What Is The Best State To Live On Social Security Only?: 15 Best States To Live On Social Security Check Only
“What is the best state to live on social security?”
A cheap cost of living will enable you to spend more of your Social Security benefits if considered. Although surviving solely on a Social Security check has never been simple, it gets significantly more challenging during periods of severe inflation, such as this year due to the effects of the pandemic. So many retirees are asking this question, what is the best state to live on social security check only?
Living in a low-cost state can significantly extend the life of a Social Security check for many of the 16 percent of Americans who are 65 and older. We compiled data on the cost of a one-bedroom apartment and the general cost of living from many sources to determine the best states to live on a Social Security check. Read also 31 Major Retirement Threats To Avoid And Retire Comfortably
What is the best state to live on social security check only?: 15 Best States To Live On Social Security Check
Rents in every state on the list are significantly less than the $1,067.80 national average, and they are nearly solely from the Midwest and the South. The least expensive state is mentioned last while the most affordable states are listed in reverse order. The average monthly benefit for retired workers, $1,619.67, from the Social Security Administration; the cost of living overall in each city, based on the Missouri Economic Research and Information Center’s 2022 Q1 Cost of Living data; the typical rent for a one-bedroom apartment, obtained from ApartmentList and the percentage of the population over 65, obtained from census data. The element with the lowest total score was considered to be the most important. The third factor received a double-weighting in the computations. All information was gathered and is current. Read also 3 Key Steps To Becoming Financially Independent For Early Retirement
The Top States With Low Cost Of Living For Retirees
15. Nebraska
√ Average Rent: $827
√ Cost of Living Index overall: 91.8
The best state to live on social security? Check the cost of living in Nebraska. Despite having a cost of living that is over 10% lower than the national average, Nebraska still has room for additional older citizens. The proportion of people over 65 in the state is lower than the national average, at only 15.7%. Read also 8 Most Essential Things You Need To Know Before Retirement
14. North Dakota
√ Average Rent: $672
√ Cost of Living Index globally: 96.8
The overall cost of living in North Dakota is really pretty close to the national average, but the rent for an ordinary one-bedroom apartment is the lowest on the list, coming in at about 40% less than the national average. This answers the popular question, “what is the best state to live on social security check only?” Consider moving to North Dakota if you are living on just a social security check.
13. Indiana
√ Average Rent: $835
√ Cost of Living Index globally: 89.2
Although Indiana’s average rent is actually quite high, the state’s overall cost of living is more than 10% lower than the national average and is Worth considering if you want the best States to live on social security check. Read also 3 Crucial Things You Must Do After Retirement – Your Future Self Will Thank You!
12. South Dakota
√ Average Rent: $744
√ Cost of Living Index overall: 95.2
Another affordable option that answers “what is the best state to live on social security check only?” for seniors is South Dakota, which has attracted more people than the national average. Over 65s make up about 16.7% of South Dakota’s population.
11. Wyoming
√ Average Rent: $742
√ Cost of Living Index overall: 93.9
The average rent in Wyoming is more than 30% less than the national average, which has helped to increase the state’s senior population to 16.4% of the total population and is Worth considering if you want the best States to live on social security check. Read also 4 Easy Ways To Avoid Wasting Money In Retirement – A Sure Way Solution To Running Out Of Money In Retirement
10. Kentucky
√ Average Rent: $741
√ Cost of Living Index overall: 93.6
The Bluegrass State appeals to seniors because of it’s inexpensive cost of living and small-town atmosphere. 16.4% of the state’s population, or people 65 and above are citizens.
9. Michigan
√ Average Rent: $849
√ Cost of Living Index globally: 89.9
Although Michigan has the highest average rent for a one-bedroom on the list, other expenses are so low that the state is still among the top 10 for being able to live off a Social Security check. Read also 10 Expert-Approved Tips For Retirement Planning(Before You Start Saving)
8. Ohio
√ Average Rent Cost: $785
√ Cost of Living Index overall: 90.8
With 17 percent of its population 65 and over, Ohio has one of the highest proportions on the list. A cost of living that is more than 9% lower than the US average probably helps to find answer for the most demanding question of seniors, “what is the best state to live on social security check only?”.
7. Missouri
√ Average Rent Cost: $782
√ Cost of Living Index overall: 90.5
The best States to live on social security check only? Check Missouri. In Missouri, 16.9% of the population is 65 years of age or older, which is higher than average for senior populations. One of the lowest cost of living indices in the nation. Read also 3 Crucial Things You Must Do After Retirement – Your Future Self Will Thank You!
6. Oklahoma
√ Average Cost of Rent: $814
√ Cost of Living Index overall: 84.8
In comparison to some of the cities on this list, Oklahoma’s rent is really fairly expensive. But it’s general cost of living is remarkably inexpensive. Oklahoman homeowners who don’t owe a mortgage can stretch their Social Security benefits fairly far.
5. Kansas
√ Average Cost of Rent: $797
√ Cost of Living Index overall: 85.4
Answering the most demanding question of seniors, what is the best state to live on social security check only?” Consider Kansas! With just 15.8% of its population being seniors, Kansas actually has a somewhat lower than average percentage of elderly citizens. With a cost of living that is over 15% lower than the national average, perhaps more people will move there in the near future. Read also How To Avoid Social Security Taxation While Still Earning Money In Retirement
4. Alabama
√ Average Cost of Rent: $795
√ Cost of Living Index overall: 87.5
Alabama’s rents are not among the lowest on the list, but the state’s overall expenditures are still more than 12% lower than the national average which is considered one of the best States to live on social security check,.
3. Mississippi
√ Average Cost of Rent: $782
√ Cost of Living Index overall: 83.1
Mississippi, at a staggering 17 percent below the national average, has the lowest total cost of living of any state on the list. The state more than makes up for the relatively high rents with other expenses. Read also 5 Expert-Approved Ways To Save Money On Food Whiles On Social Security
2. Arkansas
√ Average Cost of Rent: $700
√ Cost of Living Index globally: 89.9
The fact that Arkansas boasts some of the lowest rentals of any city on the list has contributed to the state’s rating as the second-cheapest state overall for seniors. A substantial 16.9% of people in the state are 65 or older.
1. Lowa
√ Average Cost of Rent: $701
√ Cost of Living Index overall: 88.1
Low rent is a major factor in Iowa’s ranking as the most cheap state overall for people living off of a Social Security check. Residents 65 and over make up more than 17% of the population.Read also 6 Best Ways To Stretch Your Social Security Check Further During Inflation
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