How Far Social Security Goes in the 11 Largest Southern Cities With the Most Retirees
Written by
Nicole Spector
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
There’s no shame in relying on Social Security benefits in your retirement. You earned that money and you deserve to claim it; however, if you’re depending on these monthly checks or deposits as a sole or highly dominant source of income, you’re probably having a tough time getting by.
It’s necessary to know where your Social Security benefits stretch the furthest, as not all cities are the same in terms of cost of living — not even when looking regionally. Consider the South, for example. The cost of living in New Orleans is 12% higher than the national average, according to PayScale. The cost of living in Slidell, Louisiana, just over 30 miles away, is 13% lower than the national average, according to RentCafe. Pretty big difference!
In an exclusive new study, GOBankingRates analyzed the 100 most populated cities and, from there, found the cities with the largest populations of people ages 65 and over. Then, we calculated how far the average Social Security income goes in the 11 largest major Southern cities with the most retirees.
Houston
- Total population: 2,296,253
- Total population of people ages 65 and older (percentage): 11.6%
- Percentage of households receiving Social Security benefits: 20.7%
- Average amount of Social Security benefits for households receiving them: $20,388
- Percentage of households receiving retirement income: 12.8%
- Average amount of retirement income received: $31,781
- Annual cost of living after average amount of Social Security benefits for one person: $18,402
- Annual cost of living after average amount of Social Security benefits for a couple: $7,477
San Antonio
- Total population: 1,445,662
- Total population of people ages 65 and older (percentage): 12.8%
- Percentage of households receiving Social Security benefits: 25.9%
- Average amount of Social Security benefits for households receiving them: $18,749
- Percentage of households receiving retirement income: 18.2%
- Average amount of retirement income received: $29,040
- Annual cost of living after average amount of Social Security benefits for one person: $16,061
- Annual cost of living after average amount of Social Security benefits for a couple: $5,136
Dallas
- Total population: 1,300,642
- Total population of people ages 65 and older (percentage): 11.0%
- Percentage of households receiving Social Security benefits: 20.0%
- Average amount of Social Security benefits for households receiving them: $20,585
- Percentage of households receiving retirement income:12.1%
- Average amount of retirement income received: $29,338
- Annual cost of living after average amount of Social Security benefits for one person: $22,309
- Annual cost of living after average amount of Social Security benefits for a couple: $11,384
Austin, Texas
- Total population: 958,202
- Total population of people ages 65 and older (percentage): 9.8%
- Percentage of households receiving Social Security benefits: 15.4%
- Average amount of Social Security benefits for households receiving them: $22,186
- Percentage of households receiving retirement income: 13.0%
- Average amount of retirement income received: $35,948
- Annual cost of living after average amount of Social Security benefits for one person: $36,912
- Annual cost of living after average amount of Social Security benefits for a couple: $25,987
Jacksonville, Florida
- Total population: 950,203
- Total population of people ages 65 and older (percentage): 14.4%
- Percentage of households receiving Social Security benefits: 26.6%
- Average amount of Social Security benefits for households receiving them: $21,256
- Percentage of households receiving retirement income: 20.4%
- Average amount of retirement income received: $28,714
- Annual cost of living after average amount of Social Security benefits for one person: $20,501
- Annual cost of living after average amount of Social Security benefits for a couple: $9,575
Fort Worth, Texas
- Total population: 924,663
- Total population of people ages 65 and older (percentage): 21.0%
- Percentage of households receiving Social Security benefits: 31.0%
- Average amount of Social Security benefits for households receiving them: $20,868
- Percentage of households receiving retirement income: 15.3%
- Average amount of retirement income received: $30,605
- Annual cost of living after average amount of Social Security benefits for one person: $20,684
- Annual cost of living after average amount of Social Security benefits for a couple: $9,759
Charlotte, North Carolina
- Total population: 875,045
- Total population of people ages 65 and older (percentage): 10.7%
- Percentage of households receiving Social Security benefits: 19.4%
- Average amount of Social Security benefits for households receiving them: $22,658
- Percentage of households receiving retirement income: 14.3%
- Average amount of retirement income received: $32,235
- Annual cost of living after average amount of Social Security benefits for one person: $26,364
- Annual cost of living after average amount of Social Security benefits for a couple: $15,439
Nashville, Tennessee
- Total population: 684,103
- Total population of people ages 65 and older (percentage): 12.6%
- Percentage of households receiving Social Security benefits: 22.4%
- Average amount of Social Security benefits for households receiving them: $22,962
- Percentage of households receiving retirement income: 16.6%
- Average amount of retirement income received: $26,638
- Annual cost of living after average amount of Social Security benefits for one person: $29,442
- Annual cost of living after average amount of Social Security benefits for a couple: $18,516
El Paso, Texas
- Total population: 677,181
- Total population of people ages 65 and older (percentage): 13.5%
- Percentage of households receiving Social Security benefits: 28.0%
- Average amount of Social Security benefits for households receiving them: $17,113
- Percentage of households receiving retirement income: 18.6%
- Average amount of retirement income received: $28,433
- Annual cost of living after average amount of Social Security benefits for one person: $13,494
- Annual cost of living after average amount of Social Security benefits for a couple: $2,569
Memphis, Tennessee
- Total population: 630,027
- Total population of people ages 65 and older (percentage): 14.0%
- Percentage of households receiving Social Security benefits: 28.2%
- Average amount of Social Security benefits for households receiving them: $19,674
- Percentage of households receiving retirement income: 16.8%
- Average amount of retirement income received: $27,906
- Annual cost of living after average amount of Social Security benefits for one person: $8,790
- Annual cost of living after average amount of Social Security benefits for a couple: -$2,136
Louisville, Kentucky
- Total population: 629,176
- Total population of people ages 65 and older (percentage): 15.8%
- Percentage of households receiving Social Security benefits: 31.0%
- Average amount of Social Security benefits for households receiving them: $20,874
- Percentage of households receiving retirement income: 23.6%
- Average amount of retirement income received: $27,948
- Annual cost of living after average amount of Social Security benefits for one person: $15,671
- Annual cost of living after average amount of Social Security benefits for a couple: $4,746
Methodology: For this study, GOBankingRates analyzed the 100 most populated cities according to the U.S. 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 households who receive 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, the average single-family home value as sourced from Zillow Home Value Index. Using the cost of living indexes and using 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 Sept. 20, 2024.
More From GOBankingRates
