If you imagine spending your post-work years attending Broadway shows and lounging around Central Park in the city that never sleeps, it's going to cost you.

New York City ranks as the priciest city in the U.S. to retire, according to WalletHub's 2024 analysis of the best and worst places to retire. Following NYC, the two Hawaiian destinations that offer the highest quality of life for retirees — Pearl City and Honolulu — tied for second place.

WalletHub analyzed the affordability of 182 highly populated cities in the U.S. based on a number of factors that impact a retiree's budget, including the cost of living and retiree tax-friendliness.

The personal finance company used data from various sources, including the U.S. Census Bureau, the Council for Community and Economic Research and the Tax Foundation. WalletHub's study assumes retirees are living on a fixed income.

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

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

Housing costs alone could take a big bite out of a retiree's budget. The median rental price for a one-bedroom apartment hit $4,500 a month in August, per Zumper's latest data. And renting a two-bedroom would set you back around $5,100 a month.

That's pretty steep compared with the national median rental price of $1,534 for a one-bedroom and $1,915 for a two-bedroom.

Of course, rental costs in New York vary by borough. The median rental price for all bedroom types in Manhattan is $5,000 versus $4,209 in Brooklyn, according to Zumper.

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But for retirees who can swing it, New York City offers an abundance of activities, including access to world-class performing arts and iconic museums like the Metropolitan Museum of Art.

And there are plenty of ways for seniors to connect with each other in NYC.

Over 300 older adult care centers across the city offer free membership to New Yorkers age 60 and older, for example. These centers provide access to healthy meals and activities such as gardening, computer classes and day trips, according to New York City's Department for the Aging.

When choosing where to retire, money isn't everything

Although affordability can be an important factor to keep in mind when thinking about where to retire, it's far from the only thing to consider.

You may also want to think about how close you want to be to your family and friends or how easily you can access health services.

And you don't necessarily have to write off a potential retirement location just because it has a high cost of living. If you plan ahead, you may be able to save more to cover your living expenses, or make compromises, such as living in a smaller home.

CNBC Make It's retirement calculator can give you an estimate of how much you may need to retire and how much to set aside monthly to meet that goal using factors like your age, current retirement savings and income.

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