How Far Social Security Goes in 16 Large Cities With Cheapest Cost of Living

According to GOBankingRates data, the average household Social Security income ranges anywhere between $15,000 and $27,000. While this is a drop in the bucket in expensive cities, those who choose to retire in cities with affordable costs of living will find it covers a fair portion of their expenses. Even in cheaper cities, however, additional income beyond Social Security is necessary for a comfortable retirement lifestyle. 

To find how far Social Security goes in 16 big cities that have a cheap cost of living, GOBankingRates sourced each city’s population, total cost of living (by calculating mortgage and expenditure costs) and percentage of households receiving Social Security, then analyzed the average Social Security for households that receive benefits. 

Ranked by cities from the lowest to highest cost of living, this is how far Social Security benefits stretch in these 15 cities.

• Population: 370,365
• Annual cost of living: $27,545
• % of all households receiving Social Security: 28.6%
• Average household Social Security benefits: $16,426
• Cost of living for single person after Social Security: $5,092
• Cost of living for married couple after Social Security: ($5,833)

• Population: 269,962
• Annual cost of living: $28,393
• % of all households receiving Social Security: 29.9%
• Average household Social Security benefits: $18,848
• Cost of living for single person after Social Security: $5,940
• Cost of living for married couple after Social Security: ($4,985)

• Population: 636,787
• Annual cost of living: $28,997
• % of all households receiving Social Security: 33.2%
• Average household Social Security benefits: $18,286
• Cost of living for single person after Social Security: $6,544
• Cost of living for married couple after Social Security: ($4,381)

• Population: 630,027
• Annual cost of living: $31,243
• % of all households receiving Social Security: 28.2%
• Average household Social Security benefits: $19,674
• Cost of living for single person after Social Security: $8,790
• Cost of living for married couple after Social Security: ($2,136)

• Population: 298,018
• Annual cost of living: $33,022
• % of all households receiving Social Security: 25.9%
• Average household Social Security benefits: $18,971
• Cost of living for single person after Social Security: $10,569
• Cost of living for married couple after Social Security: ($356)

• Population: 584,548
• Annual cost of living: $35,052
• % of all households receiving Social Security: 28.6%
• Average household Social Security benefits: $18,170
• Cost of living for single person after Social Security: $12,599
• Cost of living for married couple after Social Security: $1,674

• Population: 395,951
• Annual cost of living: $35,079
• % of all households receiving Social Security: 29.4%
• Average household Social Security benefits: $23,186
• Cost of living for single person after Social Security: $12,626
• Cost of living for married couple after Social Security: $1,701

• Population: 255,293
• Annual cost of living: $35,164
• % of all households receiving Social Security: 23.5%
• Average household Social Security benefits: $16,293
• Cost of living for single person after Social Security: $12,711
• Cost of living for married couple after Social Security: $1,786

• Population: 258,190
• Annual cost of living: $35,412
• % of all households receiving Social Security: 23.7%
• Average household Social Security benefits: $21,626
• Cost of living for single person after Social Security: $12,959
• Cost of living for married couple after Social Security: $2,034

• Population: 411,938
• Annual cost of living: $35,667
• % of all households receiving Social Security: 28.4%
• Average household Social Security benefits: $23,242
• Cost of living for single person after Social Security: $13,213
• Cost of living for married couple after Social Security: $2,288

• Population: 573,299
• Annual cost of living: $35,673
• % of all households receiving Social Security: 24.8%
• Average household Social Security benefits: $19,440
• Cost of living for single person after Social Security: $13,220
• Cost of living for married couple after Social Security: $2,295

• Population: 264,514
• Annual cost of living: $35,833
• % of all households receiving Social Security: 29.7%
• Average household Social Security benefits: $21,824
• Cost of living for single person after Social Security: $13,380
• Cost of living for married couple after Social Security: $2,455

• Population: 681,088
• Annual cost of living: $35,873
• % of all households receiving Social Security: 25.1%
• Average household Social Security benefits: $21,763
• Cost of living for single person after Social Security: $13,420
• Cost of living for married couple after Social Security: $2,495

• Population: 677,181
• Annual cost of living: $35,947
• % of all households receiving Social Security: 28.0%
• Average household Social Security benefits: $17,113
• Cost of living for single person after Social Security: $13,494
• Cost of living for married couple after Social Security: $2,569

• Population: 317,804
• Annual cost of living: $36,078
• % of all households receiving Social Security: 28.6%
• Average household Social Security benefits: $19,828
• Cost of living for single person after Social Security: $13,625
• Cost of living for married couple after Social Security: $2,700

• Population: 882,006
• Annual cost of living: $36,673
• % of all households receiving Social Security: 25.2%
• Average household Social Security benefits: $22,021
• Cost of living for single person after Social Security: $14,220
• Cost of living for married couple after Social Security: $3,295

Methodology: For this study, GOBankingRates analyzed the 100 most populated cities according to the U.S. Census American Community Survey. For each city, GOBankingRates found the total population, total households, population ages 65 and over, household median income, number of households receiving Social Security benefits, average retirement income for households who receive retirement income, average Social Security benefits for households who receive Social Security benefits (all sourced from the 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 were 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 was calculated. Using the mortgage and expenditure costs, the total cost of living was calculated. Using the average Social Security income from the Social Security Administration’s August 2024 monthly snapshot, the average income for one person and a married couple was sourced. The total cost of living after Social Security benefits was 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 Sept. 20, 2024.