News Summary
New York City’s retiree population has declined significantly in 2023, experiencing a net outflow of nearly 24,000 seniors. High living costs and other factors are prompting retirees to seek more affordable regions. This trend is reflective of challenges in urban areas across the U.S., particularly in California. City officials and experts highlight the importance of understanding these shifts for future planning.
New York City experienced a record outflow of nearly 24,000 retirees in 2023, leading major urban centers across the U.S. in retiree departures. According to a recent analysis by SmartAsset of data from the Census Bureau’s American Community Survey, the trend of retirees leaving metropolitan areas is becoming increasingly pronounced, driven by high living costs and other factors.
In 2023, New York City saw more than triple the number of retirees moving out compared to those relocating into the city. This net outflow of nearly 24,000 seniors was significantly higher than the next highest city, underscoring a growing trend many have noticed in urban areas where living expenses continue to soar. Following New York City, cities like Los Angeles, Washington D.C., Denver, and San Diego also reported substantial declines in their senior populations.
California stands out in this trend, with four of the top ten cities where retirees are leaving found within its borders. The total net loss of residents aged 60 and over in California reached approximately 56,858, prompting concerns over the affordability and livability in key urban areas. Retirees frequently express a desire to relocate to more affordable regions, closer to family, destinations with more favorable weather, and locations that offer better tax advantages.
WalletHub designated New York City as the most expensive city to retire in as of September 2023. With average monthly housing costs reaching $2,225 and median home prices exceeding $1.1 million, it’s evident why many seniors are seeking alternatives. For comfortable retirement, retirees typically need about $1.3 million in savings to live in New York. In comparison, California’s requirement is about $1.6 million, further emphasizing the financial pressures on older populations residing in these costly urban settings.
Compared to the national average, where home prices hover around $400,000, the disparities in living costs become glaring. New Yorkers are hit with city and state taxes averaging $1,484 per month, although certain items, such as Social Security benefits and some pensions, are not taxed. Daily living expenses are also substantial, with food costs averaging over $1,000 monthly and transportation expenses reaching an average of $557.
Healthcare, often considered a strong point for living in New York City, comes with its own financial burdens. Although access to high-quality healthcare services remains a point of pride, costs typically exceed national averages, with numerous hospitals catering to a variety of needs. Retirees must balance the high-quality care available against their overall budget, which is already strained by housing and living costs.
The challenging financial landscape in New York City also means that retirees are often faced with significant trade-offs. While they may wish to stay in a city where they spent much of their lives, the escalating costs often drive them to seek more affordable locations that can still offer a vibrant community life.
As urban costs continue to rise, the conversation around retiree outflow highlights not only the challenges of aging in place but also the imperative for individuals to plan their finances meticulously. Understanding and preparing for the various expenses associated with living in a city like New York is essential to achieving a comfortable retirement, especially for those who have spent their lives in its hustle and bustle. Those approaching retirement age may want to consider these trends carefully and seek advice to navigate the complexities associated with urban living in their senior years.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- NBC Washington
- Wikipedia: Retirement
- Investopedia: Why New York is Expensive for Retirement
- Google Search: New York City retirement
- Realtor.com
- Google Scholar: retiree migration trends
- Investopedia: Retirement in New York
- Encyclopedia Britannica: retirement planning
- SmartAsset
- Google News: retiree outflow cities
- ThinkAdvisor
- Google Search: retirement locations 2025
