For some retirees, Social Security serves as their primary source of income, leaving them with a relatively fixed budget. With average monthly benefits of $1,926 for individuals and $2,856 for couples as of January 2025, these amounts may not be sufficient for retirees to afford living in the most expensive cities in America. If you are relying solely on Social Security benefits for your financial needs during retirement and wish to maintain a comfortable lifestyle, consider residing in cities that offer affordability and quality of life.
To assist you in this search, GOBankingRates has compiled a list of the top 15 cities to live in based solely on Social Security income. Factors taken into account include average monthly mortgage costs, livability scores, total annual living expenses, and the remaining income after Social Security benefits are factored in. Here are some of the cities highlighted:
1. Jerome, Illinois
– Population aged 65 and over: 15.2%
– Household median income: $55,777
– Monthly mortgage: $845
– Total annual cost of living: $32,731
– Livability: 92
– Annual leftover income after benefits (couple): $1,544
2. Cleveland Heights, Ohio
– Population aged 65 and over: 18.9%
– Household median income: $72,302
– Monthly mortgage: $1,133
– Total annual cost of living: $34,200
– Livability: 88
– Annual leftover income after benefits (couple): $75
3. Sandusky, Ohio
– Population aged 65 and over: 16.9%
– Household median income: $47,827
– Monthly mortgage: $809
– Total annual cost of living: $28,807
– Livability: 87
– Annual leftover income after benefits (couple): $5,468
These cities offer a balance of affordability and quality of life for retirees relying solely on Social Security income.
To qualify for retirement in the future, here are some key details to consider about select cities:
1. Millvale, Pennsylvania:
– Population aged 65 and over: 14.1%
– Household median income: $69,936
– Monthly mortgage: $703
– Total annual cost of living: $30,899
– Livability score: 84
– Annual leftover income after benefits for a couple: $3,376
2. Frostburg, Maryland:
– Population aged 65 and over: 16.2%
– Household median income: $51,052
– Monthly mortgage: $981
– Total annual cost of living: $31,872
– Livability score: 84
– Annual leftover income after benefits for a couple: $2,403
3. Emmetsburg, Iowa:
– Population aged 65 and over: 26.0%
– Household median income: $57,353
– Monthly mortgage: $883
– Total annual cost of living: $32,567
– Livability score: 84
– Annual leftover income after benefits for a couple: $1,708
4. Tiffin, Ohio:
– Population aged 65 and over: 18.6%
– Household median income: $55,700
– Monthly mortgage: $1,011
– Total annual cost of living: $31,179
– Livability score: 83
– Annual leftover income after benefits for a couple: $3,096
5. Ambridge, Pennsylvania:
– Population aged 65 and over: 16.7%
– Household median income: $50,978
– Monthly mortgage: $797
– Total annual cost of living: $32,211
– Livability score: 83
– Annual leftover income after benefits for a couple: $2,064
6. Willowick, Ohio:
– Population aged 65 and over: 17.2%
– Household median income: $74,138
– Monthly mortgage: $1,061
– Total annual cost of living: $33,186
– Livability score: 83
– Annual leftover income after benefits for a couple: $1,089
7. Mayville, North Dakota:
– Population aged 65 and over: 14.7%
– Household median income: $64,044
– Monthly mortgage: $1,070
– Total annual cost of living: $33,250
– Livability score: 81
– Annual leftover income after benefits for a couple: $1,025
Please note that these figures are based on certain criteria and factors analyzed by GOBankingRates to determine the best places to live on Social Security benefits.
The data for the cost of living and average income from Social Security Benefits for individuals and married couples filing jointly was obtained from the Social Security Administration. By comparing the total cost of living with the average Social Security income, it is possible to determine the remaining savings for each location. To be included in this analysis, the Social Security benefits for married couples filing jointly must exceed the total cost of living, with a livability score of over 80, indicating high quality of life. This information was current as of February 13th, 2025. For more articles like this, visit GOBankingRates.com.
