6 Cities Where Social Security Goes the Farthest for Retirees

As the cost of living increases and housing prices never seem to let up, retirees wonder where the best places are so their Social Security checks can go the distance. The good news is most retirees have their pick of cities throughout the country that would allow them to enjoy a comfortable retirement.

To determine which six cities Social Security goes the farthest for its retirees, GOBankingRates reviewed the U.S. News & World Report’s ranking of the 25 Best Places to Retire in 2024. We also cited cities mentioned in previous GOBankingRates pieces on the best cities in various states to live in on just Social Security.

In no particular order, check out six cities where Social Security goes the farthest for retirees.

Lancaster is one of two Pennsylvania cities mentioned in this roundup. This year, it was ranked by U.S. News as the third-best city to retire in the United States. 

Aside from not taxing Social Security, Lancaster is considered an attractive city for retirement because of its housing affordability.

The average Lancaster home value is around $353,000, according to Zillow. This is a 4.1% increase from the past year, suggesting a growing interest in the Lancaster real estate market.

While retirees can take their pick of cities in North Carolina to settle in for their retirement years — since there is no tax on Social Security income — they can’t pass up Winston-Salem, North Carolina.

Winston-Salem offers retirees a much more affordable housing market when compared to retirement hot spots such as Raleigh, Charlotte and Asheville. According to Zillow, the average Winston-Salem home value is $253,000. This is up 5.4% over the past year.

Several cities in Florida received high rankings from U.S. News as the best places to retire this year. Lakeland, ranking in 22nd place, has an average home value of $320,000.

Aside from offering affordable housing and fantastic year-round weather to retirees, Lakeland does not have state taxes on Social Security. The state does not tax pension income or income from an IRA or 401(k) either.

The second Florida city in this roundup, Daytona Beach, benefits from a combination of retirement-friendly benefits including Social Security tax advantages, good weather and affordable housing costs. 

According to Zillow, the average Daytona Beach home value is $257,000, which is down almost 3% over the past year. Daytona Beach is the only Florida city in the top 10 cities ranked by U.S. News, holding the eighth spot as the best place for retirement this year.

If you plan to retire on just Social Security and want to move to Texas, where retirement income is not taxed on the state level, your best bet is to head to San Antonio. 

In a previous GOBankingRates article ranking the 10 best places to live in Texas for couples on Social Security, San Antonio ranked in sixth place. Its average total monthly cost of living is $3,187. The average rent is $1,476. Retirees interested in buying homes will note the average home value of a San Antonio home is $254,000, according to Zillow.

We wrap up this list with Harrisburg, Pennsylvania, which took the first-place spot in the U.S. News ranking for the best places to retire in 2024. 

With Social Security tax-exempt and Pennsylvania enjoying the lowest flat tax rate in the U.S., Harrisburg also benefits from its proximity to the Susquehanna River, quality healthcare and affordable median monthly mortgage costs ($945) and median monthly rent ($1,019), according to U.S. News.