Living on a fixed income basically means you’re solely or almost entirely dependent on funds such as Social Security, pensions and inheritance, with little to no flexibility in the amount you’re paid each month. This makes it difficult to navigate things like inflation, housing market shifts (especially if you rent) and other unexpected costs.
The average Social Security benefit for retired workers is $1,907 per month in 2024. That comes out to $22,884 in annual benefits for a single person, or $45,768 per year for a couple. For some people, that’s their only income.
It makes sense then that people will want to find affordable places to live. Here are 25 of the best places to live for those on a fixed income — with Texas and Florida dominating the list.
25. Sun City Center, Florida
- Household median income: $64,661
- Average home value: $345,841
- Difference from national home value: $18,543
- Average monthly rent: $2,279
- Average monthly mortgage: $1,937
Pictured: St. Petersburg
24. Crestview, Florida
- Household median income: $61,311
- Average home value: $301,130
- Difference from national home value: $63,255
- Average monthly rent: $1,945
- Average monthly mortgage: $1,686
Pictured: Lakeland
23. Gretna, Louisiana
- Household median income: $47,010
- Average home value: $212,458
- Difference from national home value: $151,927
- Average monthly rent: $1,858
- Average monthly mortgage: $1,190
22. Center Point, Alabama
- Household median income: $49,886
- Average home value: $153,128
- Difference from national home value: $211,257
- Average monthly rent: $1,281
- Average monthly mortgage: $858
Pictured: Huntsville
21. Seguin, Texas
- Household median income: $58,165
- Average home value: $292,676
- Difference from national home value: $71,708
- Average monthly rent: $1,533
- Average monthly mortgage: $1,639
20. Palm Coast, Florida
- Household median income: $68,824
- Average home value: $357,524
- Difference from national home value: $6,861
- Average monthly rent: $1,982
- Average monthly mortgage: $2,002
19. San Antonio
- Household median income: $59,593
- Average home value: $261,446
- Difference from national home value: $102,939
- Average monthly rent: $1,459
- Average monthly mortgage: $1,464
18. Cibolo, Texas
- Household median income: $116,510
- Average home value: $342,439
- Difference from national home value: $21,946
- Average monthly rent: $2,083
- Average monthly mortgage: $1,918
17. Schertz, Texas
- Household median income: $94,173
- Average home value: $332,930
- Difference from national home value: $31,454
- Average monthly rent: $1,635
- Average monthly mortgage: $1,864
16. Converse, Texas
- Household median income: $77,237
- Average home value: $258,833
- Difference from national home value: $105,551
- Average monthly rent: $1,735
- Average monthly mortgage: $1,449
Pictured: San Antonio
15. Metairie, Louisiana
- Household median income: $72,070
- Average home value: $303,592
- Difference from national home value: $60,793
- Average monthly rent: $1,681
- Average monthly mortgage: $1,700
14. Royse City, Texas
- Household median income: $114,917
- Average home value: $340,062
- Difference from national home value: $24,322
- Average monthly rent: $2,224
- Average monthly mortgage: $1,904
Pictured: Plano
13. Temple, Texas
- Household median income: $61,003
- Average home value: $259,015
- Difference from national home value: $105,370
- Average monthly rent: $1,411
- Average monthly mortgage: $1,451
12. Forney, Texas
- Household median income: $102,107
- Average home value: $333,046
- Difference from national home value: $31,338
- Average monthly rent: $2,074
- Average monthly mortgage: $1,865
Pictured: Mesquite
11. New Orleans
- Household median income: $51,116
- Average home value: $240,256
- Difference from national home value: $124,129
- Average monthly rent: $1,699
- Average monthly mortgage: $1,345
10. New Braunfels, Texas
- Household median income: $85,827
- Average home value: $361,132
- Difference from national home value: $3,253
- Average monthly rent: $1,732
- Average monthly mortgage: $2,022
9. Princeton, Texas
- Household median income: $93,586
- Average home value: $334,437
- Difference from national home value: $29,948
- Average monthly rent: $2,075
- Average monthly mortgage: $1,873
Pictured: McKinney
8. Hutto, Texas
- Household median income: $105,743
- Average home value: $361,031
- Difference from national home value: $3,354
- Average monthly rent: $2,044
- Average monthly mortgage: $2,022
7. Manor, Texas
- Household median income: $96,657
- Average home value: $338,762
- Difference from national home value: $25,623
- Average monthly rent: $1,930
- Average monthly mortgage: $1,897
6. San Marcos, Texas
- Household median income: $47,394
- Average home value: $337,209
- Difference from national home value: $27,176
- Average monthly rent: $1,548
- Average monthly mortgage: $1,888
5. Nottingham, Maryland
- Household median income: $60,557
- Average home value: $239,831
- Difference from national home value: $124,553
- Average monthly rent: $1,695
- Average monthly mortgage: $1,343
Pictured: Baltimore
4. Beaumont, Texas
- Household median income: $78,815
- Average home value: $344,019
- Difference from national home value: $20,366
- Average monthly rent: $2,162
- Average monthly mortgage: $1,927
3. Port Charlotte, Florida
- Household median income: $58,799
- Average home value: $319,655
- Difference from national home value: $44,730
- Average monthly rent: $1,989
- Average monthly mortgage: $1,790
2. Kyle, Texas
- Household median income: $85,199
- Average home value: $329,320
- Difference from national home value: $35,065
- Average monthly rent: $1,707
- Average monthly mortgage: $1,844
1. North Fort Myers, Florida
- Household median income: $53,705
- Average home value: $331,397
- Difference from national home value: $32,988
- Average monthly rent: $1,927
- Average monthly mortgage: $1,856
Methodology: For this study, GOBankingRates found the best places to live on a fixed income. First GOBankingRates found the single-family home values and average rental cost from July 2024, July 2023, and April 2023 as sourced from Zillow Home Value Index and the Zillow Observed Rental Index. Assuming a 10% downpayment 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 for each city as well as the national average. The quarter-over-quarter percent change in home values, year-over-year percent change in home values and quarter-over-quarter percent change in rental cost were all calculated for each place and places with a negative quarter-over-quarter percent change in home values or year-over-year percent change in home values were removed for this study. The quarter-over-quarter percent change in home values, year-over-year percent change in home and quarter-over-quarter percent change in rental cost were all scored and weighted at 1.00. The scores were summed with the smaller scores being the best. These factors were chosen because changes in home values serve as a proxy for measuring the volatility of a housing market, with large increases posing a threat to those living on fixed incomes, while a negative change in value means money is being lost in depreciating house values. However, decreasing rental prices benefit a household on a fixed income. All data was collected on and is up to date as of Sept. 3rd, 2024.
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