Don’t Buy a House in These 10 Cities Until You Start Collecting Social Security

Larry D. Moore CC BY-SA 3.0 / Larry D. Moore CC BY-SA 3.0

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Relying heavily on Social Security to pay the bills in retirement is never a great strategy, but many Americans have no other choice because of insufficient personal savings. This puts additional pressure on seniors to find affordable cities to spend their golden years. Even in these cities, it’s a challenge trying to get by solely on Social Security.

The average retirement benefit was $1,864.52 a month as of March 2024, according to the Social Security Administration. The maximum benefit is $4,873 a month, but a very small percentage of retirees get that.

Social Security benefits are designed to complement your personal retirement savings — which works great if you have enough money saved up. But many Americans don’t. A recent GOBankingRates survey of more than 1,000 U.S. adults found that 28% of respondents have no savings, 39% aren’t contributing to a retirement fund and another 30% don’t think they’ll ever be able to retire.

The median U.S. retirement savings by age 65 is $134,000, according to Federal Reserve data cited by Synchrony Bank. That’s well below most expert recommendations, which often begin at around $500,000 and can reach $1 million or more.

If you have little or no retirement savings, here are 10 cities to consider moving once you start collecting Social Security. Rankings are based on a GOBankingRates analysis of how many seniors live there, the typical home value and annual costs for certain necessities.

10. Punta Gorda, Florida

• Percentage of population 65 and older: 50.4%
• Average 2023 home value: $432,973
• Annual grocery costs: $4,861.26
• Annual healthcare costs: $6,727.71
• Annual utilities cost: $3,811.21

9. Fredericksburg, Texas

• Percentage of population 65 and older: 31.7%
• Average 2023 home value: $538,817
• Annual grocery costs: $4,303.63
• Annual healthcare costs: $7,191.69
• Annual utilities cost: $3,987.66

8. North Myrtle Beach, South Carolina

• Percentage of population 65 and older: 37.6%
• Average 2023 home value: $493,070
• Annual grocery costs: $4,550.96
• Annual healthcare costs: $6,889.40
• Annual utilities cost: $3,795.53

7. Green Valley, Arizona

• Percentage of population 65 and older: 80%
• Average 2023 home value: $315,908
• Annual grocery costs: $4,317.12
• Annual healthcare costs: $6,003.62
• Annual utilities cost: $4,011.18

6. Pinehurst, North Carolina

• Percentage of population 65 and older: 39.5%
• Average 2023 home value: $499,175
• Annual grocery costs: $4,537.47
• Annual healthcare costs: $7,564.28
• Annual utilities cost: $3,811.21

5. Bella Vista, Arkansas

• Percentage of population 65 and older: 31.7%
• Average 2023 home value: $322,770
• Annual grocery costs: $4,384.58
• Annual healthcare costs: $6,460.57
• Annual utilities cost: $3,713.19

4. The Villages, Florida

• Percentage of population 65 and older: 85.7%
• Average 2023 home value: $418,926
• Annual grocery costs: $4,591.44
• Annual healthcare costs: $6,882.37
• Annual utilities cost: $4,124.89

3. Hot Springs Village, Arkansas

• Percentage of population 65 and older: 63.3%
• Average 2023 home value: $289,418
• Annual grocery costs: $4,407.06
• Annual healthcare costs: $6,748.80
• Annual utilities cost: $3,744.56

2. Mountain Home, Arkansas

• Percentage of population 65 and older: 28.3%
• Average 2023 home value: $199,388
• Annual grocery costs: $4,276.65
• Annual healthcare costs: $6,481.66
• Annual utilities cost: $3,791.61

1. Foley, Alabama

• Percentage of population 65 and older: 30.7%
• Average 2023 home value: $296,232
• Annual grocery costs: $4,326.11
• Annual healthcare costs: $8,119.65
• Annual utilities cost: $3,858.26

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