15 Budget-Friendly Places in New York for Retirees to Live on Only Social Security

1. Binghamton

Insider Monkey Score: 28           

IM Cost of Living: 82.9

Average Rent (2-bedroom): $1,178

Livability Score: 77

Based on our methodology, the most budget-friendly place in New York for retirees to live on only Social Security is Binghamton. Brimming with rich history and unique experiences, Binghamton offers retirees more than just financial ease. Popularly known as the hometown of Twilight Zone creator and renowned screenwriter Rod Serling, this city has some unique features that make it stand out from other places in New York.

For starters, it’s the “Carousel Capital of the World”-home to some of the most antique merry-go-rounds for a fun time when grandchildren come to visit. Retirees can also visit Our Space, one of the largest handicap-accessible playgrounds in the state. The First Ward Senior Center is another exciting opportunity for seniors to socialize and participate in exercise and wellness programs.

Binghamton is a good place to retire for seniors owing to its quaint charm and serene atmosphere. Housing options are also affordable here, with the median price of a home only about $155,000, as per Redfin Corporation (NASDAQ:RDFN). Those who want to rent instead can find two-bedroom apartments for an average of $1,178. Overall, the cost of living here is 17.1% lower than the national average, making it pretty affordable for retirees living only on Social Security.

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