4 Cheapest Cities To Retire in New York in 2025

New York may have a reputation for its high cost of living, but there are still four metros across the state where it’s possible to enjoy an affordable retirement. 

GOBankingRates pulled these cities from a 2025 in-house study on the nation’s cheapest cities to retire in. Every location has a percentage of residents age 65+ of at least 10% with supplemental information including the average value of a single-family home, average monthly mortgage and expenditure costs and total cost of living annually. 

Here are the four cheapest New York cities to retire in this year.

• Population 65+ (%): 12.8%
• Single family home average value: $215,484
• Mortgage (average monthly cost): $1,284
• Expenditures (average monthly cost): $1,965
• Total cost of living (annually): $38,981

• Population 65+ (%): 13.8%
• Single family home average value: $224,175
• Mortgage (average monthly cost): $1,336
• Expenditures (average monthly cost): $1,997
• Total cost of living (annually): $39,990

• Population 65+ (%): 16.7%
• Single family home average value: $695,077
• Mortgage (average monthly cost): $4,141
• Expenditures (average monthly cost): $2,436
• Total cost of living (annually): $78,926

• Population 65+ (%): 16%
• Single family home average value: $797,509
• Mortgage (average monthly cost): $4,751
• Expenditures (average monthly cost): $2,685
• Total cost of living (annually): $89,240

Check out more original studies and surveys in the GOBankingRates original research center.

Methodology: GOBankingRates identified cities with populations of at least 150,000 and a population percentage of residents age 65 and over of at least 10%. Total population, population ages 65 and over, total households and household median income all were sourced from the U.S. Census American Community Survey. The cost-of-living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost of living. Using the cost-of-living indexes and the national average expenditure costs for retired households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for retired households, the average expenditure cost for each location was calculated. The average home value was sourced from Zillow Home Value Index for December 2024 and the average mortgage was calculated using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data. Using the average mortgage and average expenditure costs, the average cost of living was calculated. All data was collected on and is up to date as of Feb. 18, 2025.