10 Southern Cities Where Your Social Security Goes the Furthest

When Social Security was established as part of the New Deal, it was never intended to be the sole source of retirement income. It was designed simply as a safety net to supplement pensions and personal savings. But the reality is that many seniors depend heavily on these benefits. This means it can be especially important to find a city where your benefits will cover more of your expenses. 

The average Social Security benefit for one person is about $1,867 per month, though this can vary based on your retirement age and when you choose to start receiving benefits. GOBankingRates recently conducted a study of Southern cities to determine the top 10 cities where your $1,867 will stretch the furthest. 

The cities on this list are the South’s most budget-friendly locales for retirees. These are smaller cities and towns, away from major metropolitan areas, where the cost of living tends to be lower. Your Social Security benefits can provide a secure retirement here, without you needing to have substantial additional savings. 

Unfortunately, despite their affordability, none of the cities listed here will allow you to cover all of your expenses with your Social Security check alone. You will still need to have some savings or another source of retirement income to fully cover your living expenses. But the 10 cities below will allow you to have more of your housing, food, transportation and other basic needs paid for, allowing you to have a more comfortable and worry-free retirement.

• Average Monthly Mortgage Payment: $283 
• Average Monthly Expenses: $1,889 
• Annual Cost-of-Living Total: $26,063
• Monthly Cost of Living With Social Security: $304
• Annual Cost of Living With Social Security: $3,649

• Average Monthly Mortgage Payment: $388
• Average Monthly Expenses: $1,781 
• Annual Cost-of-Living Total: $26,029 
• Monthly Cost of Living With Social Security: $301
• Annual Cost of Living With Social Security: $3,615

• Average Monthly Mortgage Payment: $362 
• Average Monthly Expenses: $1,805 
• Annual Cost-of-Living Total: $26,006 
• Monthly Cost of Living With Social Security: $299
• Annual Cost of Living With Social Security: $3,592  

• Average Monthly Mortgage Payment: $462 
• Average Monthly Expenses: $25,841
• Annual Cost-of-Living Total: $70,073 
• Monthly Cost of Living With Social Security: $286
• Annual Cost of Living With Social Security: $3,427 

• Average Monthly Mortgage Payment: $490
• Average Monthly Expenses: $1,654  
• Annual Cost-of-Living Total: $25,725 
• Monthly Cost of Living With Social Security: $276
• Annual Cost of Living With Social Security: $3,311 

• Average Monthly Mortgage Payment: $437 
• Average Monthly Expenses: $1,705 
• Annual Cost-of-Living Total: $25,705 
• Monthly Cost of Living With Social Security: $274
• Annual Cost of Living With Social Security: $3,291 

• Average Monthly Mortgage Payment: $378 
• Average Monthly Expenses: $1,758 
• Annual Cost-of-Living Total: $25,633 
• Monthly Cost of Living With Social Security: $268
• Annual Cost of Living With Social Security: $3,220 

• Average Monthly Mortgage Payment: $456 
• Average Monthly Expenses: $1,596 
• Annual Cost-of-Living Total: $24,625
• Monthly Cost of Living With Social Security: $184
• Annual Cost of Living With Social Security: $2,211

• Average Monthly Mortgage Payment: $382 
• Average Monthly Expenses: $1,603 
• Annual Cost-of-Living Total: $23,825 
• Monthly Cost of Living With Social Security: $118
• Annual Cost of Living With Social Security: $1,411 

• Average Monthly Mortgage Payment: $279 
• Average Monthly Expenses: $1,678 
• Annual Cost-of-Living Total: $23,484 
• Monthly Cost of Living With Social Security: $89
• Annual Cost of Living With Social Security: $1,070  

Methodology: For this study, GOBankingRates analyzed cities in the Southern United States to find the places where your Social Security benefits go the furthest. First GOBankingRates found the cities in the Southern United States along with their total population, total households and population aged 65 and over, all sourced from the U.S. Census American Community Survey. For each city multiple factors were included such as: the cost-of-living indexes as sourced from Sperling’s BestPlaces, the livability index as sourced from AreaVibes, the average single-family house value as sourced from the Zillow Home Value Index and the average single-person income from Social Security benefits a sourced from the Social Security Administration. The cost-of-living indexes were used with the national average expenditure costs for residents aged 65 and over, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for residents aged 65 and over. Using the average single-family home value, assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage cost and the average expenditure cost, the total cost of living can be calculated. The cities are sorted to show the cheapest cities first, showcasing the places in the Southern United States where your Social Security goes the furthest. All data was collected on and is up to date as of July 19, 2024.