What a Comfortable Retirement Will Cost You in These 50 Major East Coast Cities
Figuring out where you plan to retire is just as important as when you will retire, based on the varying costs of living around the United States.
The coastal sides of the United States are popular for many reasons, with the East Coast offering a wide variety of cities to choose from with unique attributes and affordable options.
If you don’t mind white winters and humid summers, many East Coast cities offer amenities that make retirement especially enjoyable — from cultural offerings to outdoor activities to nightlife and much more.
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To find what a comfortable retirement will cost you in the most populated East Coast cities, GOBankingRates defined the East Coast as Florida, New York, North Carolina, the District of Columbia, Massachusetts, Maryland, Georgia, Virginia, New Jersey, Rhode Island, South Carolina, Connecticut and New Hampshire. It then sourced the total population for the top 100 most populated cities using the U.S. Census American Community Survey.
Key expenditures were calculated using data from the Bureau of Labor Statistics Consumer Expenditure Survey to determine the cost of living including healthcare, transportation, utilities, groceries, and miscellaneous expenses. Rent expenses were sourced from the Zillow Observed Rental Index and Social Security benefits info from the Social Security Administration. Other info included livability scores from Area Vibes.
Total costs of retirement were calculated based on the amount needed for the years between age 67 and 77.
Find out which cities offer the most comfortable retirement.
50. Worcester, Massachusetts
Total cost of expenditures: $270,447
Total cost of rent: $261,879
Total cost of living for retirement: $532,326
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49. Charleston, South Carolina
Total cost of expenditures: $243,985
Total cost of rent: $279,756
Total cost of living for retirement: $523,741
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48. Augusta, Georgia
Total cost of expenditures: $238,262
Total cost of rent: $165,321
Total cost of living for retirement: $403,583
47. Palm Coast, Florida
Total cost of expenditures: $203,124
Total cost of rent: $266,050
Total cost of living for retirement: $469,174
46. Springfield, Massachusetts
Total cost of expenditures: $260,857
Total cost of rent: $214,995
Total cost of living for retirement: $475,852
Pictured: Boston
45. Hartford, Connecticut
Total cost of expenditures: $287,676
Total cost of rent: $191,791
Total cost of living for retirement: $479,467
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44. Nashua, New Hampshire
Total cost of expenditures: $263,290
Total cost of rent: $271,797
Total cost of living for retirement: $535,086
43. Rochester, New York
Total cost of expenditures: $278,677
Total cost of rent: $179,919
Total cost of living for retirement: $458,595
42. Manchester, New Hampshire
Total cost of expenditures: $262,386
Total cost of rent: $250,767
Total cost of living for retirement: $513,153
41. Tampa, Florida
Total cost of expenditures: $251,256
Total cost of rent: $283,295
Total cost of living for retirement: $534,551
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40. Providence, Rhode Island
Total cost of expenditures: $252,997
Total cost of rent: $274,680
Total cost of living for retirement: $527,677
39. Virginia Beach, Virginia
Total cost of expenditures: $272,851
Total cost of rent: $243,638
Total cost of living for retirement: $516,489
38. Waterbury, Connecticut
Total cost of expenditures: $290,616
Total cost of rent: $184,642
Total cost of living for retirement: $475,258
37. Roswell, Georgia
Total cost of expenditures: $251,159
Total cost of rent: $250,089
Total cost of living for retirement: $501,248
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36. Suffolk, Virginia
Total cost of expenditures: $259,304
Total cost of rent: $213,067
Total cost of living for retirement: $472,371
35. Davie, Florida
Total cost of expenditures: $222,693
Total cost of rent: $318,709
Total cost of living for retirement: $541,402
34. Syracuse, New York
Total cost of expenditures: $283,985
Total cost of rent: $177,263
Total cost of living for retirement: $461,248
33. Clearwater, Florida
Total cost of expenditures: $255,186
Total cost of rent: $261,644
Total cost of living for retirement: $516,830
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32. Portsmouth, Virginia
Total cost of expenditures: $246,370
Total cost of rent: $195,982
Total cost of living for retirement: $442,352
31. Hampton, Virginia
Total cost of expenditures: $248,135
Total cost of rent: $198,379
Total cost of living for retirement: $446,515
30. Deltona, Florida
Total cost of expenditures: $204,008
Total cost of rent: $246,575
Total cost of living for retirement: $450,583
29. Fayetteville, North Carolina
Total cost of expenditures: $253,864
Total cost of rent: $178,929
Total cost of living for retirement: $432,793
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28. Orlando, Florida
Total cost of expenditures: $255,575
Total cost of rent: $258,189
Total cost of living for retirement: $513,764
27. Columbia, South Carolina
Total cost of expenditures: $256,608
Total cost of rent: $194,825
Total cost of living for retirement: $451,432
26. Brandon, Florida
Total cost of expenditures: $256,696
Total cost of rent: $267,950
Total cost of living for retirement: $524,646
25. Athens, Georgia
Total cost of expenditures: $242,261
Total cost of rent: $240,675
Total cost of living for retirement: $482,936
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24. Charlotte, North Carolina
Total cost of expenditures: $247,547
Total cost of rent: $233,973
Total cost of living for retirement: $481,520
23. Riverview, Florida
Total cost of expenditures: $214,365
Total cost of rent: $294,642
Total cost of living for retirement: $509,007
Pictured: Orlando
22. Baltimore
Total cost of expenditures: $240,042
Total cost of rent: $210,631
Total cost of living for retirement: $450,673
21. St. Petersburg, Florida
Total cost of expenditures: $258,749
Total cost of rent: $270,506
Total cost of living for retirement: $529,255
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20. Atlanta
Total cost of expenditures: $250,326
Total cost of rent: $251,092
Total cost of living for retirement: $501,418
19. Plantation, Florida
Total cost of expenditures: $220,034
Total cost of rent: $325,234
Total cost of living for retirement: $545,268
18. Newport News, Virginia
Total cost of expenditures: $248,908
Total cost of rent: $186,837
Total cost of living for retirement: $435,745
17. Savannah, Georgia
Total cost of expenditures: $243,927
Total cost of rent: $234,354
Total cost of living for retirement: $478,280
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16. Buffalo, New York
Total cost of expenditures: $269,371
Total cost of rent: $168,666
Total cost of living for retirement: $438,037
15. Concord, North Carolina
Total cost of expenditures: $246,343
Total cost of rent: $236,290
Total cost of living for retirement: $482,633
14. Sunrise, Florida
Total cost of expenditures: $221,634
Total cost of rent: $325,549
Total cost of living for retirement: $547,183
Pictured: Sarasota
13. Gainesville, Florida
Total cost of expenditures: $257,247
Total cost of rent: $208,163
Total cost of living for retirement: $442,205
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12. High Point, North Carolina
Total cost of expenditures: $241,834
Total cost of rent: $200,371
Total cost of living for retirement: $442,205
11. Macon, Georgia
Total cost of expenditures: $244,891
Total cost of rent: $162,181
Total cost of living for retirement: $407,071
10. Roanoke, Virginia
Total cost of expenditures: $250,516
Total cost of rent: $167,982.
Total cost of living for retirement: $418,499
9. Jacksonville, Florida
Total cost of expenditures: $249,609
Total cost of rent: $211,223
Total cost of living for retirement: $460,832
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8. Durham, North Carolina
Total cost of expenditures: $249,646
Total cost of rent: $219,447
Total cost of living for retirement: $469,094
7. Norfolk, Virginia
Total cost of expenditures: $253,048
Total cost of rent: $196,622
Total cost of living for retirement: $449,670
6. Richmond, Virginia
Total cost of expenditures: $264,003
Total cost of rent: $199,788
Total cost of living for retirement: $463,791
5. Tallahassee, Florida
Total cost of expenditures: $254,325
Total cost of rent: $191,108
Total cost of living for retirement: $445,433
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4. Raleigh, North Carolina
Total cost of expenditures: $248,509
Total cost of rent: $219,680
Total cost of living for retirement: $468,189
3. Lakeland, Florida
Total cost of expenditures: $192,643
Total cost of rent: $233,165
Total cost of living for retirement: $425,808
2. Greensboro, North Carolina
Total cost of expenditures: $240,975
Total cost of rent:$185,054
Total cost of living for retirement: $426,029
1. Cary, North Carolina
Total cost of expenditures: $249,299
Total cost of rent: $228,572
Total cost of living for retirement: $477,871
Pictured: Downtown Raleigh, near Cary
Methodology: In order to find what a comfortable retirement will cost you in the most populated East Coast cities, GOBankingRates started by defining the East Coast as the states; Florida, New York, North Carolina, District of Columbia, Massachusetts, Maryland, Georgia, Virginia, New Jersey, Rhode Island, South Carolina, Connecticut, and New Hampshire, and sourced the total population for the top 100 most populated cities using the US Census’s American Community Survey. For each city on the list a number of factors were found including; [1] Grocery cost of living index, [2] Healthcare cost of living index, [3] Utilities cost of living index, [4] Transportation cost of living index, [5] Miscellaneous cost of living index all sourced from Sperlings BestPlaces, [4] Average expenditure costs for someone aged 65 or older sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, [5] December 2023 average rent cost sourced from Zillow Observed Rental Index, [6] livability index as sourced from AreaVibes, and the [7] Social Security Benefits as sourced from the Social Security Administration. This document assumes a person starts collecting retirement at age 67 for the full benefits amount and lives to the average life expectancy for a US citizen at age 77, giving 11 years of retirement. Using the average Social Security Benefits by age the average total Social Security Benefits amount can be calculated. Using the cost of living indexes and the average expenditure cost, the expenditure costs for each city can be calculated to show each cities individual cost of living for people aged 65 and over. The total expenditure costs for the 11 years of retirement and the total Social Security Benefits received can be calculated to find the remaining amount someone needs to have to afford retirement in each of these major East Coast cities. The total cost of expenditures was scored, the total cost of rent was scored, and the livability index was scored with all the scores being combined and sorted to show the best and cheapest places to retire within the most populated East Coast cities. All data was collected and is up to date as of April 10, 2024.
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This article originally appeared on GOBankingRates.com: What a Comfortable Retirement Will Cost You in These 50 Major East Coast Cities
