Twenty Cities Where Retired Renters Can Live on Social Security Alone
According to the Social Security Administration, the average monthly Social Security check this year is $1,907. That means millions of older Americans are living on an extremely tight budget. Depending on where they live, they can stretch those benefit dollars further. GOBankingRates analyzed cities where the average monthly Social Security check is enough to pay the average rent, and then factored in livability ratings and non-housing costs, to come up with a list of 20 cities where retired renters can live on Social Security alone.
Here’s the list they came up with as sorted by state:
Idaho – Chubbuck
Illinois – Normal
Indiana – Fort Wayne; Muncie; Richmond
Iowa – Ames; Coralville; Urbandale
Michigan – Mount Pleasant
Minnesota – Austin; Fergus Falls
Missouri – Maplewood
North Dakota – Fargo
Ohio – Cleveland Heights
Pennsylvania – Beaver
Texas – San Antonio
Virginia – Lynchburg
Wisconsin – Wausau; Sherwood; Stevens Point
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits. This bill will also ensure the long-term solvency of the Social Security program.