Is Buffalo a Good Place to Retire?

 

As a financial advisor, retirement planner, and lifetime resident of Buffalo, NY, people sometimes ask if I think Buffalo is a good place to retire. My answer to that is a resounding “YES;” I work with many retirees who live in and around Buffalo who are thriving, and I myself plan to retire in Buffalo.

Despite its reputation for harsh winters, Buffalo is actually a great place for anyone to live, especially retirees. With the natural beauty of Buffalo’s landscape, the lower cost of living compared to surrounding cities, the quality healthcare options, and its accessibility to all the amenities you’d expect from larger cities, it has a lot to offer. In this article, I discuss why Buffalo, NY is a great place to live and retire.

 

Is Buffalo a Good Place to Live?

Any place that is good for retirement must first be a good place to live, for anyone.

Tucked in the northeasternmost corner of Lake Erie (one of the five Great Lakes) and just south of the Canadian border lies Buffalo, the second largest metropolis in New York State. Despite having over one million residents, Buffalo’s earned the moniker “The City of Good Neighbors” due its warm hospitality and its close-knit community. 

Residents are proud of their history, diverse culture, professional sports teams (Buffalo Bills and Buffalo Sabres), and evolving restaurant scene. Explore the many historical sites such as the Buffalo and Erie County Naval and Military Park. Sample the ever-growing number of food trucks and diverse restaurants moving into downtown. Visit the Anchor Bar, home of the original Buffalo wings! If you’re there in the cold and snowy winter months, you’ll likely see residents seeking refuge in a local pub for a game. 

Buffalo’s economy has undergone a renaissance. In recent years there’s been a 5.5 billion dollar push to jumpstart the economy, bring jobs, and attract entrepreneurs to the region. Major corporations such as Sorrento Cheese Company, General Mills, New Era Cap Company, and Delaware North are calling Buffalo home, and the area’s 4.7% unemployment rate is the lowest the region has seen since 2019.

The city itself is known for its excellent urban planning. Its radial concentric city plan (one of only three in the US), unique skyline, and exceptional architecture have many calling Buffalo the “Best Planned City in America”. The Darwin D. Martin House designed by Frank Lloyd Wright and Louis Sullivan’s Guaranty Building named a National Historic Landmark in 1975, are just some of the unique architecture scattered through the region. There are 6 connecting public parks, combining for over 350-acres of land and designed by Frederick Law Olmsted, the best-known landscape architect in American history. And if you travel just 20 miles outside the city, you’re at Niagara Falls, the world’s largest waterfall dumping 3,160 tons of water every second.

Needless to say, this urban center that once struggled to gain ground, has taken advantage of its deep roots to transform into a thriving city with a positive future for any age.

 

Is Buffalo a Good Place to Retire?

Here are my top 5 reasons why Buffalo is the perfect place to live your golden years.

1. Cost of living

When choosing a place to settle down, the cost of living, especially when on a fixed income, can be a big factor in your quality of life. While most of the cities in New York State are notoriously expensive to live in, Buffalo offers a cost of living that’s 4% lower than the national average. Despite high property, income, and sales taxes, residents are able to save in other areas with essentials such as groceries falling under the national average.

 

2. Quality healthcare

Whether you’re looking for your first home or considering where to settle down in your golden years, access to quality healthcare at an affordable cost is always one of the top priorities for residents. 

Healthcare in Buffalo is quite robust, offering residents of all ages access to world-class hospital networks, and providing plenty of options for highly regarded healthcare professionals. 

Buffalo is home to several quality medical facilities including:

• Millard Fillmore Suburban Hospital: Named one of the best hospitals for the north towns of Buffalo and is a designated BlueDistinction Center for knee and hip replacements.
• Kenmore Mercy Hospital: Has been accredited by the Joint Commision for its high-quality care and safety standards.
• Mercy Hospital of Buffalo: Earned gold quality awards for heart attack and stroke care by the American Heart Association and is top-rated for heart bypass surgery from the Society of Thoracic Surgeons for the past 4 years.

 

Outside the quality of healthcare, it’s always important to consider these points when making the decision on where to reside – especially in retirement:

• How close are nearby hospitals and ERs?
• What type of specialists do I need to access regularly?
• Are these healthcare systems reputable?
• Is there a good standard of care?

 

3. Plenty to do

With a downtown accessible to so many things, it’s easy to find entertainment in Buffalo. Niagara Falls, the Great Lakes, and the Buffalo Olmsetd Park System provide plenty of opportunity to stay active during the mild spring, summer, and fall months. Walk, hike, or bike in Tifft Nature Preserve, the largest park in NY State. Visit the local finishing hotspot of Hoyt Lake. Stop by the 350-acre Delaware Park located in central downtown and drop into the 23.5-acre Buffalo Zoo tucked inside the park. 

Silo City is an example of how Buffalo has embraced its roots and used creativity to preserve its history. Repurposing retired grain silos, the campus now hosts poetry readings, art festivals, theater performances, and other types of entertainment while preserving this unique urban landmark.

During the cold (and expectedly snowy) winter months, visit Holiday Valley, New York’s premier destination ski resort located less than an hour from downtown. If you have an eye for the arts or are a history buff, visit one the 26 Buffalo museums found downtown. My personal favorite and a must-see for everyone is the Buffalo AKG Art Museum, previously known as the Albright–Knox Art Gallery. After a 160 million dollar expansion, the museum was finally opened back up to the public in May 2023 and houses more than 400 modern and contemporary art pieces from the likes of Picasso, Monif, and Monet.

 

No matter what your interests, there’s something for everyone in Buffalo.

 

4. Favorable taxes for retirees

There are a few tax incentives if you’re planning on retiring in Buffalo and that could mean maximizing the earnings that you’ve worked so hard to save. However, not all retirees get the same tax benefits and to see what you qualify for depends on your age, income, and property ownership. If you retire from civil or military service, you can enjoy a tax-free life in New York with your pension. If you’re older than 59, you can have up to $20,000 of private out-of-state pension excluded from taxation. Lastly, if you’re 65 or older, you’re eligible for property tax exemption.

 

5. Committed to becoming more age-friendly

With 27% of the Buffalo population being over the age of 60, improving the quality of life in older adults has become a priority in its urban community. In 2018, Buffalo joined the growing list of cities using the Active Aging Policy Framework developed by the World Health Organization to reduce or eliminate barriers within the world’s aging community. The goal was, and continues to be, improving the safety, affordability, and comfort of older adults so they can easily and comfortably contribute to city life. Some of the services provided include:

• Health and wellness programs
• Arts and music programs
• Intergenerational programming
• Employment referral assistance
• Social networking opportunities
• Volunteer opportunities
• Transportation services
• Leisure and travel programs 

 

As an ongoing project, Buffalo is constantly looking for ways to improve the opportunities and well-being of their aging population.

 

The 3 Best Buffalo Neighborhoods for Retirees

 

1. Orchard Park

Small town vibe with easy access to the city

Distance from downtown: 15 miles

Population: 29,797 with 23.3% of the population over 65 years of age

 

A nice suburban neighborhood south of the city and notoriously known as the home of the Bills. Filled with beautiful houses and friendly residents that exude a small-town vibe, Orchard Park is a perfect place to settle down in any stage of your life.

 

Places to visit:

• Highmark Stadium: Built in 1973, this 75,000 seat stadium is home to the AFC East Division Champions. Currently the 4th oldest stadium in the NFL, a new stadium is currently being built on the other side of Abbott and is set to be complete in 2026.
• Eternal Flame Falls: Located in Chestnut Ridge Park and a 45 minute trek into the Shale Creek Preserve, you’ll find a small waterfall. Its unique natural gas leak from behind the shale stone lights a steady flame beneath the waterfall.
• National Buffalo Wing Festival: A whopping 50,000 visitors, lured from all over the US and 44 foreign countries, pack into Highmark Stadium to sell and sample Buffalo’s trademark delicacy, Buffalo Wings. This 2-day festival includes live music, a mullet contest, and wing eating championship, to name a few.

 

2. Elmwood Village

One of Buffalo’s best kept secrets

Distance from downtown: 5 minutes

Population: 20,990

 

Located in the central part of Buffalo with Buffalo State College and Delaware Park on its borders, Elmwood Village’s walkable downtown has an artsy vibe and maintains a delicate balance of small local shops, local bars, sweet treats, and delectable food. Whether you’re just visiting or settling down in your retirement years, this is a place worth considering.

 

Places to visit:

• The Elmwood Avenue Festival of the Arts: Taking place the weekend before Labor Day, the festival features local artists, crafts people, musicians, and community groups.
• SPoT Coffee: Serving craft coffee for over 20 years, the Elmwood Village location is just one of 17 franchised shops around NY and a must stop when in town.

 

3. Williamsville

Easy to get around, lots to do, melds a younger and older population

Distance from downtown: 11 miles

Population: 5,423 with 23.8% of the population over 65 years of age

 

Though these 3 areas fall under the most populous of the city’s 90 neighborhoods, their diverse community feel, friendly vibes, and beautiful landscape leave residents feeling welcome and relaxed. Walking distance to downtown results in convenient living, access to some of the best healthcare, and presents the opportunity to take advantage of internationally recognized educational institutions. Strolling down tree lined streets and past historic buildings, partaking in culturally diverse cuisine, exploring gorgeous public parks, and shopping in a bustling business district are just some of the attractions residents and visitors can take advantage of.

 

Places to visit:

• Glen Falls: Take a short walk through the park, or stay in your car to view the 27 ft. tall roaring cascade connected to Ellicott Creek. If you have time, walk the paved winding trails, interconnected ponds, and stop for a picnic to take in the beautiful landscape. If you’re not done exploring, walk through a wooded area on the northern end to Amherst State Park.

 

Though everyone’s idea of what they want out of their neighborhood and eventual retirement are different, it’s always important to consider factors in each stage of your life to make the most out of your investments and transitioning into those golden years. As you settle into and make those important decisions about your investment management, retirement planning, or any other financial needs, don’t hesitate to contact us with any questions you have.

 

Disclosures:

The views, opinions, and content presented are for informational purposes only. They are not intended to reflect a current or past recommendation; investment, legal, tax, or accounting advice of any kind; or a solicitation of an offer to buy or sell any securities or investment services. Nothing presented should be considered to be an offer to provide any product or service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction. All investments involve risk, including the possible loss of some or all of the principal amount invested. Past performance of a security or financial product does not guarantee future results. Investors should consider their investment objectives, risks, and risk tolerances carefully before investing. The Firm has made every attempt to ensure the accuracy and reliability of the information provided, but it cannot be guaranteed.