How Much the Average Person Spends Monthly in 25 Top Retirement Hubs

When you decide to retire, it’s unlikely you’ll be able to live on your monthly Social Security benefits alone.

But as you look at the various retirement hubs across the country, it’s important to know just how much your expenses will run each month before you commit to a place to live.

GOBankingRates reviewed retirement locations and scored them on a variety of factors, including the percentage of the population aged 65 and older, the cost of living and the average monthly mortgage costs. The average monthly Social Security benefit for one retiree 65 and older of about $1,866 per month was subtracted from the total costs to calculate how much more money you will need beyond the monthly benefits.

Read on to compare what the average person spends monthly in these retirement hubs and learn which places fit your budget.

• Percentage of population age 65-plus: 37.7%
• Mortgage average cost: $1,957
• Monthly total cost of living: $3,844
• Monthly total cost of living after Social Security benefits: $1,978

• Percentage of population age 65-plus: 40.2%
• Mortgage average cost: $3,117
• Monthly total cost of living: $4,904
• Monthly total cost of living after Social Security benefits: $3,038

• Percentage of population age 65-plus: 37.7%
• Mortgage average cost: $2,711
• Monthly total cost of living: $4,504
• Monthly total cost of living after Social Security benefits: $2,638

• Percentage of population age 65-plus: 38.6%
• Mortgage average cost: $2,931
• Monthly total cost of living: $4,710
• Monthly total cost of living after Social Security benefits: $2,843

• Percentage of population age 65-plus: 45.5%
• Mortgage average cost: $1,953
• Monthly total cost of living: $3,902
• Monthly total cost of living after Social Security benefits: $2,035

• Percentage of population age 65-plus: 32.2%
• Mortgage average cost: $2,058
• Monthly total cost of living: $3,828
• Monthly total cost of living after Social Security benefits: $1,961

• Percentage of population age 65-plus: 37.2%
• Mortgage average cost: $2,569
• Monthly total cost of living: $4,318
• Monthly total cost of living after Social Security benefits: $2,451

• Percentage of population age 65-plus: 31.9%
• Mortgage average cost: $2,039
• Monthly total cost of living: $3,783
• Monthly total cost of living after Social Security benefits: $1,916

• Percentage of population age 65-plus: 40.5%
• Mortgage average cost: $3,839
• Monthly total cost of living: $5,486
• Monthly total cost of living after Social Security benefits: $3,620

• Percentage of population age 65-plus: 32.5%
• Mortgage average cost: $1,956
• Monthly total cost of living: $3,697
• Monthly total cost of living after Social Security benefits: $1,830

• Percentage of population age 65-plus: 32.2%
• Mortgage average cost: $1,969
• Monthly total cost of living: $3,703
• Monthly total cost of living after Social Security benefits: $1,837

• Percentage of population age 65-plus: 37.5%
• Mortgage average cost: $1,940
• Monthly total cost of living: $3,732
• Monthly total cost of living after Social Security benefits: $1,866

• Percentage of population age 65-plus: 54.9%
• Mortgage average cost: $3,018
• Monthly total cost of living: $4,883
• Monthly total cost of living after Social Security benefits: $3,017

• Percentage of population age 65-plus: 44.8%
• Mortgage average cost: $2,394
• Monthly total cost of living: $4,201
• Monthly total cost of living after Social Security benefits: $2,335

• Percentage of population age 65-plus: 50.9%
• Mortgage average cost: $1,985
• Monthly total cost of living: $3,868
• Monthly total cost of living after Social Security benefits: $2,002

• Percentage of population age 65-plus: 61.2%
• Mortgage average cost: $2,906
• Monthly total cost of living: $4,785
• Monthly total cost of living after Social Security benefits: $2,918

• Percentage of population age 65-plus: 52.5%
• Mortgage average cost: $2,587
• Monthly total cost of living: $4,367
• Monthly total cost of living after Social Security benefits: $2,501

• Percentage of population age 65-plus: 58.2%
• Mortgage average cost: $2,373
• Monthly total cost of living: $4,237
• Monthly total cost of living after Social Security benefits: $2,371

• Percentage of population age 65-plus: 66.9%
• Mortgage average cost: $2,091
• Monthly total cost of living: $4,028
• Monthly total cost of living after Social Security benefits: $2,162

Pictured: Tampa, Florida

• Percentage of population age 65-plus: 82.6%
• Mortgage average cost: $2,823
• Monthly total cost of living: $4,738
• Monthly total cost of living after Social Security benefits: $2,872

• Percentage of population age 65-plus: 61.0%
• Mortgage average cost: $1,789
• Monthly total cost of living: $3,562
• Monthly total cost of living after Social Security benefits: $1,696

• Percentage of population age 65-plus: 75.4%
• Mortgage average cost: $1,982
• Monthly total cost of living: $3,851
• Monthly total cost of living after Social Security benefits: $1,985

• Percentage of population age 65-plus: 86.4%
• Mortgage average cost: $2,416
• Monthly total cost of living: $4,282
• Monthly total cost of living after Social Security benefits: $2,415

• Percentage of population age 65-plus: 85.9%
• Mortgage average cost: $2,459
• Monthly total cost of living: $4,275
• Monthly total cost of living after Social Security benefits: $2,409

• Percentage of population age 65-plus: 80.5%
• Mortgage average cost: $1,943
• Monthly total cost of living: $3,668
• Monthly total cost of living after Social Security benefits: $1,801

Methodology: For this study, GOBankingRates analyzed top retirement hubs from across the United States by finding the highest percentage of people aged 65 and higher, as well as the highest population. For each city, the cost of living was calculated by using the cost-of-living indexes as sourced from Sperling’s BestPlaces and by using the national average expenditure cost for retired residents, the average expenditure cost for each city was calculated. The average home value from April 2024 was sourced from the Zillow Home Value Index, and by assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from Federal Reserve Economic Data, the average mortgage cost was calculated. Using the average mortgage and average expenditure cost, the total cost of living was calculated. Using the average Social Security benefits, as sourced from the Social Security Administration, the total monthly cost of living after Social Security benefits was calculated. The population percentage aged 65 and over was scored, the expenditure cost was scored, and the mortgage cost was scored — with all the scores being summed and sorted to show the average cost of living in top retirement spots. All data was collected on and is up to date as of June 7, 2024.