The Best Place in Every State To Live on a Fixed Income
The average Social Security benefit for retired workers is $1,614 per month. That comes out to $19,368 for a single person, or $38,736 per year for a couple -- about $29,967 less than the U.S. median household income of $68,703, according to the most recent figures from the U.S. Census Bureau.
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Living on a fixed income basically means you're solely or almost entirely dependent on funds such as Social Security, pensions and inheritance, with little to no flexibility in the amount you're paid each month. Unstable costs, such as a volatile housing market, can be especially challenging to deal with on a fixed income.
Alabama: Tuscaloosa
Home value 4/30/2021: $183,758
Home value 1/31/2022: $204,524
Home value 4/30/22: $212,255
Quarter over quarter home value change: 7.54%
Year over year home value change: 15.51%
2021 average county rent: $885
2022 average county rent: $973
Year over year rent change: 10%
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Alaska: Anchorage
Home value 4/30/2021: $320,233
Home value 1/31/2022: $324,424
Home value 4/30/22: $340.069
Quarter over quarter home value change: 3.07%
Year over year home value change: 6.19%
2021 average county rent: $1,376
2022 average county rent: $1,396
Year over year rent change: 1%
Arizona: Sierra Vista
Home value 4/30/2021: $187,229
Home value 1/31/2022: $217,251
Home value 4/30/22: $230,144
Quarter over quarter home value change: 10.98%
Year over year home value change: 22.92%
2021 average county rent: $994
2022 average county rent: $1,025
Year over year rent change: 3%
Arkansas: Little Rock
Home value 4/30/2021: $164,604
Home value 1/31/2022: $186,363
Home value 4/30/22: $191,374
Quarter over quarter home value change: 7.95%
Year over year home value change: 16.26%
2021 average county rent: $953
2022 average county rent: $943
Year over year rent change: -1%
California: Hanford
Home value 4/30/2021: $275,877
Home value 1/31/2022: $314,683
Home value 4/30/22: $330,895
Quarter over quarter home value change: 9.61%
Year over year home value change: 19.94%
2021 average county rent: $1,240
2022 average county rent: $1,293
Year over year rent change: 4%
Colorado: Pueblo
Home value 4/30/2021: $239,211
Home value 1/31/2022: $291,022
Home value 4/30/22: $305,312
Quarter over quarter home value change: 13.28%
Year over year home value change: 27.63%
2021 average county rent: $908
2022 average county rent: $1,130
Year over year rent change: 24%
Connecticut: Hartford
Home value 4/30/2021: $272,506
Home value 1/31/2022: $301,490
Home value 4/30/22: $312,123
Quarter over quarter home value change: 7.08%
Year over year home value change: 14.54%
2021 average county rent: $1,392
2022 average county rent: $1,347
Year over year rent change: -3%
Delaware: Dover
Home value 4/30/2021: $262,789
Home value 1/31/2022: $301,352
Home value 4/30/22: $313,433
Quarter over quarter home value change: 9.34%
Year over year home value change: 19.27%
2021 average county rent: $1,233
2022 average county rent: $1,156
Year over year rent change: -6%
Florida: Tallahassee
Home value 4/30/2021: $204,764
Home value 1/31/2022: $233,306
Home value 4/30/22: $244,920
Quarter over quarter home value change: 9.46%
Year over year home value change: 19.61%
2021 average county rent: $1,098
2022 average county rent: $1,194
Year over year rent change: 9%
Georgia: Columbus
Home value 4/30/2021: $142,487
Home value 1/31/2022: $158,723
Home value 4/30/22: $164,299
Quarter over quarter home value change: 7.45%
Year over year home value change: 15.31%
2021 average county rent: $950
2022 average county rent: $948
Year over year rent change: 0%
Hawaii: Honolulu
Home value 4/30/2021: $768,459
Home value 1/31/2022: $883,615
Home value 4/30/22: $916,366
Quarter over quarter home value change: 9.35%
Year over year home value change: 19.25%
2021 average county rent: $2,328
2022 average county rent: $2,503
Year over year rent change: 8%
Idaho: Pocatello
Home value 4/30/2021: $247,052
Home value 1/31/2022: $306,875
Home value 4/30/22: $319,230
Quarter over quarter home value change: 14.12%
Year over year home value change: 22.22%
2021 average county rent: $872
2022 average county rent: $915
Year over year rent change: 5%
Illinois: Danville
Home value 4/30/2021: $73,315
Home value 1/31/2022: $78,715
Home value 4/30/22: $80,830
Quarter over quarter home value change: 5.03%
Year over year home value change: 10.25%
2021 average county rent: $803
2022 average county rent: $827
Year over year rent change: 3%
Indiana: Terre Haute
Home value 4/30/2021: $108,445
Home value 1/31/2022: $117,918
Home value 4/30/22: $121,353
Quarter over quarter home value change: 5.82%
Year over year home value change: 11.90%
2021 average county rent: $843
2022 average county rent: $837
Year over year rent change: -1%
Iowa: Waterloo
Home value 4/30/2021: $152,777
Home value 1/31/2022: $165,371
Home value 4/30/22: $169,660
Quarter over quarter home value change: 5.42%
Year over year home value change: 11.05%
2021 average county rent: $925
2022 average county rent: $977
Year over year rent change: 6%
Kansas: Manhattan
Home value 4/30/2021: $221,036
Home value 1/31/2022: $236,014
Home value 4/30/22: $236,828
Quarter over quarter home value change: 3.56%
Year over year home value change: 7.14%
2021 average county rent: $1,023
2022 average county rent: $1,020
Year over year rent change: 0%
Kentucky: Louisville
Home value 4/30/2021: $206,950
Home value 1/31/2022: $228,678
Home value 4/30/22: $236,137
Quarter over quarter home value change: 6.88%
Year over year home value change: 14.10%
2021 average county rent: $993
2022 average county rent: $1,039
Year over year rent change: 5%
Louisiana: Alexandria
Home value 4/30/2021: $149,601
Home value 1/31/2022: $160,655
Home value 4/30/22: $162,510
Quarter over quarter home value change: 4.27%
Year over year home value change: 8.63%
2021 average county rent: $858
2022 average county rent: $858
Year over year rent change: 0%
Maine: Bangor
Home value 4/30/2021: $194,476
Home value 1/31/2022: $225,291
Home value 4/30/22: $235,457
Quarter over quarter home value change: 10.18%
Year over year home value change: 21.07%
2021 average county rent: $1,127
2022 average county rent: $1,148
Year over year rent change: 2%
Maryland: Cumberland
Home value 4/30/2021: $107,499
Home value 1/31/2022: $119,449
Home value 4/30/22: $124,583
Quarter over quarter home value change: 7.71%
Year over year home value change: 15.89%
2021 average county rent: $802
2022 average county rent: $823
Year over year rent change: 3%
Massachusetts: Springfield
Home value 4/30/2021: $272,396
Home value 1/31/2022: $301,531
Home value 4/30/22: $312,531
Quarter over quarter home value change: 7.19%
Year over year home value change: 14.77%
2021 average county rent: $1,163
2022 average county rent: $1,134
Year over year rent change: -3%
Michigan: Munroe
Home value 4/30/2021: $207,155
Home value 1/31/2022: $222,123
Home value 4/30/22: $226,864
Quarter over quarter home value change: 4.68%
Year over year home value change: 9.51%
2021 average county rent: $953
2022 average county rent: $1,007
Year over year rent change: 6%
Minnesota: Rochester
Home value 4/30/2021: $267,156
Home value 1/31/2022: $295,462
Home value 4/30/22: $304,073
Quarter over quarter home value change: 6.75%
Year over year home value change: 13.82%
2021 average county rent: $1,136
2022 average county rent: $1,223
Year over year rent change: 8%
Mississippi: Hattiesburg
Home value 4/30/2021: $156,345
Home value 1/31/2022: $168,789
Home value 4/30/22: $175,837
Quarter over quarter home value change: 6.07%
Year over year home value change: 12.47%
2021 average county rent: $898
2022 average county rent: $913
Year over year rent change: 2%
Missouri: St. Joseph
Home value 4/30/2021: $134,199
Home value 1/31/2022: $147,816
Home value 4/30/22: $152,332
Quarter over quarter home value change: 6.60%
Year over year home value change: 13.51%
2021 average county rent: $848
2022 average county rent: $851
Year over year rent change: 0%
Montana: Great Falls
Home value 4/30/2021: $230,012
Home value 1/31/2022: $269,569
Home value 4/30/22: $286,135
Quarter over quarter home value change: 11.67%
Year over year home value change: 24.40%
2021 average county rent: $903
2022 average county rent: $944
Year over year rent change: 5%
Nebraska: Omaha
Home value 4/30/2021: $234,315
Home value 1/31/2022: $258,246
Home value 4/30/22: $268,151
Quarter over quarter home value change: 7.02%
Year over year home value change: 14.44%
2021 average county rent: $1,057
2022 average county rent: $1,046
Year over year rent change: -1%
Nevada: Reno
Home value 4/30/2021: $467,745
Home value 1/31/2022: $553,997
Home value 4/30/22: $580,691
Quarter over quarter home value change: 11.63%
Year over year home value change: 24.15%
2021 average county rent: $1,367
2022 average county rent: $1,559
Year over year rent change: 14%
New Hampshire: Keene
Home value 4/30/2021: $248,833
Home value 1/31/2022: $286,242
Home value 4/30/22: $300,717
Quarter over quarter home value change: 10.05%
Year over year home value change: 20.85%
2021 average county rent: $1,178
2022 average county rent: $1,240
Year over year rent change: 5%
New Jersey: Vineland
Home value 4/30/2021: $172,618
Home value 1/31/2022: $204,468
Home value 4/30/22: $208,442
Quarter over quarter home value change: 10.20%
Year over year home value change: 20.75%
2021 average county rent: $1,440
2022 average county rent: $1,449
Year over year rent change: 1%
New Mexico: Las Cruces
Home value 4/30/2021: $207,078
Home value 1/31/2022: $235,207
Home value 4/30/22: $243,476
Quarter over quarter home value change: 8.55%
Year over year home value change: 17.58%
2021 average county rent: $844
2022 average county rent: $901
Year over year rent change: 7%
New York: Watertown
Home value 4/30/2021: $156,038
Home value 1/31/2022: $168,159
Home value 4/30/22: $174,694
Quarter over quarter home value change: 5.83%
Year over year home value change: 11.96%
2021 average county rent: $1,106
2022 average county rent: $1,264
Year over year rent change: 14%
North Carolina: Rockingham
Home value 4/30/2021: $84,820
Home value 1/31/2022: $93,325
Home value 4/30/22: $97,887
Quarter over quarter home value change: 7.46%
Year over year home value change: 15.41%
2021 average county rent: $735
2022 average county rent: $808
Year over year rent change: 10%
North Dakota: Bismark
Home value 4/30/2021: $286,544
Home value 1/31/2022: $306,687
Home value 4/30/22: $314,306
Quarter over quarter home value change: 4.76%
Year over year home value change: 9.69%
2021 average county rent: $1,005
2022 average county rent: $1,008
Year over year rent change: 0%
Ohio: Springfield
Home value 4/30/2021: $144,504
Home value 1/31/2022: $155,433
Home value 4/30/22: $158,779
Quarter over quarter home value change: 4.86%
Year over year home value change: 9.88%
2021 average county rent: $800
2022 average county rent: $831
Year over year rent change: 4%
Oklahoma: Enid
Home value 4/30/2021: $92,746
Home value 1/31/2022: $101,483
Home value 4/30/22: $103,150
Quarter over quarter home value change: 5.53%
Year over year home value change: 11.22%
2021 average county rent: $858
2022 average county rent: $881
Year over year rent change: 3%
Oregon: Grants Pass
Home value 4/30/2021: $357,998
Home value 1/31/2022: $414,315
Home value 4/30/22: $417,950
Quarter over quarter home value change: 8.30%
Year over year home value change: 16.75%
2021 average county rent: $1,252
2022 average county rent: $1,251
Year over year rent change: 0%
Pennsylvania: State College
Home value 4/30/2021: $272,339
Home value 1/31/2022: $292,696
Home value 4/30/22: $303,062
Quarter over quarter home value change: 5.51%
Year over year home value change: 11.28%
2021 average county rent: $1,095
2022 average county rent: $1,300
Year over year rent change: 19%
Rhode Island: Providence
Home value 4/30/2021: $375,287
Home value 1/31/2022: $425,869
Home value 4/30/22: $438,168
Quarter over quarter home value change: 8.18%
Year over year home value change: 16.76%
2021 average county rent: $1,219
2022 average county rent: $1,313
Year over year rent change: 8%
South Carolina: Sumter
Home value 4/30/2021: $141,750
Home value 1/31/2022: $160,127
Home value 4/30/22: $167,287
Quarter over quarter home value change: 8.72%
Year over year home value change: 18.02%
2021 average county rent: $885
2022 average county rent: $877
Year over year rent change: -1%
South Dakota: Sioux Falls
Home value 4/30/2021: $254,324
Home value 1/31/2022: $287,540
Home value 4/30/22: $300,242
Quarter over quarter home value change: 8.74%
Year over year home value change: 18.05%
2021 average county rent: $963
2022 average county rent: $1,004
Year over year rent change: 4%
Tennessee: Kingsport
Home value 4/30/2021: $149,420
Home value 1/31/2022: $171,475
Home value 4/30/22: $178,115
Quarter over quarter home value change: 9.32%
Year over year home value change: 19.20%
2021 average county rent: $734
2022 average county rent: $741
Year over year rent change: 1%
Texas: Odessa
Home value 4/30/2021: $185,609
Home value 1/31/2022: $194,652
Home value 4/30/22: $196,206
Quarter over quarter home value change: 2.84%
Year over year home value change: 5.71%
2021 average county rent: $1,266
2022 average county rent: $1,267
Year over year rent change: 0%
Utah: Salt Lake City
Home value 4/30/2021: $467,999
Home value 1/31/2022: $564,219
Home value 4/30/22: $602,765
Quarter over quarter home value change: 13.70%
Year over year home value change: 28.80%
2021 average county rent: $1,323
2022 average county rent: $1,454
Year over year rent change: 10%
Vermont: Burlington
Home value 4/30/2021: $345,588
Home value 1/31/2022: $397,513
Home value 4/30/22: $416,002
Quarter over quarter home value change: 9.84%
Year over year home value change: 20.38%
2021 average county rent: $1,643
2022 average county rent: $1,517
Year over year rent change: -8%
Virginia: Harrisburg
Home value 4/30/2021: $249,976
Home value 1/31/2022: $272,615
Home value 4/30/22: $278,673
Quarter over quarter home value change: 5.64%
Year over year home value change: 11.48%
2021 average county rent: $1,028
2022 average county rent: $1,053
Year over year rent change: 2%
Washington: Yakima
Home value 4/30/2021: $280,860
Home value 1/31/2022: $322,722
Home value 4/30/22: $335,163
Quarter over quarter home value change: 9.38%
Year over year home value change: 19.33%
2021 average county rent: $1,124
2022 average county rent: $1,144
Year over year rent change: 2%
West Virginia: Morgantown
Home value 4/30/2021: $186,918
Home value 1/31/2022: $198,008
Home value 4/30/22: $201,255
Quarter over quarter home value change: 3.79%
Year over year home value change: 7.67%
2021 average county rent: $988
2022 average county rent: $1,016
Year over year rent change: 3%
Wisconsin: Janesville
Home value 4/30/2021: $178,611
Home value 1/31/2022: $198,310
Home value 4/30/22: $200,127
Quarter over quarter home value change: 5.97%
Year over year home value change: 12.05%
2021 average county rent: $899
2022 average county rent: $954
Year over year rent change: 6%
Wyoming: Casper
Home value 4/30/2021: $235,866
Home value 1/31/2022: $257,990
Home value 4/30/22: $268,437
Quarter over quarter home value change: 6.71%
Year over year home value change: 13.81%
2021 average county rent: $989
2022 average county rent: $974
Year over year rent change: -1%
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Jami Farkas and Jordan Rosenfeld contributed to the reporting for this article.
Methodology: In order to find the best city in every state to live on a fixed income, GOBankingRates first looked at every city with both Zillow home value data for April 2021, January 2022, and April 2022 available as well as county fair market rent for both 2021 and 2022 sourced from the US Department of Housing and Urban Development's data. With these data points sourced, GOBankingRates then parsed down the list to only include cities that met the following criteria: a size rank according to Zillow of 2,000 or less and an April 2022 home value less than the national average of $344,141.
For these selected cities, GOBankingRates found: (1) the quarter-over-quarter percent change in home value; (2) the year-over-year percent change in home value; and (3) the year-over-year percent change in rent by county. GOBankingRates scored and combined all three factors with the lowest score being best. The city with the lowest score from each state was included in our final rankings. These factors were chosen because changes in home values serve as a proxy for measuring the volatility of a housing market, with large increases posing a threat to those living on fixed incomes.
The chosen cities for Utah, Nevada, and Oregon were determined by a combined score of smallest percentage increases and lowest average home value. For Hawaii, Vermont, and Rhode Island, cities with both HUD and home value data were included. All data was collected on and up to date as of May 17, 2022.
Photo Disclaimer: Please note photos are for representational purposes only and may not represent the exact location.
This article originally appeared on GOBankingRates.com: The Best Place in Every State To Live on a Fixed Income
