How Far Social Security Goes in 15 Large Cities With Highest Cost of Living

The average household Social Security income, according to research conducted by GOBankingRates, ranges between $15,000 and $27,000 per year. If Social Security as your sole income is your retirement game plan, however, these benefits won’t be anywhere near enough to offset cost-of-living expenses if you reside in an expensive city.

GOBankingRates was able to find out how far Social Security goes in 15 U.S. cities with the highest cost of living by analyzing each city’s population, total cost of living (including mortgage), percentage of households receiving Social Security, and the average Social Security for households that receive benefits.

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

• Population: 304,527
• Annual cost of living: $140,392
• % of all households receiving Social Security: 16.4%
• Average household Social Security benefits: $24,308
• Cost of living for single person after Social Security: $117,939
• Cost of living for married couple after Social Security: $107,014

• Population: 228,795
• Annual cost of living: $134,863
• % of all households receiving Social Security: 21.7%
• Average household Social Security benefits: $23,502
• Cost of living for single person after Social Security: $112,410
• Cost of living for married couple after Social Security: $101,484

• Population: 1,001,176
• Annual cost of living: $126,475
• % of all households receiving Social Security: 23.5%
• Average household Social Security benefits: $23,108
• Cost of living for single person after Social Security: $104,022
• Cost of living for married couple after Social Security: $93,097

• Population: 851,036
• Annual cost of living: $120,055
• % of all households receiving Social Security: 23.8%
• Average household Social Security benefits: $21,270
• Cost of living for single person after Social Security: $97,602
• Cost of living for married couple after Social Security: $86,677

• Population: 348,547
• Annual cost of living: $114,139
• % of all households receiving Social Security: 34.4%
• Average household Social Security benefits: $22,889
• Cost of living for single person after Social Security: $91,686
• Cost of living for married couple after Social Security: $80,761

• Population: 1,383,987
• Annual cost of living: $98,980
• % of all households receiving Social Security: 23.1%
• Average household Social Security benefits: $22,514
• Cost of living for single person after Social Security: $76,527
• Cost of living for married couple after Social Security: $65,602

• Population: 3,881,041
• Annual cost of living: $91,834
• % of all households receiving Social Security: 22.8%
• Average household Social Security benefits: $19,813
• Cost of living for single person after Social Security: $69,381
• Cost of living for married couple after Social Security: $58,456

• Population: 235,845
• Annual cost of living: $90,935
• % of all households receiving Social Security: 14.1%
• Average household Social Security benefits: $23,762
• Cost of living for single person after Social Security: $68,482
• Cost of living for married couple after Social Security: $57,557

• Population: 347,111
• Annual cost of living: $85,330
• % of all households receiving Social Security: 23.9%
• Average household Social Security benefits: $20,873
• Cost of living for single person after Social Security: $62,877
• Cost of living for married couple after Social Security: $51,952

• Population: 734,603
• Annual cost of living: $84,578
• % of all households receiving Social Security: 17.9%
• Average household Social Security benefits: $24,071
• Cost of living for single person after Social Security: $62,125
• Cost of living for married couple after Social Security: $51,200

• Population: 462,293
• Annual cost of living: $84,194
• % of all households receiving Social Security: 22.3%
• Average household Social Security benefits: $20,387
• Cost of living for single person after Social Security: $61,741
• Cost of living for married couple after Social Security: $50,816

• Population: 240,537
• Annual cost of living: $83,688
• % of all households receiving Social Security: 34.1%
• Average household Social Security benefits: $27,425
• Cost of living for single person after Social Security: $61,235
• Cost of living for married couple after Social Security: $50,310

• Population: 8,622,467
• Annual cost of living: $83,596
• % of all households receiving Social Security: 27.3%
• Average household Social Security benefits: $20,048
• Cost of living for single person after Social Security: $61,142
• Cost of living for married couple after Social Security: $50,217

• Population: 276,103
• Annual cost of living: $83,220
• % of all households receiving Social Security: 26.1%
• Average household Social Security benefits: $20,078
• Cost of living for single person after Social Security: $60,767
• Cost of living for married couple after Social Security: $49,842

• Population: 437,825
• Annual cost of living: $80,769
• % of all households receiving Social Security: 22.3%
• Average household Social Security benefits: $21,140
• Cost of living for single person after Social Security: $58,316
• Cost of living for married couple after Social Security: $47,391

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 household 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 American Community Survey. GOBankingRates also found the cost-of-living indexes, as sourced from Sperling’s BestPlaces; the livability index, as sourced from AreaVibes; 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, as sourced from the Social Security Administration’s August 2024 monthly snapshot, the average income for one person and a married couple were sourced. Using the average Social Security income and the total cost of living, 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.