As of 2015, some of the worst places to retire include New York City and Albany, New York; New Haven and Hartford, Connecticut; and Little Rock, Arkansas, according to Bankrate. Factors to consider include affordability, crime, health care quality, tax rates and weather. New York City's cost of living places it at the top of the list, with an average monthly rent close to $4,000 and average home price of about $1.36 million, more than four times the national averages.Continue Reading
At about 12.6 percent, New York has the nation's highest combined state and local tax burden, notes Bankrate. On the plus side, New York City has extensive public transportation and is easy to walk and travel in without a vehicle. Upstate, Albany's cold snowy weather and high taxes contribute to its low retirement ranking.
With an average monthly rent of about $777, approximately 15 percent below the national average, Little Rock is an affordable city for retirees, explains Bankrate. However, due to high costs and poor quality, the Arkansas capital's health care system ranks as one of the worst in the nation. The city's property-crime and violent-crime rates are approximately three times higher than the national average.
Connecticut's second largest city, New Haven, features an historic downtown area and Yale University, notes Bankrate. However, its crime rate is three times the national average, and it has about a 12 percent combined state and local tax burden. In Hartford, Connecticut's capital, homes cost about 30 percent more than the national average, rent costs are about 22 percent more, and crime rates are about three times the national average.Learn more about Financial Planning