Business

New York City is the worst place to retire: survey

Maybe it’s time for your elderly relatives to start looking for a new home.

That’s because New York City ranks as “the worst place” to retire, says a new BankRate.com survey that reviewed cities based on quality-of-life categories.

Why did New York City rank even lower than Newark and San Francisco for seniors who are budget-conscious?

“Its high cost of living and high tax burden can make it a difficult place to live for people on a fixed income,” according to the report.

The survey results put the Big Apple at the bottom of the list of 172 big cities rated for retirees who are seeking reasonable costs.

Other cities near the bottom were New Haven, Conn., Buffalo and Albany.

By contrast, Phoenix, Prescott and Tucson, Ariz., were the best places to retire because costs are relatively low, according to the report.

The survey rated cities in multiple categories that Bankrate.com analyst Chris Kahn said matter the most to seniors. These factors included weather, cost of living, crime rate, health-care quality, tax burden and walkability.

The Big Apple’s ratings generally ranged from low to below average. On cost of living and taxes, it had a poor rating. New York City also got bad grades on health care and well-being.