"Retirees in New York face one of the steepest financial gaps in the nation when relying solely on Social Security. According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, the typical retiree in New York experiences an annual shortfall of $7,248, or about $604 per month, even with their mortgage fully paid."
"Retirees here contend with average monthly living expenses of $2,578, while their median Social Security benefit is just $1,974. Housing expenses, which average $1,065 per month, consume more than half of a retiree's monthly benefit and push budgets into deficit before covering healthcare, food, or transportation. In New York, housing represents the single largest obstacle. Even without a mortgage, high property taxes, costly insurance, and elevated utility bills-particularly in colder upstate regions-drive monthly housing costs far above the affordability threshold of 30% of income."
Median monthly Social Security benefits for New York retirees are $1,974 while average monthly living expenses total $2,578, producing a $7,248 annual shortfall. Housing averages $1,065 per month and absorbs more than half of the typical retiree’s benefit, leaving insufficient funds for healthcare, food, and transportation. High property taxes, insurance costs, and elevated utilities—especially heating in upstate winters—drive housing expenses well above the 30% income affordability threshold. By comparison, some states like West Virginia have much lower housing costs. New York attracts retirees for healthcare, transit, senior programs, and regional amenities, but affordability remains the primary constraint.
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