If you dream of spending your retirement attending Broadway shows and strolling through Central Park in the city that never sleeps, be prepared to shell out some serious cash.
New York City
has been identified as the priciest city in the United States to retire, according to WalletHub's recent analysis. Following closely behind are two Hawaiian destinations, Pearl City and Honolulu, which tied for second place.
WalletHub's study delves into the affordability of 182 highly populated cities in the U.S., considering factors such as the cost of living and retiree tax-friendliness. Data from sources like the U.S. Census Bureau, the Council for Community and Economic Research, and the Tax Foundation were used in this analysis, assuming retirees are living on a fixed income.
The 13 Least Affordable U.S. Cities for Retirees
According to WalletHub's findings, the top of the list includes cities like New York, Boston, Seattle, Santa Rosa, California, and Jersey City, New Jersey, to name a few.
Living Costs in New York City
It's no surprise that New York City tops the list as the most expensive retirement destination in the U.S., being the third most expensive city in the world according to Numbeo's Cost of Living Index. Renting even a one-bedroom apartment could set you back $4,500 a month, significantly higher compared to the national median rental prices. However, for retirees who can afford it, NYC offers a plethora of activities and a vibrant community.
When considering retirement locations, it's essential to look beyond just affordability. Factors like proximity to family and friends, access to healthcare services, and overall quality of life should also play a significant role in your decision-making process. Planning ahead and making informed choices can help you navigate the financial aspects of retirement better. Utilizing tools like CNBC Make It's retirement calculator can aid in estimating your retirement needs and strategizing your savings goals effectively.