The cost of retirement in the most expensive U.S. city is not in California or Hawaii.

If you envision spending your post-work years enjoying Broadway shows and relaxing in Central Park in the bustling city, it will come at a cost.

According to WalletHub's 2024 analysis, New York City is the most expensive city in the U.S. to retire. In second place, tied with two Hawaiian destinations, are Pearl City and Honolulu, which offer the highest quality of life for retirees.

A study by WalletHub examined the affordability of 182 U.S. cities with high populations for retirees, taking into account factors affecting their budget, such as the cost of living and tax-friendliness.

The study by WalletHub assumes that retirees have a fixed income and used data from various sources, including the U.S. Census Bureau, the Council for Community and Economic Research, and the Tax Foundation.

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. Boston
4. Seattle
5. Yonkers, New York
6. Santa Rosa, California
7. Bridgeport, Connecticut
8. San Francisco and Fremont, California (tie)
9. Jersey City, New Jersey
10. South Burlington and Burlington, Vermont (tie)

Living expenses in New York City

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

Renting a one-bedroom apartment in August cost $4,500 per month, according to Zumper's latest data, while a two-bedroom apartment would set you back around $5,100 a month.

The cost of living in San Francisco is significantly higher than the national median rental prices for a one-bedroom and two-bedroom apartment.

In New York, rental costs differ by borough. Specifically, the median rental price for all bedroom types in Manhattan is $5,000, while in Brooklyn it is $4,209, as per Zumper.

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For retirees who are able, New York City provides a wealth of activities, including access to top-notch performing arts and renowned museums such as the Metropolitan Museum of Art.

In NYC, seniors can connect with one another through various means.

New York City's Department for the Aging offers free membership to over 300 older adult care centers, which provide healthy meals and activities such as gardening, computer classes, and day trips for New Yorkers aged 60 and above.

When choosing where to retire, money isn't everything

While affordability is a crucial aspect to consider when choosing a retirement location, it is not the only factor to take into account.

Consider the proximity of your family and friends or the ease of access to healthcare services when deciding where to live.

You don't have to eliminate a potential retirement location solely based on its high cost of living. With careful planning and saving, you may be able to afford it, or opt for a smaller living space.

CNBC's retirement calculator estimates the amount you need to save and the monthly amount required to achieve that goal based on factors such as your age, current retirement savings, and income.

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