Social Security Cuts: 5 Best Places in North Carolina To Live on Only a Social Security Check If You’re Single

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With a major Social Security trust fund headed for depletion in less than a decade, there is increasing concern about its impact on retirement benefits. Because the trust fund provides nearly one-quarter of Social Security’s funding, people are worried that they’ll see smaller checks. This puts even more pressure on seniors to find affordable retirement destinations — especially single retirees with only one check to rely on. Many are eyeing a move to North Carolina.

As the AARP reported last year, U.S. Census Bureau data found that a rising number of retirees and retired couples are moving to other states to find cheaper housing. One of the most popular destinations is North Carolina, which ranked second behind only Florida in the Census Bureau analysis.

The first thing you should know if you are approaching retirement age is that Social Security checks don’t go very far. The average retirement payment is $1,797.23 a month as of November 2023, according to the Social Security Administration. Trying to squeeze by on that amount is a challenge no matter where you live. 

A recent analysis by Insider Monkey looked at affordable cities in North Carolina based on factors such as cost of living, median home price and average monthly rent. Here are its five best places to live in the Tar Heel State if you have to get by on a single Social Security check.

5. Burlington

• Insider Monkey Score: 31
• Cost of Living Index: 83.7           
• Median Home Price: $233,000
• Average Monthly Rent: $1,144

Burlington takes up prime real estate in central North Carolina, with easy interstate access to urban centers like Raleigh and Charlotte as well as the Blue Ridge mountains to the west. The city itself is a former railroad and textile hub that offers plenty of recreation, entertainment and cultural choices.

4. Fayetteville

• Insider Monkey Score: 34
• Cost of Living Index: 81.4
• Median Home Price: $255,000
• Average Monthly Rent: $1,107

Like Burlington, Fayetteville is fairly close to major cities such as Raleigh, Durham and Wilmington. You can find affordable homes in Fayetteville and enjoy a mild climate, varied dining options and proximity to medical facilities, according to Insider Monkey. The locals have a reputation for being friendly, and seniors in general like living here.

3. Reidsville

• Insider Monkey Score: 34
• Cost of Living Index: 78
• Median Home Price: $207,000
• Average Monthly Rent: $1,354

Insider Monkey calls Reidsville a good option for seniors seeking a place with small-town charm, affordability and natural beauty. You’ll find plenty of museums, historical sites and landmarks here, as well as numerous parks, trails and outdoor spaces. Homes are very affordable.

2. Shelby

• Insider Monkey Score: 35
• Cost of Living Index: 81.6
• Median Home Price: $238,000
• Average Monthly Rent: $1,072

Located in the picturesque North Carolina foothills, Shelby offers easy access to the Blue Ridge mountains in one direction and the urban bustle of Charlotte in the other. Monthly rents are cheap compared to other North Carolina cities, making it a good destination for single seniors on a budget.

1. Lumberton

• Insider Monkey Score: 44
• Cost of Living Index: 72
• Median Home Price: $220,000
• Average Monthly Rent: $986

Lumberton ranks first in Insider Monkey’s analysis of North Carolina retirement destinations because of its combination of affordability, safety and things to do. The picturesque city lies along the Lumber River, less than an hour from Fayetteville and less than two hours from the Outer Banks. It offers plenty of cultural festivals, local events and historical sites.

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