Jun 7, 2026
For decades, wealthy retirees have headed to Florida for the sunshine, lower taxes and year-round warm weather. But many are discovering that one thing is harder to relocate than an investment portfolio: trusted medical care.
Now, a growing number of affluent former New Yorkers are buying small second homes back in the city — often called “med-à-terres” — so they can continue seeing the doctors and specialists they’ve relied on for years.
Advertisement
Melissa Talarico is one of them. After spending 40 years working in the city, the 72-year-old spends much of the year in Miami as she eases into retirement, but she and her 75-year-old husband haven’t fully severed their ties to Manhattan.
“You leave a place, and you think you’re done there,” she told the Wall Street Journal.“But you’re not.”
Here’s why some retirees are holding onto a foothold in New York after moving south and what the trend says about the growing value of access to top-tier medical care.
Keeping their doctors close
Even after relocating to Florida, Talarico and her husband continued returning to New York for appointments with specialists at institutions such as the Hospital for Special Surgery, Memorial Sloan Kettering Cancer Center, Mount Sinai Hospital and Lenox Hill Hospital. While they often stayed at a vacation home on Long Island during those trips, the three-hour commute into the city eventually became a burden.
Bill Kowalczuk, Talarico’s real estate broker at Coldwell Banker Warburg, said the decision came down to convenience.
“Flying up from Florida and then adding a multi-hour drive to get to medical appointments was stressful, especially with frequent or time-sensitive visits,” Kowalczuk told Moneywise.
Last December, the couple purchased a 900-square foot loft in Jersey City. Nicknamed “SoHo for seniors” by Talarico’s friends, the apartment is just a short train ride from many of their doctors and makes healthcare trips significantly easier.
Advertisement
The challenge isn’t just finding a new doctor after a move, it’s finding one at all. The Association of American Medical Colleges projects the US could face a shortage of up to 86,000 physicians by 2036.
The desire to stay connected to doctors isn’t unique to the Talaricos. William Yau, a real estate broker at Coldwell Banker Warburg, said he has seen similar situations among his clients. One client’s mother owns a multifamily home in Queens but now spends most of her time in Connecticut with her daughter and grandchildren.
“She is retired, qualifies for Medicaid and keeps her official residency here,” Yau told Moneywise. “Most of her doctors are in NYC and she doesn’t want to go through the hassle of finding new ones.”
Must Read
- You can now build wealth like a landlord for as little as $100 — and no, you don't have to chase down rent or take 3 A.M tenant calls
- Goldman Sachs used to hoard prime real estate deals for the ultrarich. Two ex-analysts just opened the door for $250
- Robert Kiyosaki begs investors not to miss this ‘explosion’ — says this 1 asset will surge 400% in a year
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
The tradeoff
Florida continues to attract residents from high-tax states. IRS migration data analyzed by the Tax Foundation found Florida gained more than 55,000 net tax filers between 2022 and 2023, while New York lost nearly 72,000.
But maintaining access to New York’s healthcare system often comes with financial tradeoffs. New York lawmakers have approved a new tax on second homes as part of an effort to help close the city’s budget gap. The pied-à-terre tax will apply to certain non-primary residences assessed at $1 million or more and is expected to generate roughly $500 million in revenue.
Beyond the new tax, George Dimov, a CPA licensed in all 50 states and the founder of Dimov Tax Specialist, said New York’s residency rules can also catch some snowbirds by surprise. In general, people who maintain a permanent place to live in New York and spend more than 183 days in the state can be considered tax residents, potentially exposing their income to New York state taxes.
Advertisement
Dimov said some people move to Florida expecting to reduce their tax burden, only to find that regular visits to New York can complicate those plans.
“My advice is always the same. People should keep track of the days they spend in New York because it affects how they have to pay in taxes,” Dimov told Moneywise.
Still, access to specialized medical care remains a compelling reason to maintain a foothold in New York despite the added costs.
“People are keeping New York homes because New York is New York, and that includes their doctors,” Rebecca Cavallaro of Sotheby’s International Realty-East Side Manhattan Brokerage told the Wall Street Journal.
What retirees should consider before moving
For many retirees, the move south delivers exactly what they hoped for: lower taxes, warmer weather and a slower pace of life. What it doesn’t always provide is an easy replacement for the physicians and specialists they’ve spent years getting to know.
The key is to treat healthcare access as part of the relocation budget. A lower-tax address may save money on paper, but frequent travel, temporary accommodations and the challenge of rebuilding a medical team can carry costs of their own.
As for the Talaricos, the calculation was clear. Melissa returns to Manhattan every few months for medical appointments, while her husband — himself a physician — also sees specialists in the city.
You May Also Like
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
- Robert Kiyosaki issues grim warning for baby boomers. Many could be ‘wiped out’ and homeless ‘all over’ the country. How to protect yourself now
Victoria Vesovski is a Toronto-based staff reporter at Moneywise covering personal finance, lifestyle and trending news. She holds degrees from the University of Toronto and New York University, and her work has appeared on platforms including Yahoo Finance, MSN Money and Apple News.
