Understanding Social Security Income’s Value in Affordable Cities
The financial support from Social Security varies significantly, with the average household income between $15,000 and $27,000, according to GOBankingRates. For retirees in cities with lower living costs, this income can cover a substantial part of their expenses. However, many individuals will still require additional sources of income to enjoy a comfortable retirement, even in these more affordable areas.
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GOBankingRates analyzed information from 16 major cities known for their affordable living conditions. The analysis included city populations, overall living costs (including housing expenses), percentages of households receiving Social Security, and average benefits for those households.
This report ranks cities based on the affordability of living after accounting for Social Security, providing insight into how far these benefits can stretch in each location.
Cleveland
- Population: 370,365
- Annual cost of living: $27,545
- % of households receiving Social Security: 28.6%
- Average household Social Security benefits: $16,426
- Net living cost for single person after Social Security: $5,092
- Net living cost for married couple after Social Security: $5,833
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Toledo, Ohio
- Population: 269,962
- Annual cost of living: $28,393
- % of households receiving Social Security: 29.9%
- Average household Social Security benefits: $18,848
- Net living cost for single person after Social Security: $5,940
- Net living cost for married couple after Social Security: $4,985
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Detroit
- Population: 636,787
- Annual cost of living: $28,997
- % of households receiving Social Security: 33.2%
- Average household Social Security benefits: $18,286
- Net living cost for single person after Social Security: $6,544
- Net living cost for married couple after Social Security: $4,381
Memphis, Tennessee
- Population: 630,027
- Annual cost of living: $31,243
- % of households receiving Social Security: 28.2%
- Average household Social Security benefits: $19,674
- Net living cost for single person after Social Security: $8,790
- Net living cost for married couple after Social Security: $2,136
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St. Louis
- Population: 298,018
- Annual cost of living: $33,022
- % of households receiving Social Security: 25.9%
- Average household Social Security benefits: $18,971
- Net living cost for single person after Social Security: $10,569
- Net living cost for married couple after Social Security: $356
Baltimore
- Population: 584,548
- Annual cost of living: $35,052
- % of households receiving Social Security: 28.6%
- Average household Social Security benefits: $18,170
- Net living cost for single person after Social Security: $12,599
- Net living cost for married couple after Social Security: $1,674
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Wichita, Kansas
- Population: 395,951
- Annual cost of living: $35,079
- % of households receiving Social Security: 29.4%
- Average household Social Security benefits: $23,186
- Net living cost for single person after Social Security: $12,626
- Net living cost for married couple after Social Security: $1,701
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Laredo, Texas
- Population: 255,293
- Annual cost of living: $35,164
- % of all households receiving Social Security: 23.5%
- Average household Social Security benefits: $16,293
- Cost of living for single person after Social Security: $12,711
- Cost of living for married couple after Social Security: $1,786
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Lubbock, Texas
- Population: 258,190
- Annual cost of living: $35,412
- % of all households receiving Social Security: 23.7%
- Average household Social Security benefits: $21,626
- Cost of living for single person after Social Security: $12,959
- Cost of living for married couple after Social Security: $2,034
Tulsa, Oklahoma
- Population: 411,938
- Annual cost of living: $35,667
- % of all households receiving Social Security: 28.4%
- Average household Social Security benefits: $23,242
- Cost of living for single person after Social Security: $13,213
- Cost of living for married couple after Social Security: $2,288
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Milwaukee, Wisconsin
- Population: 573,299
- Annual cost of living: $35,673
- % of all households receiving Social Security: 24.8%
- Average household Social Security benefits: $19,440
- Cost of living for single person after Social Security: $13,220
- Cost of living for married couple after Social Security: $2,295
Fort Wayne, Indiana
- Population: 264,514
- Annual cost of living: $35,833
- % of all households receiving Social Security: 29.7%
- Average household Social Security benefits: $21,824
- Cost of living for single person after Social Security: $13,380
- Cost of living for married couple after Social Security: $2,455
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Oklahoma City, Oklahoma
- Population: 681,088
- Annual cost of living: $35,873
- % of all households receiving Social Security: 25.1%
- Average household Social Security benefits: $21,763
- Cost of living for single person after Social Security: $13,420
- Cost of living for married couple after Social Security: $2,495
El Paso, Texas
- Population: 677,181
- Annual cost of living: $35,947
- % of all households receiving Social Security: 28.0%
- Average household Social Security benefits: $17,113
- Cost of living for single person after Social Security: $13,494
- Cost of living for married couple after Social Security: $2,569
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Corpus Christi, Texas
- Population: 317,804
- Annual cost of living: $36,078
- % of all households receiving Social Security: 28.6%
- Average household Social Security benefits: $19,828
- Cost of living for single person after Social Security: $13,625
- Cost of living for married couple after Social Security: $2,700
Indianapolis, Indiana
- Population: 882,006
- Annual cost of living: $36,673
- % of all households receiving Social Security: 25.2%
- Average household Social Security benefits: $22,021
- Cost of living for single person after Social Security: $13,780
- Cost of living for married couple after Social Security: $2,781
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How Much Social Security Really Affects Living Costs in Major U.S. Cities
Financial Insights on Living Costs for Seniors
- Cost of living for single person after Social Security: $14,220
- Cost of living for married couple after Social Security: $3,295
Methodology: For this study, GOBankingRates analyzed the 100 most populated cities according to the U.S. Census American Community Survey. The analysis considered total population, total households, households with residents aged 65 and over, median household income, and households benefiting from Social Security. It also examined average retirement income for households receiving these benefits, average Social Security payments, as well as cost-of-living indexes from Sperling’s BestPlaces, livability indexes from AreaVibes, and home values from Zillow Home Value Index. The study calculated average expenditure costs based on these indexes and the national average, consulting the Bureau of Labor Statistics Consumer Expenditure Survey. To determine mortgage costs, the analysis assumed a 10% down payment and used the national average 30-year fixed mortgage rates from Federal Reserve data. Final costs reflected both mortgage payments and expenditures, analyzing how far Social Security income, based on the Social Security Administration’s August 2024 data, extends for a single person versus a married couple. The cities were ranked by total population to highlight the purchasing power of average Social Security income in the largest U.S. cities. All data was collected and updated as of September 20, 2024.
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This article originally appeared on GOBankingRates.com: How Far Social Security Goes in 16 Large Cities With Cheapest Cost of Living
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