AgentLifestyle

Is NY worst state for retirement?

Prohibitive taxes, extreme rents and high lifestyle expenses put New York at the bottom
  • New York's unfortunate ranking is heavily attributed to Manhattan’s high cost of living, which is the highest in the U.S.
  • According to the report, the average apartment in Manhattan is $3,984 per month, which is four times the national average. In Brooklyn, rent is 2.5 times the national average.
  • Gallup-Healthways Well-Being Index– a data collector of the health and well-being of large populations– revealed New York has some of the lowest scores in the country.
  • Wyoming stole the number one spot for best states to retire in, with South Dakota, Colorado and Utah following.

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New York is the worst state for retirees in the country, according to Bankrate.com’s recent analysis of taxes, healthcare, weather, crimes, well-being and cost of living. Despite real estate agents reporting a rise in older clients looking for properties in the area, New York's unfortunate ranking is heavily attributed to Manhattan’s high cost of living, which is the highest in the U.S.; Brooklyn is ranked fourth. According to the report, the average apartment in Manhattan is $3,984 per month, which is four times the national average. In Brooklyn, rent is 2.5 times the national average. Additionally, New York state has the highest state and local tax burden in the U.S. at 12.7 percent, compared to a 9.5 percent national average. Claes Bell/Google Plus Even a haircut in the Big Apple is pricey compared to the rest of the country: at $22.08, it's about twice as much as the national average. Although Manhattan and New York state both offer immense cultural and rec...