Published on 3 Jun 2024 on Insider Monkey via Yahoo Finance
In this article, we take a look at the most budget-friendly place in New York for retirees to live on only Social Security. Check out our full free list at 15 Budget-Friendly Places in New York for Retirees to Live on Only Social Security.
Managing High Costs and Limited Savings in New York State
New York is notorious for its high cost of living. According to Redfin Corporation (NASDAQ:RDFN), home prices in the state were up 3.1% from last year, selling for a median price of $825,000. Redfin Corporation (NASDAQ:RDFN)’s database further reveals that 31% of New York homebuyers searched to move out of the state between the period of February to April 2024. These statistics align with what's revealed by studies from U-Haul Holding Company (NYSE:UHAL) and United Van Lines, hinting that the state is driving moving trucks away because of its evidently high living expenses.