While it’s entirely safe to say that retiring in New York could cost you , it’s also important to note that this doesn’t have to be the case. New York as a state has much more to offer than high-priced homes, soaring rents, and a dog-eat-dog lifestyle. According to the Economic Policy Institute ‘s Family Budget Calculator, the monthly cost of living in the New York metropolitan area is $7,742 per month and $92,899 per year. The median home price in the U.S., as per the Federal Reserve Bank of St. Louis , was $419,200 as of the fourth quarter of 2024. Meanwhile, the median listing home price in New York according to Realtor.com , is $825,000, with most homes selling for at least $749,000. Rent isn’t much better. Corcoran sets that price at $4,530 per month as of January 2025.
There are places outside of the metropolitan area where you can cut that cost in half, or even down to a third? Well you can, and these small towns — along with one or two mid-size cities with small town appeal — allow you to retire more affordably without any catches.
Rhinebeck
Located in the Hudson Valley, Rhinebeck, New York strikes an ideal balance between affordability and upscale charm, making it a standout retirement destination for budget-conscious seniors. While the median home price hovers around $510,000, it’s still far lower than the state average, and offers retirees a decent quality of life including restaurants with farm-to-table menus, cultural experiences, boutique shops, and walkability. If you decide renting is more your speed, you won’t have to worry about how much money you need in your savings to retire rich. Starting at around $1,897 per month for a one-bedroom, apartments are a relative steal considering Rhinebeck’s access to upscale amenities and natural beauty.
For retirees needing assisted living, options in Rhinebeck provide care at an average cost of $5,653 per month, slightly above state averages and about $1,000 over the national average but perhaps offset by the proximity of Northern Dutchess Hospital, meaning easy access to healthcare when you need it. While not the cheapest upstate town, Rhinebeck’s value lies in its blend of affordability and a rural lifestyle. It doesn’t hurt that it’s just a two-hour train away from New York City.
Saratoga Springs
Located in the foothills of the Adirondacks, Saratoga Springs provides a blend of historic charm, culture, and financial accessibility, making it a top-tier retirement destination for New Yorkers seeking value for their retirement savings. With a median home price of $471,000, you’re looking at housing slightly above the national average but easily over $300,000 less than the state average. At an average $1,921 per month, a bargain for a community famed for its high-end restaurants, golfing, and breathtaking Victorian architecture…