20 New York Cities Where Retirement Has Become Unaffordable
When it comes to retiring, you want your retirement savings, Social Security benefits and other investments to keep you free from the financial burdens of the working years. However, for many retirees, the dream of having a stress-free retirement income can be overshadowed by the realities of high living costs, particularly in certain cities in New York that were once considered affordable.
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Essentially, you want your retirement community to have more tax-friendly pros than cons, so if you are thinking of living in New York when you retire it’s a good idea to do so as an informed decision. While the Empire State offers vibrant cultural scenes, historical landmarks and picturesque landscapes, it also boasts some of the most expensive places to live in the United States.
GOBankingRates recently conducted a study to determine which cities in New York are becoming less budget-friendly based on real estate, cost of living, Social Security income and other retirement benefits. Here are some key findings:
The study includes over 170 cities in New York, of which over 25 had an average home value of more than $1 million.
Though cities such as New York City or Bridgehampton have some of the highest costs of living in the United States, much higher than the national average, they are not included on the list below as it was never considered affordable. Those cities were included in the study but this roundup focuses on cities once considered budget-friendly but are now increasing in cost across the board.
Here’s a look at 20 cities in New York that are no longer affordable for many retirees.
New York Cities With Rising Real Estate Prices
While New York state offers a wealth of opportunities and lifestyles, retiring in certain cities within the state can be prohibitively expensive. You probably know the real estate in the Big Apple is exorbitant, but here are five other cities in New York that have rapidly rising real estate numbers.
Bolivar
Population: 1,050
Average home value: $93,654
Average monthly mortgage payment: $1,842
Average monthly cost of expenditures: $558
Average monthly cost of living total: $2,400
Jamestown
Population: 28,679
Average home value: $117,800
Average monthly mortgage payment: $1,725
Average monthly cost of expenditures: $702
Average monthly cost of living total: $2,427
Hornell
Population: 8,208
Average home value: $103,307
Average monthly mortgage payment: $1,842
Average monthly cost of expenditures: $615
Average monthly cost of living total: $2,458
Ogdensburg
Population: 9,902
Average home value: $109,463
Average monthly mortgage payment: $1,822
Average monthly cost of expenditures: $652
Average monthly cost of living total: $2,474
Massena
Population: 10,218
Average home value: $109,203
Average monthly mortgage payment: $1,825
Average monthly cost of expenditures: $651
Average monthly cost of living total: $2,475
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New York Cities With Rising Mortgage Payments
New York is a big state, but it’s easy to forget when so much focus is on the glitz and glamour of places such as Manhattan. Even outside of known-to-be-expensive cities, other places come with increasing costs which could make your retirement account feel a little short. Here are five cities with rising mortgage payments in New York.
Dunkirk
Population: 12,668
Average home value: $125,781
Average monthly mortgage payment: $1,758
Average monthly cost of expenditures: $749
Average monthly cost of living total: $2,508
Scio
Population: 589
Average home value: $126,030
Average monthly mortgage payment: $1,771
Average monthly cost of expenditures: $751
Average monthly cost of living total: $2,522
Fillmore
Population: 652
Average home value: $129,364
Average monthly mortgage payment: $1,799
Average monthly cost of expenditures: $771
Average monthly cost of living total: $2,570
Elmira
Population: 26,494
Average home value: $118,380
Average monthly mortgage payment: $1,880
Average monthly cost of expenditures: $705
Average monthly cost of living total: $2,585
Gouverneur
Population: 3,646
Average home value: $123,963
Average monthly mortgage payment: $1,867
Average monthly cost of expenditures: $739
Average monthly cost of living total: $2,606
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New York Cities With Rising Expenses
With everything from sales tax increases to rising food costs, what you have budgeted now for your monthly retirement income might not be enough down the road in some cities in New York — including the following.
South Dayton
Population: 606
Average home value: $136,111
Average monthly mortgage payment: $1,827
Average monthly cost of expenditures: $811
Average monthly cost of living total: $2,638
Ripley
Population: 964
Average home value: $133,865
Average monthly mortgage payment: $1,856
Average monthly cost of expenditures: $798
Average monthly cost of living total: $2,654
Brasher Falls
Population: 510
Average home value: $135,764
Average monthly mortgage payment: $1,868
Average monthly cost of expenditures: $809
Average monthly cost of living total: $2,676
Brocton
Population: 1,573
Average home value: $149,129
Average monthly mortgage payment: $1,788
Average monthly cost of expenditures: $888
Average monthly cost of living total: $2,677
Rensselaer Falls
Population: 382
Average home value: $135,686
Average monthly mortgage payment: $1,868
Average monthly cost of expenditures: $808
Average monthly cost of living total: $2,677
New York Cities With Rising Overall Cost of Living
Retiring in New York doesn’t mean you have to go somewhere with skyscrapers or even sky-high property taxes. However, even some small towns are pushing the boundaries of your budgetary constraints.
Kennedy
Population: 222
Average home value: $150,002
Average monthly mortgage payment: $1,784
Average monthly cost of expenditures: $894
Average monthly cost of living total: $2,678
Johnson City
Population: 15,229
Average home value: $139,320
Average monthly mortgage payment: $1,852
Average monthly cost of expenditures: $830
Average monthly cost of living total: $2,682
Brushton
Population: 564
Average home value: $136,265
Average monthly mortgage payment: $1,873
Average monthly cost of expenditures: $812
Average monthly cost of living total: $2,685
Silver Springs
Population: 615
Average home value: $154,725
Average monthly mortgage payment: $1,764
Average monthly cost of expenditures: $922
Average monthly cost of living total: $2,686
Sinclairville
Population: 595
Average home value: $151,918
Average monthly mortgage payment: $1,785
Average monthly cost of expenditures: $905
Average monthly cost of living total: $2,690
For the methodology for this study, GOBankingRates analyzed cities across the country to find replacement retirement cities for unaffordable cities (this piece in particular focuses on the unaffordable cities). First GOBankingRates gathered a few factors for each city, including total population as sourced from the U.S. Census American Community Survey, the cost-of-living indexes as sourced from Sperling’s BestPlaces, the average expenditure costs for residents aged 65 and over as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the livability index as sourced from AreaVibes, the average home value for single-family homes as sourced from Zillow Home Value Index — and by assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The total monthly cost of living can be calculated by using the average expenditure and the average mortgage costs. All data was collected on and is up to date as of July 8, 2024.
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This article originally appeared on GOBankingRates.com: 20 New York Cities Where Retirement Has Become Unaffordable