Retiring in New York offers a unique blend of vibrant city life, charming small towns, and breathtaking natural scenery, making it an appealing choice for many active adults. Whether you’re envisioning peaceful mornings along the Hudson River, weekends exploring the Finger Lakes, or easy access to world-class dining and entertainment in New York City, the Empire State has something for every retiree.
With a wide range of 55+ communities across the state, from affordable condos to luxury homes, retirees can find the perfect fit for their lifestyle and budget. In this guide, we’ll break down the pros and cons, tax considerations, climate, health care, and the best places to retire in New York.
Retiring in New York: Weighing the Pros and Cons
Like anywhere else on the planet, living in New York State has its ups and downs. Once you’ve looked these over, you can weigh both sides and see if the benefits line up with your personality, lifestyle, and needs.
Pros
The Big Apple – The New York City area offers incomparable cultural experiences: theater, music, art, dance, restaurants, museums, and history. On top of this, you have access to some of the best hospitals and shopping in the country, diverse communities and trendy neighborhoods, and opportunities to work and volunteer.
Plenty of outdoor recreation – The rest of the state has abundant natural beauty, with mountains, lakes, forests, farms, and rivers covering most of the landscape. You won’t have to travel far for weekend getaways, with destinations like Niagara Falls, the Adirondacks Region, and Long Island.
Weather and transportation – Other pros of living here include four distinct seasons and outstanding public transportation. Also, there are over 150 public airports, with international hubs in New York City, Albany, Buffalo, Rochester, Niagara Falls, and Syracuse.
Cons
It’s not cheap – The cost of living in New York is much higher than the national average, and living right in the city can be cost-prohibitive. You’ll pay more for groceries, utilities, and transportation here. However, as we mentioned earlier, there’s a wide range of price points for New York real estate.
Lots of traffic – If you live near NYC or another large city, you’ll probably spend a lot of time in traffic. The highways can be quite congested during rush hours and on the weekends when folks head out to play. If there’s a big game or a concert at one of the sports arenas or performance venues, it pays to plan accordingly and avoid the area.
New York Weather: A Four-Season Experience
The weather here is ideal for people who appreciate distinct seasons. It’s categorized as humid continental, though the diverse landscapes affect temperatures and precipitation. Further north, it can get very cold in the wintertime with plenty of snow (this is a plus if you like winter sports).
Average Temperatures
Throughout the year, temperatures in New York typically range from lows around 28 degrees in the winter to highs near 85 degrees in the summer. The annual average temperature is about 55 degrees.
| Month | Avg High (°F) | Avg Low (°F) |
|---|---|---|
| January | 39 | 26 |
| February | 40 | 27 |
| March | 48 | 34 |
| April | 61 | 44 |
| May | 71 | 53 |
| June | 81 | 63 |
| July | 85 | 68 |
| August | 83 | 66 |
| September | 77 | 60 |
| October | 67 | 51 |
| November | 54 | 41 |
| December | 41 | 30 |
Precipitation and Humidity
Rainfall is fairly even throughout the year, with May being the wettest month. New York experiences an average relative humidity of about 65% annually.
Taxes in New York: What Retirees Need to Know
Compared to the rest of the country, New York carries the highest overall tax burden, according to CPA Practice Advisor. The state sales tax is 4%, and local towns and cities can add more; for example, the sales tax is 8.875% in New York City.
New York Property Taxes
Property taxes in New York are considerably above the national average, according to SmartAsset. The state’s effective tax rate stands at 1.64%—almost twice the national average of 0.90%—and the median annual property tax bill exceeds $6,300. However, New York residents may qualify for a property tax credit, and to do so, they must file Form IT-214 (available here).
New York Retirement Income Taxes
Depending on the tax bracket, state income taxes range from 4% to 10.9% (New York City’s are different). There’s also an earned income credit to help offset this.
New York Tax Exemptions for Seniors
New York is tax-friendly for retirees, as residents aged 59+ can have up to $20,000 of their qualified pensions excluded from taxes. There’s also no tax on Social Security, as well as state, local, civil service, or military pensions. The state’s School Tax Relief Program (STAR) offers property tax relief for homeowners, and the Enhanced STAR is available to homeowners ages 65 and up, if they meet eligibility requirements.
Health Care in New York: Top Hospitals Across the State
There are hundreds of hospitals in New York State, and according to U.S. News Rankings, the top ones are in NYC: New York Presbyterian, NYU Langone, and Mount Sinai. New York Presbyterian also has facilities in the Hudson River Valley, and Mount Sinai has a hospital in Nassau County, Long Island. Excellent care is also provided at Long Island’s North Shore University Hospital, the Hudson Valley’s Putnam Hospital Center, and Albany Medical Center Hospital.
Best Places to Retire in New York
Eastern New York
Eastern New York is made up of the Carmel Area, the Hudson River Valley, and Albany. In recent years, it has come into vogue with the Catskill Mountain region gaining popularity as a tourist destination. Small towns like Cortlandt and Cold Spring are scattered on both sides of the Hudson River, and recreation areas like Bear Mountain and Blue Mountain Ski Resort attract outdoor lovers from across the state.
Other points of interest include Lyndhurst Mansion, Croton Falls, and the Woodbury Common Outlets. Some of the top active adult neighborhoods include Heritage Hills in Somers and The Retreat at Carmel.
Long Island
Long Island is comprised of Nassau and Suffolk County, and it has a reputation for being home to the “rich and famous.” This is not completely true since you can also find established and very affordable 55+ communities like Leisure Village in Ridge.
Since LI is surrounded by bodies of water, you’re right to expect that there are plenty of beaches, seafood restaurants, boardwalks, and nature preserves; some of the most popular include Jones Beach State Park and Rocky Point State Pine Barrens Preserve. Year-round activities include museum days spent at the Southampton Arts Center and special events like the Long Island Restaurant Week and harvest festivals.
If you’re thinking of downsizing in Long Island, The Seasons at East Meadow is an excellent choice. Also, The Greens at Half Hollow offers condos and attached homes, and both of these luxury properties are close to pristine natural space and golf courses.
Find Your Ideal New York Retirement With 55places.com
Whether you’re drawn to the scenic beauty of the Hudson Valley, the vibrant culture of New York City, or the coastal charm of Long Island, there’s a perfect place for you to call home in the Empire State. With so many 55+ communities to choose from, finding the right fit can feel overwhelming, but you don’t have to do it alone. Connect with a local real estate expert through 55places.com to explore your options and discover the community that matches your lifestyle, budget, and retirement goals. Your ideal New York retirement starts here!
