Home Personal Finance New York tops list of least affordable states to retire in

New York tops list of least affordable states to retire in

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March 20, 2023 | 5:26 PM


If you can get there, I’d suggest planning to retire elsewhere.

Empire State ranked last in terms of affordability and ranked 46th overall when quality of life and healthcare are taken into account. According to a WalletHub report Compare all 50 states.

Although it ranked top 10 for quality of life and 16th for healthcare, New York’s overall score was clearly weighed down by its affordability rating.

The low score is likely due to the fact that New York has the second highest cost of living after Alaska and the third highest tax rate of any state.

The report notes that even with $1 million in retirement savings, the average person can only cover about 14 years of expenses.

“Retirees should assess their state and local tax burden when deciding where to live,” said geographer Stephen Gorratt, a professor at the University of Florida.

Affordability was calculated using data from various agencies such as the U.S. Census Bureau and the Council on Community Economic Research.

The low score for the state is likely due to the fact that New York has the second highest cost of living after Alaska and the third highest tax rate of any state.

Neighboring New Jersey did not perform any better, coming in at an affordable 49th place, with Vermont, Massachusetts, Maryland, Washington, Connecticut, Maine, Illinois, and Oregon occupying the bottom 10.

Meanwhile, Alabama ranked as the most affordable state to retire, followed by Tennessee, West Virginia, South Carolina, Wyoming, Delaware, Georgia, Arkansas, Florida and Mississippi.

In the overall rankings, Kentucky, New Jersey, Mississippi, Oklahoma, and New York made up the five worst states to retire from.

The report notes that even with $1 million in retirement savings, the average person can only cover about 14 years of expenses.
Getty Images/iStockphoto
Affordability was calculated using data from various institutions.
Getty Images

Virginia was voted the best place to retire, followed by Florida, Colorado, Wyoming, and Delaware.

Affordability is likely to be the number one concern for most people in or about to retire, but University of California professor Alain Castel says he should consider buying oneself before moving to a cheaper state. He warned Americans to fully assess the needs of

“Although cost of living is often high on the list, people often consider proximity to family, transportation, access to medical care, outdoor/creative activities, political aspects/government, and where someone has a sense of community. To feel both comfort and stimulation,” he said.

“It is important to consider access to community services that enable accessibility to programs that foster interest.”




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