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. 

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.

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

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

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

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.