This is the most expensive U.S. city to retire—and it isn't in California or Hawaii

If you imagine spending your post-work years attending Broadway shows and lounging around Central Park in the city that never sleeps, it's going to cost you .

New York City ranks as the priciest city in the U.S. to retire, according to WalletHub's 2024 analysis of the best and worst places to retire . Following NYC, the two Hawaiian destinations that offer the highest quality of life for retirees — Pearl City and Honolulu — tied for second place.

WalletHub analyzed the affordability of 182 highly populated cities in the U.S. based on a number of factors that impact a retiree's budget, including the cost of living and retiree tax-friendliness.

The personal finance company used data from various sources, including the U.S. Census Bureau, the Council for Community and Economic Research and the Tax Foundation. WalletHub's study assumes retirees are living on a fixed income.

The 13 least affordable U.S. cities for retirees

According to WalletHub's 2024 analysis, these cities top the list:

1. New York
2. Honolulu and Pearl City, Hawaii (tie)
3. Yonkers, New York
4. Santa Rosa, California
5. Bridgeport, Connecticut
6. San Francisco and Fremont, California (tie)
7. Jersey City, New Jersey
8. South Burlington and Burlington, Vermont (tie)

Living expenses in New York City Money Report

It's not too surprising New York City ranks as the least affordable retirement destination in the U.S., considering it's the third-most expensive city in the world, according to Numbeo's Cost of Living Index.

Housing costs alone could take a big bite out of a retiree's budget. The median rental price for a one-bedroom apartment hit $4,500 a month in August, per Zumper's latest data . And renting a two-bedroom would set you back around $5,100 a month.

That's pretty steep compared with the national median rental price of $1,534 for a one-bedroom and $1,915 for a two-bedroom.

Of course, rental costs in New York vary by borough. The median rental price for all bedroom types in Manhattan is $5,000 versus $4,209 in Brooklyn , according to Zumper.