For decades, there’s been a stereotypical playbook for many adults: build a career and wealth in a big city, then retire to a warm southern beach town with low taxes. The move from New York City to Florida is perhaps the most typical example.<\/p>\n
But a recent New York Times report highlights a surprising trend: some older Americans are actually moving the other way. The numbers back it up (1).<\/p>\n
Census data analyzed by John Mollenkopf, a political science and sociology professor at the CUNY Graduate Center, shows that roughly 15,700 adults age 65 and older moved to New York City in 2023, representing a 40% increase compared to 2019.<\/p>\n
These unconventional retirees are moving to the Big Apple for several reasons that highlight how retirement isn’t just about the cost of living and taxes, but quality of life, convenience, comfort, and social engagement.<\/p>\n
New York may not have warm, sunny beaches or low tax bills, but for some retirees it makes up for those drawbacks with better walkability, convenient access to amenities, closer proximity to younger people, and abundant opportunities for entertainment.<\/p>\n
New York is one of the few American cities where a person can meet virtually every daily need on foot or by transit. In 2021, the city had a Walk Score of 88, ranking among the highest in the country, just behind San Francisco (2).<\/p>\n
All of life’s essentials, from clinics to grocery stores, are within walking distance. For older adults who can no longer drive safely or simply prefer not to, that kind of access is not a luxury \u2014 it’s a lifeline.<\/p>\n
For older Americans seeking an active social life and entertainment options, the Big Apple might be the perfect destination. The city’s median age is 38 (3), according to the latest census data, and it’s consistently ranked among the top cities for touring musicians, according to Billboard (4).<\/p>\n
Besides culture, walkability, and transportation, AARP also considers health care access and environmental factors in its livability assessments, where New York City ranks among the top U.S. locations for older adults (5).<\/p>\n
Unfortunately, this vibrant lifestyle and walkability come at a hefty price.<\/p>\n
Read More: This $1B private real estate fund is now accessible to non-millionaires. Start investing with just $10<\/a><\/p>\n The price tag is, perhaps, the biggest drawback for older Americans who love the big city vibe. New York is consistently ranked among the most expensive cities in the world, according to an analysis by Henley & Partners (6).<\/p>\n It also ranks consistently among the most highly-taxed jurisdictions (7) in the country, although there are several exemptions available for seniors (8).<\/p>\n Nevertheless, for some seniors \u2014 especially those with relatively high incomes and good tax advice \u2014 the cost of living in this big and vibrant city may be worth it. Plus, the city allows you to save money on certain costs \u2014 such as car ownership \u2014 that would be difficult to avoid in many other parts of the country.<\/p>\n Retirement is your chance to live the life you\u2019ve always wanted, and if that includes staying close to family, spending weekends at new restaurants, and indulging in the vibrancy of a megacity, staying in or moving to New York City could be the right call for you.<\/p>\n Join 250,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/a><\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines<\/a>.<\/p>\n The New York Times (1)<\/a>; Walk Score (2)<\/a>; Data Commons (3)<\/a>; New York Post (4)<\/a>; AARP (5)<\/a>; Henley & Partners (6)<\/a>; TurboTax (7)<\/a>; NYC.gov (8)<\/a><\/p>\n This article originally appeared on Moneywise.com<\/a> under the title: Forget Florida’s sunny skies and lower taxes: Why snowbirds are reversing course and retiring to New York City<\/a><\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"For decades, there’s been a stereotypical playbook for many adults: build a career and wealth in a big…\n","protected":false},"author":2,"featured_media":203325,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[4329,3640,4328,9,24,11,10,80435,4334],"class_list":{"0":"post-203324","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-dave-ramsey","9":"tag-florida","10":"tag-jeff-bezos","11":"tag-new-york","12":"tag-new-york-city","13":"tag-new-york-headlines","14":"tag-new-york-news","15":"tag-older-americans","16":"tag-robert-kiyosaki"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/203324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=203324"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/203324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/203325"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=203324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=203324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=203324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}