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5 Major Midwest Cities Where You Can Live the Longest on Nothing but Social Security

December 8, 2024

4 min Read

Written by Nicole Spector

Edited by Molly Sullivan

Vernon Stockton / Getty Images/iStockphoto

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Of the tens of millions of Americans who receive Social Security benefits, many have little if any other money coming in. Among Social Security beneficiaries ages 65 and older, 12% of men and 15% of women rely on Social Security for 90% or more of their income. Where can these retirees see their primary source of income go the furthest in the Midwest?

GOBankingRates analyzed the top 100 U.S. cities by population to find how long you could last on nothing but Social Security benefits. Sorted in order of most to least expensive, below are the five major midwestern cities where your Social Security check will stretch the furthest.

Baltimore

Livability: 77
Total annual cost of living for one person (after Social Security benefits): $13,951
How many days per month Social Security will last a single person: 18.76
Total annual cost of living for a couple (after Social Security benefits): $3,033
How many days per month Social Security will last a married couple: 27.88

St. Louis

Livability: 74
Total annual cost of living for one person (after Social Security benefits): $11,949
How many days per month Social Security will last a single person: 19.86
Total annual cost of living for a couple (after Social Security benefits): $1,032
How many days per month Social Security will last a married couple: 29.50

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Detroit

Livability: 73
Total annual cost of living for one person (after Social Security benefits): $7,054
How many days per month Social Security will last a single person: 23.15
Total annual cost of living for a couple (after Social Security benefits): -$3,864 (meaning you will have money left over)
How many days per month Social Security will last a married couple: 34.40

Toledo, Ohio

Livability: 66
Total annual cost of living for one person (after Social Security benefits): $7,046
How many days per month Social Security will last a single person: 23.15
Total annual cost of living for a couple (after Social Security benefits): -$3,871
How many days per month Social Security will last a married couple: 34.41

Cleveland

Livability: 72
Total annual cost of living for one person (after Social Security benefits): $6,099
How many days per month Social Security will last a single person: 23.92
Total annual cost of living for a couple (after Social Security benefits): -$4,818
How many days per month Social Security will last a married couple: 35.55

Methodology: For this study, GOBankingRates analyzed the top 100 U.S. cities by population according to the U.S. Census to find how long you could last on nothing but Social Security benefits. First, GOBankingRates found data for each city including; total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost of living indexes. Using the cost of living indexes for grocery, healthcare, utilities, transportation, and miscellaneous, as well as the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The average single-family home value was sourced from Zillow Home Value Index for September 2024. Using the average single-family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The livability index was sourced from AreaVibes and included as supplemental information. The average Social Security benefits for one person as well as for a married couple were sourced from the Social Security Administration from August 2024. Using the average Social Security benefits, the total cost of living after the benefits could be calculated for one person and a married couple. By assuming costs are evenly spread throughout the year, the days until Social Security benefits stop covering the total cost of living can be calculated. This represents how long Social Security benefits can cover the typical cost of living for retired residents in each city. The cities were sorted to show the most expensive to least expensive location. All data was collected on and is up to date as of Nov. 1, 2024.

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