaca College, offering retirees abundant opportunities to engage in lifelong learning. Moreover, downtown is brimming with shops, restaurants, and events.
9. Pittsford
Insider Monkey Score: 42
IM Cost of Living Index: 95.3
Median Home Price: $340,000
Average Rent (1-bedroom): $1,582
Livability Score: 93
One of the cheapest places to retire in New York state is Pittsford. Boasting a cost of living that is an estimated 5% lower than the national average and home prices below the national median, retiring here on your Social Security check is actually quite possible.
8. Niskayuna
Insider Monkey Score: 43
IM Cost of Living Index: 96.8
Median Home Price: $394,000
Average Rent (1-bedroom): $1,595
Livability Score: 92
Number of Hospitals: 2+
This town situated in Schenectady County called Niskayuna is best known for its tree-lined streets, beautiful parks, picturesque landscapes, and rich history. The Mohawk River flows through this region, offering retirees the best in recreation and relaxation.
7. Kingston
Insider Monkey Score: 45
IM Cost of Living Index: 106.8
Median Home Price: $347,000
Average Rent (1-bedroom): $1,443
Livability Score: 82
Number of Hospitals: 2
This vibrant city called Kingston in the heart of Ulster County brims with history and architecture. The cost of living is an estimated 7% higher than the national average, while home values are lower than the national median.
6. Olean
Insider Monkey Score: 46
IM Cost of Living Index: 77.3
Median Home Price: $119,000
Average Rent (1-bedroom): $700
Livability Score: 73
Number of Hospitals: 1+
This town in Cattaraugus County is one of your best bets to enjoy an active retirement. There are lots of senior communities to choose from here, and seniors can enjoy lots of recreational activities such as skating and swimming.