Yahoo Finance 12 Big Cities Where a Couple Can Live Off Just a Social Security Check
Social Security may seem like a safety net waiting at the point of retirement, but truthfully, it was never designed to support retirees fully after they stopped working.
As of September 2023, the maximum Social Security benefit of $1,792.37 ($3,584.74 for a couple) is just enough to live on if two people are both receiving Social Security.
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GOBankingRates analyzed all the cities in the U.S. with a population of 250,000 and greater as sourced from the U.S. Census American Consumer Survey. GOBankingRates used data from the Social Security Administration (SSA), Sperling’s Best Places, the Bureau of Labor Statistics, Zillow and the Federal Economic Research to determine where it’s still possible to get by on Social Security alone.
The ranking includes each city’s average monthly expenditures, average monthly mortgage and average home value.
Lubbock, Texas
Monthly expenditures: $1,809
Monthly mortgage: $1,281
August 2023 home value: $207,910
Population: 255,537
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El Paso, Texas
Monthly expenditures: $1,760
Monthly mortgage: $1,323
August 2023 home value: $214,760
Population: 676,395
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Fort Wayne, Indiana
Monthly expenditures: $1,703
Monthly mortgage: $1,353
August 2023 home value: $219,725
Population: 262,676
Tulsa, Oklahoma
Monthly expenditures: $1,815
Monthly mortgage: $1,228
August 2023 home value: $199,375
Population: 410,652
Milwaukee
Monthly expenditures: $1,829
Monthly mortgage: $1,211
August 2023 home value: $196,655
Population: 578,198
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Baltimore
Monthly expenditures: $1,899
Monthly mortgage: $1,097
August 2023 home value: $178,038
Population: 592,211
Wichita, Kansas
Monthly expenditures: $1,816
Monthly mortgage: $1,167
August 2023 home value: $189,423
Population: 394,574
St. Louis
Monthly expenditures: $1,785
Monthly mortgage: $1,033
August 2023 home value: $167,762
Population: 302,787
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Memphis, Tennessee
Monthly expenditures: $1,789
Monthly mortgage: $917
August 2023 home value: $148,851
Population: 634,139
Toledo, Ohio
Monthly expenditures: $1,702
Monthly mortgage: $694
August 2023 home value: $112,740
Population: 271,454
Detroit
Monthly expenditures: $2,010
Monthly mortgage: $386
August 2023 home value: $62,621
Population: 645,658
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Cleveland
Monthly expenditures: $1,690
Monthly mortgage: $615
August 2023 home value: $99,784
Population: 374,861
Andrew Lisa contributed to the reporting for this article.
Methodology: To find big cities where a couple can live off just a Social Security Benefits check, GOBankingRates analyzed all the cities in the U.S. with a population of 250,000 and greater as sourced from the U.S. Census American Consumer Survey. For each city on the list the; [1] Grocery cost of living index, [2] Healthcare cost of living index, [3] Utilities cost of living index, [4] Transportation cost of living index, [5] Miscellaneous cost of living index were sourced from Sperlings BestPlaces and for each city the average expenditure costs were calculated using the national average cost for each expenditure category, sourced from the 2022 Bureau of Labor Statistics Consumer Expenditure Survey (most recent release). The average monthly Social Security benefits check was sourced from the Social Security Administration’s August Monthly snapshot. The average home value was sourced from Zillow Home Value Index and using the national average 30 year fixed rate mortgage sourced from the Federal Economic Research, the average monthly mortgage cost can be calculated. Combining the expenditures and mortgage will give a total monthly cost for living in each city. Comparing the Social Security benefits check to the total monthly expenditures cost gives 29 big cities where a couple can afford to live off just a Social Security check. All data was collected and is up to date as of Sept. 21, 2023.
This article originally appeared on GOBankingRates.com: 12 Big Cities Where a Couple Can Live Off Just a Social Security Check
