Yahoo Finance 10 Worst Places in Iowa for a Couple To Live on Only Social Security Checks
Iowa is such an affordable place to retire, even the ten worst destinations for Social Security-only couples in the state aren’t all that bad.
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It’s not that the 10 cities on GOBankingRates’ “worst” list are out of financial reach for couples living on Social Security alone. It’s more a matter of those couples being able to do better in Iowa, particularly in terms of livability.
None of the cities in our “worst” list received livability scores higher than 79 from AreaVibes (100 is a perfect score.) For a list of the 10 best places to live in Iowa on just Social Security, click here.
According to the Social Security Administration, the average Social Security check for a retired couple these days is about $3,600, but benefits go further in some states than others. For overall affordability, Best Places rates Iowa at 80.1. That means on average, living in Iowa costs 19.9% lower than the U.S. average.
To compile these lists, GOBankingRates blended that data with information from the Bureau of Labor Statistics, the U.S. Census, Sperling’s Best Places, AreaVibes and Zillow. You’ll find our full methodology at the end of this story.
If you’re wondering why you should consider retiring in Iowa in the first place: The Hawkeye State’s aforementioned affordability, a retiree-friendly tax structure and plentiful outdoor recreation opportunities are among the reasons Iowa has placed at or near the top of multiple lists of retiree-friendly states this past year. Possible cons include bitter cold winters and higher-than-average property taxes.
Read on for Iowa destinations that are a tick higher in cost of living and a tick lower on livability, making them less of a match for retired couples on a tight budget.
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10. Cedar Falls
Average rent: $1,382.04
Average total monthly cost of living: $3,029.07
Livability score: 79
Cedar Falls receives a livability score of 79 from AreaVibes, good enough to top our list. Located just west of Waterloo in northeast Iowa, Cedar Falls has a population of about 41,000.
The University of Northern Iowa and its Gallagher-Bluedorn Performing Arts Center are located here, along with the Oster Regent Theatre.
9. Cedar Rapids
Average rent: $1,095.52
Average total monthly cost of living: $2,759.41
Livability score: 74
Located in eastern Iowa along the Cedar River, Cedar Rapids bills itself as the “City of Five Seasons” — with the fifth season representing time to enjoy the other seasons and life in general.
Cedar Rapids has about 138,000 residents and is Iowa’s second-largest city by population. It boasts multiple museums, theatres and other cultural offerings, along with more than 70 different parks.
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8. Davenport
Average rent: $927.24
Average total monthly cost of living: $2,606.11
Livability score: 76
Another eastern Iowa city, Davenport is located along the Mississippi River. It’s about 60 miles east of Iowa City and 170 miles east of Des Moines. Along with Bettendorf, Iowa and Illinois cities Rock Island and Moline, it forms an area known as the Quad Cities.
Davenport itself has a population of about 102,000 people. Its attractions include the Figge Art Museum, the River Music Experience and numerous historic sites.
7. Norwalk
Average rent: $1,311.67
Average total monthly cost of living: $2,997.47
Livability score: 75
Norwalk is a fast-growing Des Moines suburb with about 14,000 residents. It offers nearly 300 acres of parks and other outdoor activities, in addition to its proximity to Iowa’s capital. Norwalk’s household median income of $91,610 is the highest in our top 10.
6. Marshalltown
Average rent: $1,118.00
Average total monthly cost of living: $2,800.69
Livability score: 75
You’ll find Marshalltown in central Iowa, about 65 miles northeast of Des Moines and 300 miles west of Chicago. Baseball legend Adrian “Cap” Anson was born in Marshalltown, which is now home to about 28,000 people. About 17% of those residents are aged 65 and up.
5. Fort Dodge
Average rent: $707.39
Average total monthly cost of living: $2,430.40
Livability score: 73
With average monthly rents around $700 and sub-$2,500 average monthly living costs, Fort Dodge is well within reach for Social Security-only couples. Its livability score from AreaVibes, however, is the second lowest in our top 10.
Fort Dodge is located about 90 minutes northwest of Des Moines by car and is home to about 25,000 residents. Its attractions include the Fort Museum and Frontier Village, the Blanden Memorial Art Museum and various outdoor activities.
4. Altoona
Average rent: $1,679.67
Average total monthly cost of living: $3,361.87
Livability score: 78
Another Des Moines suburb, Altoona’s livability score of 78 is good enough to place in our top 10. Home to about 20,000 residents, Altoona features the Prairie Racetrack Casino Meadows Hotel, the Terrace Hills Golf Course and multiple historic landmarks.
Its overall average monthly cost of living, around $3,400, may stretch Social Security-only budgets.
3. Adel
Average rent: $950.00
Average total monthly cost of living: $2,670.98
Livability score: 76
Adel is a small town located about 30 miles west of Des Moines. Its roughly 6,000 residents have easy access to multiple parks, the Raccoon River Valley Recreation Trail and the Dallas County Fairgrounds.
Adel’s population increased by more than 67% between 2010 and 2020, but only 11% of Adel’s current population is aged 65 or older.
2. Council Bluffs
Average rent: $1,148.19
Average total monthly cost of living: $2,859.66
Livability score: 67
Council Bluffs has the lowest AreaVibes livability score in our top 10, a less-than-stellar 67. Still, it does offer an extensive trail system, casinos, golf courses, museums and numerous parks.
Council Bluffs is located in southwest Iowa, across the river from Omaha, Nebraska. About 62,000 people make their home here.
1. Grimes
Average rent: $1,709.16
Average total monthly cost of living: $3,403.89
Livability score: 77
Grimes isn’t exactly a hotbed of retired folks, with less than 8% of its 15,000 residents aged 65 or older. It also has the highest average total monthly cost of living in our top 10.
On the positive side, Grimes offers a small-town atmosphere and easy access to Des Moines, which is only 20-25 minutes away by car.
Methodology: To find the worst places in Iowa to live on only a Social Security check if you are single (the original goal of the study), GOBankingRates analyzed cities in Iowa for a variety of factors including livability index (as sourced from AreaVibes), cost-of-living indexes (as sourced from Sperling’s Best Places), average expenditure costs (as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey), total population, population aged 65 and over, and median household income (all three sourced from the U.S. Census American Consumer Survey), average rent for October 2023 (as sourced from Zillow Observed Rental Index), and the average Social Security benefit for a retired worker aged 65 and over (as sourced from the Annual Statistical Supplement from October 2023 from the Social Security Administration). The cost-of-living indexes and the average expenditure costs were used to calculate the average expenditure costs for each city, and using the national average Social Security benefits, the difference can be found for each place. The rental cost was included and added to the total expenditure cost to find and average monthly total cost to live in each city. The livability index was scored and weighted at 1.00, the median household income was scored and weighted at 1.00, the percent population 65 years and over was scored and weighted at 1.00, the monthly expenditure cost was scored and weighted at 1.20, and the total monthly cost was scored and weighted at 1.00. All the scores were added and sorted to show the best places in Iowa to live on only a Social Security check if you are single. No places came within the monthly income that the Social Security benefit provides for a single person. However, some places qualified when doubling to simulate a retired couple. All data was collected and is up to date as of December 5, 2023.
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This article originally appeared on GOBankingRates.com: 10 Worst Places in Iowa for a Couple To Live on Only Social Security Checks
