A New Jersey Town On The Hudson River Is One Of The Most Expensive Retirement Communities In America

Fort Lee, New Jersey, is located along the eastern border of Bergen County, situated on the Hudson River, and positioned at the top of The Palisades cliffs. This gives it proximity to New York City, with the George Washington Bridge connecting Fort Lee to Upper Manhattan. Its natural setting presents a more peaceful and quieter atmosphere than the city itself — making it well-suited to retirees.

Despite this appeal, Fort Lee is considered as one of the most expensive U.S. cities to live in, with a 53% higher average cost of living when compared to the national average. The city is located 10 miles from Midtown New York, which means that the 40,000 residents have easy access to the city center without having to give up the suburban peace they enjoy.

In a 2024 survey by GoBankingRates, Fort Lee has a monthly living of $7,505, with about 25% of its population aged above 65. Also, over 30% of its residents are made up of Koreans and people from other diverse cultures. Together, these populations play a vital role to the growth of the community through the provision of certain useful amenities. Drawn in by a sound and competitive education system, the presence of immigrants in Fort Lee contributes to the economic boost beneficial to the entire populace of Fort Lee.

Choosing Fort Lee for retirement demands a substantial monetary budget. To live comfortably, you need to account for housing first. The median home value stands at $906,272. This estimate is higher than the U.S. average housing cost at $424,900. Then, there is the cost of daily living. Grocery shopping is considered one of the major contributing causes to the high cost of living in the area. Eggs are sold for $3.65 per dozen and milk is $4.92 per gallon.

Utilities add to your bills. Monthly energy bills average $215.28, as opposed to $136.84 that is considered the national average. Healthcare is a necessary expense for retirees and it's a lot pricier at Fort Lee, where a routine doctor's visit costs $146.50. That's typically on the high side of the U.S. national average of $80 to $170. Fort Lee has access to top-tier healthcare center, Hackensack Meridian, multilingual senior service centers, and direct transit to NYC's cultural hubs, which somehow justifies the costs for retirees who value accessible healthcare.

Yet, the proximity to New York City inflates prices. Bus fares and gas prices are 9% higher than the national average, while telephone bills can go as high as $208+ monthly. According to 401(k) Specialist, Fort Lee is one of America's 10 priciest retirement communities, with annual living costs exceeding $80,000 — much higher than these small towns in New York that won't drain your bank account.

To reside in Fort Lee, one need not buy a house because there are several alternatives to try. Renting a one-bedroom at $3,097 per month shaves off the burden of paying property taxes and offers some level of flexibility on budget spending. New Jersey's Senior Freeze Program reimburses property tax increases for eligible residents of Fort Lee, who earn under $168,000 as of 2024.

Although the cost of living in major American cities is high, living adjacent to a major metro area comes with some privileges that lower-cost cities might not have. Many New Yorkers retire further south, trading cultural amenities for warmer weather and a cheaper cost of living. Sarasota, Florida, for example, with its median home value stipulated at $550,000, undercuts the cost at Fort Lee by 39.3%, but it mostly lacks urban access, and is regarded as a non-walkable city.

Some Reddit users suggest retiring to suburbs like Union City, which has a cheaper cost-of-living per year. In general, the further from the city itself, the cheaper — just keep in mind that you're sacrificing the ease of access that Fort Lee residents enjoy.