When you're considering where you should retire, the cost of living is a huge factor in the equation. But so are things like the cost of healthcare and the quality of life you'll get in return. Retirement planning isn't straightforward, but simply narrowing your field of retirement locations to a few can help you get started.
The following list features eight of the most expensive places to retire in the U.S. according to the Council for Community and Economic Research's Cost of Living Index released in late 2024.
Read on to learn about the most expensive places for retirees in the U.S. right now.
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1. New York
According to the Council for Community and Economic Research's Cost of Living Index, New York is the most expensive place to live in the United States, to very few people's surprise. The borough of Manhattan snags the No. 1 spot of the most expensive urban area in the nation, with a cost of living index of 229.9.
That's compared to the national average of 100. The boroughs of Brooklyn and Queens are also listed among the most expensive urban areas in the nation, with respective index rankings of 158.7 and 151.3.
However, for retirees looking to spend their older years in the Empire State, it's worth noting that New York state, on the whole, is rated as one of safest states to retire in the nation, based on crime statistics provided by the FBI.
New York is the second-safest state in the country to retire in by factors including fall-related deaths, violent crime, property crime, and fatal car crashes. For example, New York experiences just 49.4 fall-related deaths per 100,000 seniors, and just 8.1 older adults are involved in fatal car crashes per 100,000 drivers.
2. Honolulu
Of course, Hawaii is on your bucket list, but it might also be on your list of places you'd like to retire. You'll be spending a lot to live there, according to the Cost of Living Index, but you'll also get sand, surf, and beautiful ocean views.
Honolulu is the second most-expensive urban area in the nation with a cost of living index of 184.6, almost double the national average. On a more positive note, Hawaii ranks first in the nation for healthcare out of all 50 states.
In terms of other important metrics for livability, such as economy and infrastructure, Hawaii is ranked 42nd and 47th, respectively.
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3. San Jose, California
San Jose, California, has many qualities that make it an ideal place for some people to retire. These include its quality of life, climate, and proximity to abundant beaches as well as popular cities nearby like San Francisco. However, the cost of living is high.
The average home price in San Jose is $1,426,853, with the median listing price for a home in San Jose of $1.2 million and a median price per square foot of $779. According to the Council for Community and Economic Research's Cost of Living Index, San Jose has a 183.7 index, notably above the national average of about 100.
4. San Francisco
You may not leave your heart in San Francisco, but if you do, it has one of the best hospitals in the nation. UCSF Medical Center is consistently ranked as one of the top hospitals in the country. San Francisco is undeniably one of the most expensive places to retire in the U.S., with a cost of living index of 162.7.
However, the city has many cultural, recreational, and social activities, as well as a public transportation system that makes it easy to get around without a car. Its top-notch healthcare options and wide selection of luxury living communities could make the city a favorable choice for those with a comfortable retirement budget.
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5. Orange County, California
According to the most recent Cost of Living Index, the region of Orange County, California, has one of the highest costs of living of any area in the United States with an index of 158.3. But living in Orange County means having close access to all that Los Angeles and the rest of Southern California has to offer without actually having to live in the city.
Metrolink can take you from Santa Ana at the center of the county to the heart of Los Angeles in less than two hours. Orange County is known for fantastic weather with winter averages around 70 degrees.
It also features an abundance of charming towns adjacent to the gorgeous SoCal coastline, including Huntington Beach, Laguna Beach, San Clemente, and Dana Point. Anaheim’s Disneyland Resort and Newport Beach's boat-filled harbor opposite Balboa Peninsula are also within arm's reach.
6. Los Angeles
Los Angeles isn't known for its affordability, with a cost of living index of 148.7. However, it has other reasons that make the metro area worth considering for retirement.
Along with amazing weather and lots to do, Los Angeles boasts high scores for both the quality and accessibility of its healthcare with medical systems including Stanford Hospital, UC Davis Medical Center, and Cedars-Sinai Medical Center.
California ranks 34th in the nation for metrics such as crime and economy, but sixth in the nation for healthcare.
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7. Boston
There are few cities in America as iconic as Boston, but this is also part of what makes living there so expensive. This historic city snags a cost of living index of 146.9, which, while notably below Manhattan's 229.9, is still significantly higher than the national average of 100.
Boston winters can be tough, but the city can be a great place to retire for its culture, history, and quality of life. Massachusetts also offers robust public retirement benefits, healthcare, and tax benefits.
8. San Diego
Just miles away from Mexico, San Diego is an interesting and warm place to retire. However, it's also known for being one of the most expensive places to retire in the country, with a cost of living index of 146.5.
Housing affordability is a huge problem for San Diegans, much like in the rest of Southern California. San Diego has a Mediterranean climate with mild temperatures and low humidity year-round, along with many beaches, hiking trails, and golf courses.
Plus, the North County region has three areas with different climates: coastal, near-coast, and inland.
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Should you consider one of these places for retirement?
Even though these are among the most expensive places in the United States for retirement, it's not impossible to make the decision to spend your days in these bustling spots. Solid retirement planning, including significant Social Security income, can make it possible, especially if you consider downsizing your life.
The Motley Fool recently conducted a survey of more than 1,500 Americans aged 55 and up to determine what is most important to them in retirement. Using factors such as quality of life, housing costs, overall cost of living, weather, crime, and taxes, The Motley Fool determined the Best and Worst States to Retire to in 2025.
Although many retirees will opt for far less expensive retirement spots, you may find that things like culture, city amenities, or even access to some of the best healthcare in the country could move the needle in your final decisions.
Retirement Location FAQs
What are the most expensive states to retire to?
The most expensive states to live in (and retire to) include California, Hawaii, New York, and Massachusetts.
What state is the best financially to retire in?
West Virginia is the state with one of the lowest costs of living in the United States. However, you'll be trading city amenities and access to world-class healthcare.
Where is the best place to retire with no money?
If you're looking for the best places to retire with only a Social Security check, West Virginia, Oklahoma, Kansas, Alabama, and Mississippi are among the states with the lost cost of living in the nation.
What is the cheapest state for retirement?
The cheapest state in the United States for cost of living is West Virginia, but other states like Mississippi, Alabama, Oklahoma, Kansas, Missouri, Arkansas, and Iowa have exceptionally low costs of living compared to the rest of the country.
