This article takes a look at the 5 best places to retire in New York. If you wish to check out our detailed analysis on how to map your retirement, you may go to the 15 Best Places to Retire in New York.
5. Dunkirk
Insider Monkey Score: 46
IM Cost of Living Index: 78.3
Median Home Price: $99,900
Average Rent (1-bedroom): $680
Livability Score: 70
Number of Hospitals: 1+
Located in Chautauqua County, Dunkirk is a lively retirement town resting on the shores of Lake Erie. Retirees love it for its tranquil, small-town vibe and affordable lakeside living. 17.9% of the population here is 65 and above, so retirees have plenty of fellow age mates to interact with. The average rent for a one-bedroom is under $1,000, and the cost of living is 21.7% lower than the national average. Judging by the numbers, it is quite possible to live here on your Social Security check.
4. Albany
Insider Monkey Score: 50
IM Cost of Living Index: 102.7
Median Home Price: $80,000
Average Rent (1-bedroom): $1,439
Livability Score: 77
Number of Hospitals: 3+
Retirees who live in Albany say some of the best things about retiring to this city are that it’s affordable, offers decent medical care, and boasts a vibrant restaurant scene. Being the capital and one of the oldest cities of New York state, retirees are offered a nice blend of natural beauty and cultural amenities. Some fun things to do include joining a local senior center, taking a stroll around Washington Park, and enjoying day trips to nearby attractions such as Lake George and Saratoga Springs.
3. Rochester
Insider Monkey Score: 53
IM Cost of Living Index: 93.8
Median Home Price: $145,000
Average Rent (1-bedroom): $1,270
Livability Score: 75
Number of Hospitals: 4+
Another New York gem that retirees can settle to in their golden years without breaking the bank is Rochester. Appreciated for its friendly aura, renowned health institutions, and modern amenities, retiring to Rochester can be a good decision.
2. Syracuse
Insider Monkey Score: 53
IM Cost of Living Index: 94.7
Median Home Price: $151,000
Average Rent (1-bedroom): $1,360
Livability Score: 78
Number of Hospitals: 4+
Syracuse is appreciated not just for its affordable living, but also because of the friendly atmosphere that it offers. However, the comparatively low cost of living doesn’t mean that retirees can’t enjoy a high quality of life here. Syracuse is also pretty close to attractions such as the Finger Lakes and the Adirondack Mountains, offering retirees the opportunity to enjoy hiking, boating, and scenic drives.
1. Buffalo
Insider Monkey Score: 57
IM Cost of Living Index: 93.6
Median Home Price: $181,125
Average Rent (1-bedroom): $1,309
Livability Score: 78
Number of Hospitals: 5+
Our number one pick for the best places to retire in New York is Buffalo. The cost of living in Buffalo is 6.4% lower than the national average, which means your retirement savings can go further if you choose to retire here. Moreover, the city offers a revitalized waterfront, a vibrant arts scene, and historic architecture to relish and explore. Retirees also appreciate Buffalo for its world-class dining, offering a diverse array of restaurants and culinary experiences.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 20 Best Places to Retire in South Carolina in 2024 and 25 Cheap Cars That Will Make You Look Rich.
