7 Cost-Effective Towns In The Finger Lakes For Retirees
The Empire State is undoubtedly one of the more expensive places to live in the United States, and for many retirees, this means looking to more affordable options like Mississippi and Iowa. But if you have your heart set on living in New York without sacrificing affordability, it is just a matter of looking in the right place.
While New York’s Big Apple is one of the most sought-after places to live, its high rent and high cost of living make it less accessible to retirees on a budget. Instead, seniors looking to save should consider the Finger Lakes region. Along with boasting some of the prettiest scenes in the state, the area is surprisingly affordable, both by state and country standards.
Along with being some of the most cost-effective towns in New York, these 7 Finger Lake communities promise fabulous wine regions, world-famous state parks, and all-around natural beauty. Despite being lesser known than New York’s urban centers, these towns rank as some of the best places to retire in the United States on a budget, proving bigger does not always mean better.
Penn Yan
On the northern shores of Keuka Lake, Penn Yan is perfect for retirees seeking simple pleasures at a great price. As of the 2024 census, 26% of the town’s 5,062 locals are 65 and older, and it is easy to see why. Houses in Penn Yan are 38% less expensive than the average New York home, and the overall cost of living here is 28% below the state standard.
Purchasing a home in Penn Yan is also an excellent investment, and not just because of its beautiful location on Keuka Lake. Thanks to proposals like the 2018 Downtown Revitalization Initiative, downtown Penn Yan is still reaping the benefits of a $10 million dollar grant. Locals (old and new) can look forward to exciting ongoing changes in town, like the installation of a public boat dock, waterfront seating, and downtown streetscape improvements.
But Penn Yan’s downtown is just one of its many best features. The town is known for its world-class wineries, including Fox Run Vineyards, Keuka Spring Vineyards, and countless others on the Keuka Lake Wine Trail. As for those looking to stay active and embrace the area’s serene surroundings, there is the 7-mile Keuka Outlet Trail. Whether cross-country skiing in the winter or hiking from spring through fall, the waterfalls and waterfront are lovely year-round.
Geneva
About 25 minutes north of Penn Yan, Geneva rests on the northern end of Seneca Lake. Similar to Penn Yan, the cost of living here is extremely affordable by New York standards. But Geneva’s housing market is what truly shines, averaging 64% less than the national price of a home and 71% less than the average in New York. With the Geneva General Hospital right in town, locals can also save on the cost of transportation if healthcare is a priority.
In terms of leisure, Geneva’s setting on the water is its standout charm. As the deepest Finger Lake (around 617-feet-deep at its lowest point), and second-longest (at about 38 miles long), Seneca Lake is a haven for anglers and boaters. Since 1964, the town has hosted the National Lake Trout Derby, earning it a reputation as “Lake Trout Capital of the World.” Boating is equally popular, whether investing in your own or renting from Roy's Marina.
In the summer, Seneca Lake State Park comes alive with swimmers and picnickers, while the paved Geneva Lakefront Trail is a great year-round way to get in some steps. Outside of summertime, Geneva’s land-based attractions take the spotlight. From live performances at the Smith Opera House to drinks at the Belhurst Castle and Winery, laid-back leisure is Geneva’s specialty.
Skaneateles
Rated one of the “7 Most Affordable Towns To Retire To In The Finger Lakes Region” by TheTravel in 2024, Skaneateles stands as one of the best places to retire in New York. While the houses here can average a bit high, locals can still save big with the overall cost of living, making it evident why 30% of the town is 65 and older.
You will find this village of 7,000 residents resting on the shores of Skaneateles Lake, whose Iroquois name translates to “Long Lake.” But truthfully, this “Jewel of the Finger Lakes” is more known for its striking cleanliness. As an oligotrophic lake, Skaneateles maintains a minimal level of algae, giving the water its crystal-clear shimmer. Cliff Park and Thayer Park are both great spots to appreciate its beauty, or you can get out on the water with boat rental services at the Skaneateles Marina.
Skaneateles is also a spirited festival town, hosting a range of community-based celebrations throughout the year. The annual Skaneateles Festival is perhaps its most popular, bringing people together each summer for world-class music over 4 weeks. Later in the year, during each weekend from Thanksgiving through December 24th, locals come together to enjoy the heartwarming Dickens Christmas celebration.
Canandaigua
Around one hour west of Skaneateles, Canandaigua is an excellent alternative for retirees seeking more affordable housing. Renting here will cost you around 65% less than the rest of New York, and buying is 52% cheaper on average. Paired with a cost of living 25% lower than the rest of the state, Canandaigua is the perfect town for seniors looking to save.
With an increased disposable income, Canandaigua’s attractions are a fulfilling way to enjoy your savings. Even then, many of its best sites and activities are free or come with a senior discount. Green spaces like Kershaw Park can be strolled at no cost, offering stunning views of Canandaigua Lake, while the free Canandaigua City Pier is equally beloved by sightseers and anglers.
Elsewhere in town, those 60 and older can enjoy a discount at Sonnenberg Gardens & Mansion State Historic Park. The 50-acre Victorian estate and gardens are a delight to explore, especially when the plants are in bloom through spring and summer. The estate also hosts a variety of events throughout the year, such as Rose Week, an Orchid Show, and the Arts At The Gardens exhibition. For a day on the slopes, discounts can also be applied to certain lift tickets at the Bristol Mountain Ski Resort for retirees 70 and older.
Watkins Glen
In the Finger Lakes village of Watkins Glen, purchasing a home is even more affordable. Homes here are priced at 53% less than the average in New York and 43% below the national average, making it easier than ever to find your dream home. Additionally, the overall cost of living in Watkins Glen is about 32% lower than the rest of New York, allowing residents to enjoy a more affordable lifestyle.
With just 1,765 locals, Watkins Glen is a close-knit community on the southern end of Seneca Lake. But in spite of the town’s small size, there is still plenty to see and do. Its proximity to the Seneca Lake Wine Trail is one of its best features, with dozens of wineries within 20 minutes of town, from Lakewood Vineyards to the Castel Grisch Winery. However, the town’s true star is Watkins Glen State Park.
Known for being the most beloved of the Finger Lakes parks, this enchanting recreational area attracted a record-breaking 1.2 million people in 2023. The park’s famous gorge trail takes you past 200-foot cliffs, stone stairs, and 19 dazzling waterfalls. But there are also easier scenic paths for less experienced hikers. In this case, the official Park Map recommends starting at the suspension bridge, strolling over to Lover’s Lane, then entering a section of the Gorge Trail to enjoy stunning views of Glen Cathedral Falls.
Seneca Falls
For introverted retirees looking for a Finger Lakes town away from tourist crowds, look 1 hour north of Watkins Glen to laid-back Seneca Falls. As “the birthplace of the women's rights movement,” local attractions like Women's Rights National Historical Park are cherished without feeling overcrowded. Seneca Falls’ 10-minute distance from Cayuga Lake State Park also means residents can enjoy its lakeshore and boat launch before returning home to a quieter atmosphere.
While undoubtedly quieter than certain Finger Lake towns, there is nothing boring about living in Seneca Falls. Despite not attracting the same tourist crowds as Watkins Glen, the town still boasts an impressive range of attractions. The Montezuma National Wildlife Refuge is a great place for nature strolls and wildlife viewing, and the Cayuga Lake Wine Trail is well within reach. Annual events like the It's A Wonderful Life Festival and Canal Fest are also fun ways to get involved in this charming community.
With a cost of living 35% lower than the New York average and 21% lower than the rest of the United States, even non-introverted retirees may consider a move to Seneca Falls for its savings. With homes here costing 61% less than the average New York residence, the affordability is that much more enticing.
Romulus
Just 15 minutes south of Seneca Falls, Romulus is another top retirement town for seniors seeking a laid-back atmosphere. Like Seneca Falls, this rural community is a brief drive from Cayuga Lake, meaning its glacial waters and cascades can be appreciated without constant interactions with tourist crowds. With a 35% lower cost of living and 54% less expensive housing than the New York average, Romulus is a fabulous place to live out your retirement in bliss.
Continuing to share similarities with Seneca Falls, Romulus is a gateway to the Cayuga Lake Wine Trail. Spots like the Knapp Winery, Lakeshore Winery, and Goose Watch Winery promise year-round tastings and pretty scenes in every season. For a more whimsical slice of nature, you will want to check out Romulus’ famed Deer Haven Park. During its open season, visitors can behold the rare and majestic Seneca white deer on a bus, auto, or private tour.
On the opposite end of the Deer Haven Park, Sampson State Park is another outdoor haven Romulus residents can explore. Along with a newly remodeled marina, the park’s standout feature is its centered position on the eastern shore of Seneca Lake. Whether boating or strolling the park’s lake trail, sunsets over the water are legendary from this Romulus attraction.
Why Retire in These Top Finger Lake Towns?
In addition to being some of the most affordable places to retire in New York state, these Finger Lake towns prove that great things can come in small packages. Whether retiring in Penn Yan for its revitalized downtown and stunning waterfront or Watkins Glen for its jaw-dropping geological landscapes and award-winning wineries, living in the Finger Lakes region ensures your retirement is fulfilling without forfeiting affordability.
