Retiring in the United States can be an expensive endeavor, especially in certain cities. Here are the eight most pricey places to retire in the U.S. and why they command such high costs.
Retiring in the United States can be an expensive endeavor, especially in certain cities. Here are the eight most pricey places to retire in the U.S. and why they command such high costs.
When contemplating your golden years, affordability is a significant consideration, but so are factors like healthcare quality and overall quality of life. Navigating retirement planning isn't a straightforward task, but narrowing your potential retirement locations can provide a solid starting point.
Here's a refreshed take on eight of the most expensive places to retire in the U.S., as reported by the Council for Community and Economic Research's Cost of Living Index (released in late 2024):
- New York (and its boroughs)
- Manhattan: Ranked first with a cost of living index of 229.9
- Brooklyn: 158.7 (listed amongst the most expensive urban areas)
- Queens: 151.3 (listed amongst the most expensive urban areas)
New York might surprise you as the most expensive place to live in the states, but did you know it also ranks high in safety? It's one of the safest states for retirees, with factors like low fall-related deaths and few fatal car crashes contributing to this rating.
- Honolulu, Hawaii
- Cost of living index: 184.6, nearly double the national average
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3. San Jose, California
- Average home price: $1,426,853
- Median home listing price: $1.2 million
- Median price per square foot: $779
While San Jose is a desirable location with its quality of life, climate, and access to numerous beaches and cities like San Francisco, it’s important to note that the cost of living is also high, with an index of 183.7.
4. San Francisco
- UCSF Medical Center: Consistently ranked as one of the top hospitals in the country
- Cost of living index: 162.7
- Cultural, recreational, and social activities, along with a reliable public transportation system
San Francisco's high cost of living is paired with an abundance of tourist attractions and comprehensive healthcare options, making it an appealing choice for those with a comfortable retirement budget.
5. Orange County, California
- Cost of living index: 158.3
- Access to attractions like Los Angeles and the SoCal coastline's charming towns
- Metrolink connects Santa Ana to Los Angeles in less than two hours
6. Los Angeles
- Cost of living index: 148.7
- Weather, social activities, and high-scoring healthcare services
- Stanford Hospital, UC Davis Medical Center, and Cedars-Sinai Medical Center are all located nearby
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7. Boston
- Cost of living index: 146.9
- Iconic city with a rich history and quality of life
- Massachusetts offers attractive retirement benefits, healthcare, and tax advantages
8. San Diego
- Cost of living index: 146.5
- Among the most expensive places to retire in the U.S.
- Proximity to Mexico and a Mediterranean climate
- North County's various climates offer something for everyone
Double-checking the costs and benefits of each of these destinations can help you make a more informed decision!
In light of these costly retirement havens, managing your retirement finance becomes crucial. For instance, retiring in New York might be affordable due to its low fall-related deaths and fewer fatal car crashes, but its high cost of living still requires careful financial planning.
On the other hand, locations like Honolulu, despite its expensive living, offers top-notch healthcare, which could be an appealing factor for individuals prioritizing healthcare in their retirement years.