"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."
Typical retirees in New York face average monthly living expenses of $2,578 while receiving a median Social Security benefit of $1,974, creating a $7,248 annual shortfall. Housing averages $1,065 monthly and consumes more than half of the median benefit, forcing deficits before accounting for healthcare, food, or transportation. High property taxes, costly insurance, and elevated heating and utility bills, especially in upstate areas, push housing costs well above the 30% affordability threshold. New York offers strong healthcare, transit, and amenity access, but those advantages often come with affordability tradeoffs for retirees.
Read at SFGATE
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