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24/7 Wall St.: States Where Seniors Cannot Afford to Live

2. New York

Elderly economic security gap: $9,244
Median elder income: $17,000 (21st lowest)
Annual cost of comfortable living for an elder: $26,244 (6th highest)
Life expectancy in years: 80.4 (4th longest)
Housing costs per month: $1,057 (4th highest)
Health care costs per month: $370 (10th lowest)

A retired single New York resident makes $17,000 each year from pensions, social security, and other sources of income, according to WOW’s Economic Security Database. This income, which is below the national average for the elderly, does not come close to the estimated $26,244 required annually if New York seniors were to live comfortably and with economic security. For retirees, health care costs are actually relatively low in the state. Transportation costs are just $210 per month. But the average single elder spends $12,684 per year on rent. The good news for New York retirees is that Fiserv projects home prices will fall in the state by 5.9% by the third quarter of 2012. While home prices will increase nationwide after that for several years, they will increase at just 1.8% annually in New York, slower than all but one state.

(AP Photo)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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