While Social Security is supposed to be a “safety net” to supplement retirement savings, for some it is all the income they have to live on. Depending on where you live, however, it may not go very far.
In many parts of the country, the average monthly Social Security benefit (as of January 2024) of $1,862.03 is just not enough — but Florida provides some options, especially for couples, who collectively can make between $2,773.85 and $3,724.06 (depending on if both spouses are working) from Social Security. The Sunshine State is a decent place to survive on only a Social Security check for some couples, particularly in these fifteen towns.
To figure out where you can live on your Social Security checks in Florida, GOBankingRates determined the average monthly benefit for retired workers, sourced from the Social Security Administration, and the average January 2024 rent in Florida from the Zillow Observed Rental Index.
GOBankingRates then researched Sperling’s Best to find the cost-of-living index for each listed city, looking at grocery and healthcare index scores. GOBankingRates also used data from the Bureau of Labor Statistics Consumer Expenditure Survey to find the total monthly expenditures for couples aged 65 and older, adding these costs together.
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25. Titusville
- Average monthly rent: $1,766
- Total monthly cost of living: $3,561
In Titusville, the median household income is $56,700 per year. The average home value is $283,864.
24. Lakeland
- Average monthly rent: $1,766
- Total monthly cost of living: $3,561
In Lakeland, the median household income is $58,290 per year. The average home value is $317,852.
23. Callaway
- Average monthly rent: $1,702
- Total monthly cost of living: $3,541
In Callaway, population 13,455, the median household income is $61,743. Total expenditures before rent are $1,838.
22. Wildwood
- Average monthly rent: $1,735
- Total monthly cost of living: $3,527
In Wildwood, the median household income is a decent $68,121 per year. The average home value is $311,411.
21. Crystal River
- Average monthly rent: $1,719
- Total monthly cost of living: $3,521
In Crystal River, the median household income is $46,795 per year. The average home value is $286,824.
20. Homosassa
- Average monthly rent: $1,716
- Total monthly cost of living: $3,515
In Homosassa, which has a tiny population of 2,016, total expenditures between rent and other expenses is just over $3,500.
19. Gainesville
- Average monthly rent: $1,577
- Total monthly cost of living: $3,514
In Gainesville, retired couples will pay around $3,500 in total monthly expenditures, leaving them around $225 left over.
18. Dunnellon
- Average monthly rent: $1,676
- Total monthly cost of living: $3,491
In Dunnellon, retired couples will pay slightly less than $3,500 in total monthly expenditures, leaving them around $230 left over.
17. Jacksonville
- Average monthly rent: $1,600
- Total monthly cost of living: $3,476
In Jacksonville, with a population just under one million, retired couples pay $1,876 in monthly expenditures, before rent.
16. Lake Placid
- Average monthly rent: $1,624
- Total monthly cost of living: $3,458
In Lake Placid, population 2,349, retired couples will have about $265 left over after expenses.
15. Oak Ridge
- Average monthly rent: $1,496
- Total monthly cost of living: $3,451
In Oak Ridge, the median household income is $27,296 per year. The average home value is $286,179.
14. Crawfordville
- Average monthly rent: $1,971
- Total monthly cost of living: $3,446
In Crawfordville, population 5,268, the median household income is the highest on this list, $92,813 per year.
13. Lake City
- Average monthly rent: $1,475
- Total monthly cost of living: $3,422
In Lake City, the median household income is $46,172 per year. While rent is almost $1,500, other total monthly expenditures are less than $1,900.
12. Inverness
- Average monthly rent: $1,614
- Total monthly cost of living: $3,410
In Inverness, population 7,602, the median household income is $42,282. The total monthly expenditures are less than $3,500.
11. Pensacola
- Average monthly rent: $1,599
- Total monthly cost of living: $3,409
In Pensacola, population 54,059, the median household income is $67,722, the second highest on this list.
10. South Daytona
- Average monthly rent: $1,572
- Total monthly cost of living: $3,400
In South Daytona, population 13,132, the median household income is $54,898. Monthly expenditures before rent are $1,828.
9. Daytona Beach
- Average monthly rent: $1,588
- Total monthly cost of living: $3,391
In Daytona Beach, population 73,329, the median household income is $47,608. Monthly expenditures before rent are $1,803.
8. Tallahassee
- Average monthly rent: $1,448
- Total monthly cost of living: $3,362
In Tallahassee, population 198,259, the median household income is $52,899. Monthly expenditures before rent are the third highest on the list, $1,914.
7. Leesburg
- Average monthly rent: $1,531
- Total monthly cost of living: $3,345
In Leesburg, population 27,226, the median household income is $43,733. Monthly expenditures before rent are $1,814.
6. Ocala
- Average monthly rent: $1,548
- Total monthly cost of living: $3,314
In Ocala, population 63,504, the median household income is $50,618. Monthly expenditures before rent are $1,766.
5. Sebring
- Average monthly rent: $1,487
- Total monthly cost of living: $3,278
In Sebring, population 11,006, the median household income is $38,024. Monthly expenditures before rent are $1,792.
4. Lake Wales
- Average monthly rent: $1,421
- Total monthly cost of living: $3,255
In Lake Wales, population 16,455, the median household income is $55,833. Monthly expenditures before rent are $1,834.
3. Palatka
- Average monthly rent: $1,375
- Total monthly cost of living: $3,161
In Palatka, population 10,471, the median household income is $30,945. Monthly expenditures before rent are $1,786.
2. Avon Park
- Average monthly rent: $1,300
- Total monthly cost of living: $3,121
In Avon Park, population 9,789, the median household income is $35,340. Monthly expenditures before rent are $1,821.
1. Marianna
- Average monthly rent: $875
- Total monthly cost of living: $2,657
In Marianna, population 6,681, the median household income is very low, at $27,296. However, so are monthly expenditures, which before rent are $1,782, the lowest on the list. And rent is lower by almost half as much as many of the cities on this list.
Methodology: For this study, GOBankingRates analyzed cities in Florida to find the places where you can live on only Social Security benefits. Using the Zillow Observed Rental Index the average rent price for January 2024 can be found. Using the U.S. Census’s American Community Survey the total population, total households and median household income were found for each city. The cost of living indexes were found for: grocery, healthcare, housing, transportation, utilities and misc as sourced from Sperlings BestPlaces. Using the average costs for each expenditure, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for Retired Residents, the average expenditure costs for each city can be calculated. Adding the expenditure cost to the rent cost gives the total cost of living for each city. The average Social Security benefits can be found from the Social Security Administration’s Old-Age, Survivors, and Disability Insurance Benefits Awarded. GOBankingRates assumes a couple who both worked full time and are claiming separate Social Security benefits. All cities with a monthly cost of living above two full-time workers’ Social Security benefits were removed for this study and the remaining 49 cities were sorted to show the cheapest to the most expensive. The total population, total household, median household income and average single-family home value were all included for supplemental information. All data was collected on and is up-to-date as of May 29, 2024.
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