In this article, we take a look at 15 budget-friendly places in New York for retirees to live on only Social Security.
Managing High Costs and Limited Savings in New York State
New York is notorious for its high cost of living. According to Redfin Corporation (NASDAQ:RDFN), home prices in the state were up 3.1% from last year, selling for a median price of $825,000. Redfin Corporation (NASDAQ:RDFN)’s database further reveals that 31% of New York homebuyers searched to move out of the state between the period of February to April 2024. These statistics align with what’s revealed by studies from U-Haul Holding Company (NYSE:UHAL) and United Van Lines, hinting that the state is driving moving trucks away because of its evidently high living expenses.
U-Haul Holding Company (NYSE:UHAL) calculates the growth rates for each state based on the net gain or loss of one-way equipment from customer transactions in a year. Based on U-Haul Holding Company (NYSE:UHAL) data, New York ranked 43rd out of 50 states, almost at the bottom of the list for state growth. Since retirees today don’t have much, to begin with, it’s only wise for them to search for some of the best places to live on Social Security. A new AARP survey backs this up, revealing how 1 in 5 Americans aged 50 and over have no retirement savings at all. Since retirees don’t have much to rely on, they are also in a constant fear of running out. Such is the state of pessimism and uncertainty amidst retirees concerning funds in retirement that, according to BlackRock, Inc. (NYSE:BLK), most retirees only spend 20% of their savings twenty years into retirement. Declining pension incomes and longer lives are major factors behind this as well.
“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..”
-Anne Ackerley, Head of Retirement at BlackRock, Inc. (NYSE:BLK)
BlackRock, Inc. (NYSE:BLK) further reveals how inflation and volatility-related hardships have been setting back savers for retirement, around 62%, to be exact. This makes it even harder for them to consider retiring to areas that have a high cost of living to begin with. According to the Missouri Economic Research & Information Center, the cost of living in New York State is 25.9% higher than the national average. This means that those retiring to New York can expect to spend around $70,755 in annual expenditures, notes CNBC. More importantly, they would need more than a million dollars to retire comfortably in The Empire State. This makes it obvious for most retirees to wish to move out of the state once they hit their golden years, but not everyone has the heart or energy to. Yet others have always wished to retire to this state owing to its quality healthcare, cultural attractions, and natural beauty, amongst other things.
This brings us to the question many people ask us: How can I live on Social Security alone in New York State? While New York can be an expensive state to retire to, living off of Social Security is quite possible in many areas of the state. The key is to look for places offering a comparatively low cost of living, all without compromising on quality of life.
Methodology
To compile the list of 15 budget-friendly places in New York for retirees to live on only Social Security, we used forums such as Reddit and Quora and also conducted our own cost of living analysis for different places within New York state to come up with an exhaustive list of places that can be ideal for couples living on Social Security. Subsequently, we assessed them based on their cost of living index, average rent, and livability scores. Each location was assigned scores for these factors, which were then combined to generate a distinctive Insider Monkey score. Then, places were ranked on the final Insider Monkey score in ascending order.
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Here is a list of budget-friendly places in New York for retirees to live on Social Security:
15. Albany
Insider Monkey Score: 2
IM Cost of Living: 99.3
Average Rent (2-bedroom): $1,737
Livability Score: 77
Number 15 on our list of budget-friendly places in New York for retirees to live on Social Security is Albany. Being the capital city of New York State, Albany is renowned for its rich history and culture, its many parks including Washington park, and its robust healthcare infrastructure. Its location on the banks of the Hudson River means there are a lot of fun activities to do all year round. The cost of living here is a tad lower than the national average, and couples can make it work living on Social Security by careful planning and budgeting.
14. Glens Falls
Insider Monkey Score: 4
IM Cost of Living: 98.4
Average Rent (2-bedroom): $1,517
Livability Score: 81
Situated in Warren County, Glens Falls is a small yet happening city brimming with museums, festivals, theaters, concerts, and lots of shopping points and restaurants. The people are quite friendly here, and there’s a vibrant downtown area that has a happening arts and culture scene. Healthcare facilities are top-notch, and retirees get to live a high quality of life here as evidenced by its remarkable livability score.
13. Ithaca
Insider Monkey Score: 6
IM Cost of Living: 97.3
Average Rent (2-bedroom): $1,772
Livability Score: 75
This beautiful city in New York is situated on Cayuga Lake, in New York’s Finger Lakes region. The cost of living here is 2.7% lower than the national average, and the median price of a home is around $400,000. For those looking to rent, a two-bedroom apartment can cost an average of $1,772. Ithaca is home to Cornell University and Ithaca College, offers unique local shops, adequate healthcare services, and benefits from a lively cultural scene as well.
12. Rotterdam
Insider Monkey Score: 8
IM Cost of Living: 94.8
Average Rent (2-bedroom): $1,760
Livability Score: 76
The town of Rotterdam is situated in Schenectady County in eastern New York. The cost of living here is an estimated 5% lower than the national average. Rents are a bit high here, but with careful planning and budgeting, couples can manage to live on Social Security. The community offers scenic parks, golf courses, and robust healthcare facilities.
11. Tonawanda
Insider Monkey Score: 10
IM Cost of Living: 94.6
Average Rent (2-bedroom): $1,132
Livability Score: 85
An Erie County pick, Tonawanda lands on our list of budget-friendly places in New York for retirees to live on only Social Security at 11th place. This city boasts one of the highest livability scores on our list and has a cost of living that is 5% lower than the national average. Tonawanda is a good place for retirees as the people are nice and friendly here, most places are pretty walkable, and it’s mostly quiet and clean here.
10. Schenectady
Insider Monkey Score: 12
IM Cost of Living: 92.8
Average Rent (2-bedroom): $1,618
Livability Score: 78
This city in New York State is home to some of the best entertainment and dining. The cost of living here is 7.2% lower than the national average, meaning retirees can stretch their retirement incomes a bit further here. The food scene is incredibly diverse too, with options ranging from Mediterranean to Italian and even Asian. There are plenty of breweries and distilleries here, lots of festivals, and a rich history for seniors to explore.
9. Alexandria Bay
Insider Monkey Score: 14
IM Cost of Living: 92
Average Rent (2-bedroom): $1,200
Livability Score: 63
Situated in the heart of the picturesque Thousand Islands Region, Alexandria Bay is a scenic town brimming with natural beauty and recreational activities. Seniors especially love it for its water-based activities, such as fishing, swimming, and boating. Essentially a village, this place is both friendly and the perfect place to enjoy your golden years.
8. Buffalo
Insider Monkey Score: 14
IM Cost of Living: 92.1
Average Rent (2-bedroom): $1,398
Livability Score: 78
Retirees love Buffalo not just because it’s one of the most budget-friendly places in New York for retirees to live on only Social Security, but also because it’s fun, historical, and adventurous. Seniors love it for its waterfront, expansive natural areas, and incredible architecture as well.
7. Lockport
Insider Monkey Score: 18
IM Cost of Living: 91.0
Average Rent (2-bedroom): $1,046
Livability Score: 76
This exciting city is located just 20 miles away from Niagara Falls, offering retirees both affordable living and exciting things to do. The cost of living here is 9% lower than the national average, while the median price of a home in the city is around $195,000. Retirees can explore the historic Lockport Cave, go on a scenic canal cruise down the Erie Canal and through the Lockport Locks, or even hike through the Rollin T. Grant Gulf Wilderness Park to catch a glimpse of the Indian Falls.
6. Rome
Insider Monkey Score: 20
IM Cost of Living: 90.9
Average Rent (2-bedroom): $1,029
Livability Score: 62
Ranking sixth on our list of budget-friendly places in New York for retirees to live on only Social Security, Rome is located in Oneida County. This city is a short distance away from Boston and New York City, and also the famous Niagara Falls. From history and art to culture and nature, retirees will find a little bit of everything here in this city.
5. Utica
Insider Monkey Score: 22
IM Cost of Living: 90.4
Average Rent (2-bedroom): $1,351
Livability Score: 78
Situated in the Mohawk Valley, Utica is best known for its culture, history, and cuisine. Retirees also love it for its small-city charm, cultural diversity, and over 900 acres of city parks. Some things to do here in Utica include visiting the internationally recognized Munson-Williams-Proctor Arts Institute or the Utica Zoo.
4. Jamestown
Insider Monkey Score: 30
IM Cost of Living: 79.8
Average Rent (2-bedroom): $900
Livability Score: 68
Situated in southern Chautauqua County, Jamestown is a delightful community for seniors to call home in their golden years. It’s situated between Lake Erie to the north and Allegheny National Forest to the south, offering so much for retirees to do.
3. Cheektowaga
Insider Monkey Score: 24
IM Cost of Living: 90.1
Average Rent (2-bedroom): $1,100
Livability Score: 85
Next on our list of budget-friendly places in New York for retirees to live on Social Security is the town of Cheektowaga. Situated in Erie County, this town offers retirees a strong sense of community, urban conveniences, and a very affordable cost of living.
2. Fayetteville
Insider Monkey Score: 26
IM Cost of Living: 87.4
Average Rent (2-bedroom): $1,562
Livability Score: 81
Located in Onondaga County, Fayetteville is a beautiful and thriving village ideal for retirees living on Social Security. The village is pretty walkable, and there are abundant amenities for seniors to live a content life. The cost of living is 12.6% lower than the national average, and a two-bedroom will cost a couple around $1,562. The high livability score is evident that seniors can live a good quality of life here.
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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