Back in 2023 when NYC was named one of the best places in the U.S. to retire we were, well, surprised to say the least. Best foodie city in the world? Of course, look at all the restaurants there are to try! Most interesting place in the world? Walk down any street and that will immediately be evident. But the best place to kick back, put your feet up, and relax during retirement? We don’t think so.
And once again we’re feeling a bit caught off guard by the news that a new study has just found that one of the cheapest states to retire in is New York! The study pointed out two specific cities, which are certainly further out from the price tag of NYC, but considering New Yorkers need more than $1 million to retire comfortably we do still have our doubts, but the numbers don’t lie!
Cheapest places to retire in the U.S.
Aaccording to the data, Buffalo and Rochester are two of the most affordable places to retire in the United States. More specifically, Rochester was named the 12th cheapest place to retire in the U.S, and Buffalo, the second-biggest city in New York, was named the 22nd cheapest place.
Rochester, NY
Rochester has a cost of living that’s 16.8% lower than the national average. Housing is among the lowest on this list, at 55.2% lower than the national average, or $8,455 per year.
A closer look at Rochester’s numbers are as follows:
- Total annual expenditures: $43,381
- Percent of population age 65 and older: 14.1%
- Livability score: 57
As for what to do there, Rochester is one of our favorite winter getaways as it fully embraces its snowy winters via skiing, snowboarding, sledding, snowshoeing, ice skating, and even bird watching. Plus, it’s home to the world’s largest Donkey Kong arcade game!
Buffalo, NY
Buffalo has a cost of living that’s 11.5% lower than the national average. Housing is 37.2% lower than average, as well, at $11,852 per year.
According to the study, Buffalo’s numbers are as follows:
- Total annual expenditures: $46,145
- Percent of population age 65 and older: 13.3%
- Livability score: 63
If Buffalo is catching your eye you’re not the only one–according to Zillow Buffalo is home to the hottest housing market for 2025 since prices are relatively low and job growth is achievable, but do keep in mind this does mean you’ll be facing some stiff competition if you’re in the market for a new home! Oh, and brace yourself for some epic snowstorms!
How the cheapest places to retire in the U.S. were determined
To find the most affordable places to retire, personal finance website GOBankingRates analyzed and ranked the 100 biggest U.S. cities based on the annual retirement income needed to cover basic costs, including housing, healthcare, groceries, transportation, and utilities. It also rated cities based on their livability, and only considered cities where the percentage of senior population was 10% or higher.
Rounding out the top 10 cheapest places to retire in the U.S. is as follows:
1. Toledo, Ohio
2. Cleveland, Ohio
3. Memphis, Tennessee
4. Fort Wayne, Indiana
5. Lubbock, Texas
6. Winston-Salem, North Carolina
7. Wichita, Kansas
8. El Paso, Texas
9. Tulsa, Oklahoma
10. Greensboro, North Carolina