How Far the Average Social Security Check Goes in Florida’s 5 Largest Cities

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At the top of the list for retirees to move to, Florida almost always dominates. With an affordability that beats much of the rest of the nation, a typically welcoming climate and a large percentage of retirees already living there, it makes sense that the Sunshine State continues to lure people to spend their golden years there.

However, if you’re living primarily on Social Security, just how far does that actually stretch in some of Florida’s biggest cities? That depends, of course, as it varies from city to city. It might surprise you, however, which of these cities is actually the most affordable (hint: one that tourists love to visit).

According to the Social Security Administration, the average monthly benefit in 2024 is $1,871 for a single person and $2,782 for a married couple. That translates to $22,453 a year for individuals, and $33,378 per year for couples. 

To determine how far your Social Security benefits will go in the 5 largest Florida cities, GOBankingRates gathered data from the U.S. Census American Community Survey, Sperling’s BestPlaces, the Zillow Home Value Index, the Bureau of Labor Statistics Consumer Expenditure Survey and Federal Reserve Economic Data. GOBankingRates also included a livability score for each city from AreaVibes (the full methodology is included at the end of the story).

Here is what to consider when living on Social Security in Florida’s 5 largest cities.

Jacksonville

• Total population: 950,203
• Livability: 84
• Annual cost of living: $42,954
• Annual cost of living after the average Social Security benefit for one person: $20,501
• Annual cost of living after the average Social Security benefit for a married couple: $9,575

Miami

• Total population: 443,665
• Livability: 81
• Annual cost of living: $68,259
• Annual cost of living after the average Social Security benefit for one person: $45,806
• Annual cost of living after the average Social Security benefit for a married couple: $34,881

Tampa

• Total population: 388,768 
• Livability: 80
• Annual cost of living: $49,435 
• Annual cost of living after the average Social Security benefit for one person: $26,982 
• Annual cost of living after the average Social Security benefit for a married couple: $16,057 

Orlando

• Total population: 307,738 
• Livability: 81
• Annual cost of living: $50,489 
• Annual cost of living after the average Social Security benefit for one person: $28,036 
• Annual cost of living after the average Social Security benefit for a married couple: $17,111 

St. Petersburg

• Total population: 259,343 
• Livability: 86
• Annual cost of living: $49,632 
• Annual cost of living after the average Social Security benefit for one person: $27,179 
• Annual cost of living after the average Social Security benefit for a married couple: $16,254 

_{Methodology: For this study, GOBankingRates analyzed the 100 most populated cities according to the US Census American Community Survey. For each city, a number of factors were found, including; the total population, total households, population ages 65 and over, household median income, number of household receiving Social Security Benefits, number of household Retirement Income, the average retirement income for households who receive retirement income, the average social security benefits for households who receive Social Security benefits (all sourced from the US Census American Community Survey), the cost of living indexes (as sourced from Sperling’s BestPlaces), the livability index (as sourced from AreaVibes) and the average single family home value (as sourced from Zillow Home Value Index). Using the cost of living indexes and the national average expenditure costs (as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey), the average expenditure costs can be calculated. Using the average home value, assuming a 10% down payment and using the national average 30-year fixed mortgage rate (as sourced from Federal Reserve Economic Data), the average mortgage cost can be calculated. Using the mortgage and expenditure costs, the total cost of living can be calculated. Using the average Social Security Income (as sourced from the Social Security Administration’s August 2024 monthly snapshot), the average income for one person and a married couple can be sourced. Using the average Social Security Income and the total cost of living, the total cost of living after Social Security Benefits can be calculated. The cities were sorted by their total population, showing how far the average Social Security Income goes in the largest major cities. All data was collected on and is up to date as of September 20th, 2024.}

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