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How Far the Average Social Security Check Goes in the Largest Illinois Cities

December 8, 2024

8 min Read

Written by Nicole Spector

Edited by Molly Sullivan

Radoslaw Lecyk / Shutterstock.com

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Illinois is considered a worthy state for a few key reasons, including its bustling economy, overall solid livability scores and relative affordability, as compared with other states. But not all cities are created equal; in which does the average Social Security check stretch the furthest? The answer depends on whether you rent or own.

In a new study, GOBankingRates analyzed the largest cities in Illinois to find how far the average Social Security benefits goes. The cities are ranked to show the least expensive to most expensive cost of living for renters and homeowners.

How Far the Average Social Security Check Goes for Homeowners in 10 Illinois Cities

10. Schaumburg

Average single-family home value: $386,380
Number of households receiving Social Security: 26,733
Average annual Social Security benefits among households receiving them: $26,114
Total annual cost of living for homeowners after Social Security benefits: $2,117
Total annual cost of living for homeowners after Social Security benefits: $25,404

9. Palatine

Average single-family home value: $402,195
Number of households receiving Social Security: 22,196
Average annual Social Security benefits among households receiving them: $25,733
Total annual cost of living for homeowners after Social Security benefits: $2,259
Total annual cost of living for homeowners after Social Security benefits: $27,104

8. Skokie

Average single-family home value: $412,029
Number of households receiving Social Security: 20,490
Average annual Social Security benefits among households receiving them: $25,776
Total annual cost of living for homeowners after Social Security benefits: $2,316
Total annual cost of living for homeowners after Social Security benefits: $27,796

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7. Orland Park

Average single-family home value: $414,254
Number of households receiving Social Security: 20,521
Average annual Social Security benefits among households receiving them: $26,368
Total annual cost of living for homeowners after Social Security benefits: $2,351
Total annual cost of living for homeowners after Social Security benefits: $28,210

6. Mount Prospect

Average single-family home value: $429,714
Number of households receiving Social Security: 18,564
Average annual Social Security benefits among households receiving them: $24,251
Total annual cost of living for homeowners after Social Security benefits: $2,403
Total annual cost of living for homeowners after Social Security benefits: $28,833

5. Arlington Heights

Average single-family home value: $487,433
Number of households receiving Social Security: 26,043
Average annual Social Security benefits among households receiving them: $27,125
Total annual cost of living for homeowners after Social Security benefits: $2,722
Total annual cost of living for homeowners after Social Security benefits: $32,668

4. Wheaton

Average single-family home value: $491,201
Number of households receiving Social Security: 16,450
Average annual Social Security benefits among households receiving them: $26,648
Total annual cost of living for homeowners after Social Security benefits: $2,765
Total annual cost of living for homeowners after Social Security benefits: $33,181

3. Oak Park

Average single-family home value: $498,614
Number of households receiving Social Security: 19,797
Average annual Social Security benefits among households receiving them: $28,243
Total annual cost of living for homeowners after Social Security benefits: $2,828
Total annual cost of living for homeowners after Social Security benefits: $33,932

2. Evanston

Average single-family home value: $558,590
Number of households receiving Social Security: 24,936
Average annual Social Security benefits among households receiving them: $27,864
Total annual cost of living for homeowners after Social Security benefits: $3,123
Total annual cost of living for homeowners after Social Security benefits: $37,481

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1. Naperville

Average single-family home value: $597,091
Number of households receiving Social Security: 45,151
Average annual Social Security benefits among households receiving them: $29,855
Total annual cost of living for homeowners after Social Security benefits: $3,377
Total annual cost of living for homeowners after Social Security benefits: $40,526

How Far the Average Social Security Check Goes for Renters in 10 Illinois Cities

10. Tinley Park

Average monthly rent: $2,042
Number of households receiving Social Security: 19,751
Average annual Social Security benefits among households receiving them: $25,255
Total annual cost of living for renters after Social Security benefits: $2,127
Total annual cost of living for renters after Social Security benefits: $25,524

9. Aurora

Average monthly rent: $2,172
Number of households receiving Social Security: 52,205
Average annual Social Security benefits among households receiving them: $24,915
Total annual cost of living for renters after Social Security benefits: $2,130
Total annual cost of living for renters after Social Security benefits: $25,560

8. Wheaton

Average monthly rent: $2,099
Number of households receiving Social Security: 16,450
Average annual Social Security benefits among households receiving them: $26,648
Total annual cost of living for renters after Social Security benefits: $2,191
Total annual cost of living for renters after Social Security benefits: $26,288

7. Chicago

Average monthly rent: $2,122
Number of households receiving Social Security: 912,966
Average annual Social Security benefits among households receiving them: $20,383
Total annual cost of living for renters after Social Security benefits: $2,220
Total annual cost of living for renters after Social Security benefits: $26,640

6. Des Plaines

Average monthly rent: $2,161
Number of households receiving Social Security: 19,660
Average annual Social Security benefits among households receiving them: $24,252
Total annual cost of living for renters after Social Security benefits: $2,222
Total annual cost of living for renters after Social Security benefits: $26,660

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5. Naperville

Average monthly rent: $2,154
Number of households receiving Social Security: 45,151
Average annual Social Security benefits among households receiving them: $29,855
Total annual cost of living for renters after Social Security benefits: $2,281
Total annual cost of living for renters after Social Security benefits: $27,377

4. Evanston

Average monthly rent: $2,201
Number of households receiving Social Security: 24,936
Average annual Social Security benefits among households receiving them: $27,864
Total annual cost of living for renters after Social Security benefits: $2,285
Total annual cost of living for renters after Social Security benefits: $27,418

3. Skokie

Average monthly rent: $2,288
Number of households receiving Social Security: 20,490
Average annual Social Security benefits among households receiving them: $25,776
Total annual cost of living for renters after Social Security benefits: $2,362
Total annual cost of living for renters after Social Security benefits: $28,346

2. Bolingbrook

Average monthly rent: $2,454
Number of households receiving Social Security: 20,429
Average annual Social Security benefits among households receiving them: $26,016
Total annual cost of living for renters after Social Security benefits: $2,454
Total annual cost of living for renters after Social Security benefits: $29,451

1. Orland Park

Average monthly rent: $2,463
Number of households receiving Social Security: 20,521
Average annual Social Security benefits among households receiving them: $26,368
Total annual cost of living for renters after Social Security benefits: $2,560
Total annual cost of living for renters after Social Security benefits: $30,715

Methodology. For this study, GOBankingRates analyzed the largest cities in Illinois to find how far the average Social Security benefits goes. First GOBankingRates found cities in Illinois along with the basic information for each city including; total population, population ages 65 and over, total households, and household median income all sourced from the US Census American Community Survey. In order to qualify for this study, each city had to have a population of at least 50,000 and have all data points available. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes for grocery, healthcare, utilities, transportation, miscellaneous as well as the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location and included as supplemental information. The average single family home value was sourced from Zillow Home Value Index for October 2024. Using the average single family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The average rental cost can be sourced from Zillow Observed Rental Index for each city and using the expenditure costs the total cost of living for each city can be calculated. The percentage of households who receive Social Security benefits, the number of households who receive Social Security benefits, and the average number of Social Security income was all sourced from the US Census American Community Survey. The cities were sorted to show the most expensive to least expensive cost of living for renters and homeowners. All data was collected on and is up to date as of November 20th, 2024.

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