10 Best Places To Retire Where Rent Is Covered by Social Security

With the average monthly rent in the U.S. closing in on $2,000, it’s getting tougher to find places where a single person’s Social Security benefits will cover that portion of their expenditures.

It can be done, however — and in some pretty livable cities.

According to the Social Security Administration, the average monthly benefit for a retiree age 65 and up is $1,860 these days. For people in this situation, GOBankingRates has compiled a list of cities that best blend:

• The most Social Security left over after your rent is paid, and
• The highest livability scores, sourced from AreaVibes.

We’ve also factored in the overall cost of living and total population.

The Upper Midwest is well-represented, with 7 out of 10 cities in our list in that region. Only one entry is located in the Western U.S.

Here’s our top 10 list, in reverse order.

• Average rent: $891
• Social Security left over after rent: $969
• Livability score: 84

Fargo’s population of about 127,000 is enough to make it the most populous city in North Dakota. Its attractions include multiple museums and theaters, North Dakota State University and activities on and around the Red River.

With average monthly rents below $900, a single retiree could have nearly $1,000 left over each month after paying the rent.

• Average rent: $1,063
• Social Security left over after rent: $798
• Livability score: 89

Urbandale is a bedroom community for Des Moines with about 46,000 residents. It offers nearly 1,000 acres of parks, over 30 miles of trails and historic Living History Farms. It’s also tied for the second highest livability score in our top 10, with a strong 89 from AreaVibes.

• Average rent: $1,017
• Social Security left over after rent: $844
• Livability score: 84

One of three Wisconsin locales on our list, Stevens Point sits about 110 miles north of Madison in the central part of the state. Its roughly 26,000 residents have easy access to the state’s oldest farmers’ market, 20 different parks and the University of Wisconsin-Stevens Point.

• Average rent: $1,198
• Social Security left over after rent: $663
• Livability score: 91

The village of Shorewood’s average monthly rent is the highest on this list, but at around $1,200, it’s still within reach for many cost-conscious retirees. Plus, Shorewood boasts a strong livability score of 91.

A suburb of Milwaukee located on the shores of Lake Michigan, Shorewood touts its walkability and location “at the edge of the city and the heart of everything.” About 14,000 people live here.

• Average rent: $912
• Social Security left over after rent: $949
• Livability score: 82

Mount Pleasant is home to Central Michigan University and about 22,000 full-time residents. A portion of the city is located within the Isabella Indian Reservation, which includes the Soaring Eagle Casino & Resort. The Chippewa River provides opportunities for canoeing, kayaking, tubing, swimming and other activities.

• Average rent: $1,098
• Social Security left over after rent: $762
• Livability score: 88

This Iowa City suburb has about 22,000 residents. Coralville’s attractions include the Iowa River Landing and the historic Iowa Edgewater Park archaeological site, also located on the river. Coralville also hosts numerous community events throughout the year.

• Average rent: $880
• Social Security left over after rent: $980
• Livability score: 80

Fergus Falls gets a livability score of 80 from AreaVibes, the lowest in our top 10. It’s 14,000 residents do endure some chilly weather, with average temperatures in the single digits during January.

Fergus Falls offers a strong arts scene and numerous opportunities for outdoor recreation. It is located in western Minnesota, about 180 miles northwest of Minneapolis and about 60 miles southwest of Fargo, North Dakota.

• Average rent: $950
• Social Security left over after rent: $910
• Livability score: 86

Little-known outside of southern Idaho, Chubbuck sits just north of Pocatello and has about 16,000 residents. It offers easy access to numerous outdoor recreation spots, including the American Falls Reservoir, Blackrock Canyon and scenic Buckskin Road.

• Average rent: $792
• Social Security left over after rent: $1,068
• Livability score: 81

Richmond is located about 70 miles east of Indianapolis on the Ohio border. With an average monthly rent of less than $800, residents receiving the average Social Security benefit could have more than $1,000 left over after rent is paid — the highest total in our top 10.

About 36,000 people live in Richmond, which has attractions such as the Hayes Arboretum and numerous historic buildings.

• Average rent: $910
• Social Security left over after rent: $950
• Livability score: 89

Solid livability scores like Wausau’s and sub-$1,000 monthly rents don’t always go together, but this Wisconsin town can make the claim. Located in central Wisconsin and bisected by the Wisconsin River, Wausau boasts more than three dozen parks, whitewater kayaking and canoeing at Whitewater Park, and multiple museums, including the Leigh Yawkey Woodson Art Museum. About 40,000 people live in Wausau.

Methodology: For this study, GOBankingRates analyzed places in the U.S. where the cost of rent is lower than the average monthly Social Security benefit for a single person. GOBankingRates started by finding the average Social Security benefit for a retired worker aged 65 and up (sourced from the Social Security Administration’s Monthly Statistical Supplement). We then found the average rental costs for December 2023 (sourced from the Zillow Observed Rental Index). Using the average rental cost and the average Social Security benefits, the leftover savings in Social Security benefits after rent is paid can be calculated. Cities with average rent above the average Social Security benefit were removed. For the remaining cities, the livability index was sourced from AreaVibes. All cities with a livability index below 75 were removed. For all the remaining places, cost-of-living indexes for multiple expenditures were sourced from Sperling’s Best Places and multiplied by each expenditure’s national average cost for people aged 65 and over (sourced from the Bureau of Labor Statistics 2023 Consumer Expenditure Survey). This determined the average total cost of living for each city. The total population for each city was sourced from the U.S. Census American Community Survey. The total population was scored and weighted at 0.75, the livability index was scored and weighted at 1.00, the leftover Social Security benefits following rent was scored and weighted at 1.20, and the expenditure cost was scored and weighted at 1.00. All the scores were combined and sorted to show the best places to retire where Social Security benefits cover rent. All data was collected on and is up to date as of Feb. 16, 2024.

Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.