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New York is one of the least affordable places to retire, per report

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  • Staff Report 

New York state has been ranked as one of the least affordable states for seniors living on a budget, according to a new study conducted by Seniorly, a networking company. The study analyzed eight financial metrics affecting seniors, such as healthcare, retirement income, and taxes, and examined the relationship between retirement income and the cost of living.

Out of the 50 states and Washington, D.C., New York was ranked second to last, with only Massachusetts receiving a lower score. More than 31 percent of retirees in New York spend 30 percent or more of their income on housing, making it one of the least tax-friendly states for seniors.

Dennis Fagan, the president of Fagan Associates, attributed the state’s low ranking to a decrease in population. “New York State’s population is going down, so you’re taking the same cost, if not increasing costs, for municipalities, and you’re dividing it amongst a lower amount of people. And the number of people that are leaving, those that are leaving have higher income than those that are staying. So, not only are you dividing it amongst a lower number of people, but a lower per capita percentage of income,” said Fagan.

DiSanto Propane (Billboard)

Governor Kathy Hochul has recognized the trend of people leaving New York State and made it a priority to address the issue in her 2024 state budget. The budget includes substantial investments to create jobs and build homes to encourage people to stay in the state.

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