Don’t Buy a House in These 10 Cities Until You Start Collecting Social Security
Relying heavily on Social Security to pay the bills in retirement is never a great strategy, but many Americans have no other choice because of insufficient personal savings. This puts additional pressure on seniors to find affordable cities to spend their golden years. Even in these cities, it’s a challenge trying to get by solely on Social Security.
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The average retirement benefit was $1,864.52 a month as of March 2024, according to the Social Security Administration. The maximum benefit is $4,873 a month, but a very small percentage of retirees get that.
Social Security benefits are designed to complement your personal retirement savings — which works great if you have enough money saved up. But many Americans don’t. A recent GOBankingRates survey of more than 1,000 U.S. adults found that 28% of respondents have no savings, 39% aren’t contributing to a retirement fund and another 30% don’t think they’ll ever be able to retire.
The median U.S. retirement savings by age 65 is $134,000, according to Federal Reserve data cited by Synchrony Bank. That’s well below most expert recommendations, which often begin at around $500,000 and can reach $1 million or more.
If you have little or no retirement savings, here are 10 cities to consider moving once you start collecting Social Security. Rankings are based on a GOBankingRates analysis of how many seniors live there, the typical home value and annual costs for certain necessities.
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10. Punta Gorda, Florida
Percentage of population 65 and older: 50.4%
Average 2023 home value: $432,973
Annual grocery costs: $4,861.26
Annual healthcare costs: $6,727.71
Annual utilities cost: $3,811.21
9. Fredericksburg, Texas
Percentage of population 65 and older: 31.7%
Average 2023 home value: $538,817
Annual grocery costs: $4,303.63
Annual healthcare costs: $7,191.69
Annual utilities cost: $3,987.66
8. North Myrtle Beach, South Carolina
Percentage of population 65 and older: 37.6%
Average 2023 home value: $493,070
Annual grocery costs: $4,550.96
Annual healthcare costs: $6,889.40
Annual utilities cost: $3,795.53
7. Green Valley, Arizona
Percentage of population 65 and older: 80%
Average 2023 home value: $315,908
Annual grocery costs: $4,317.12
Annual healthcare costs: $6,003.62
Annual utilities cost: $4,011.18
6. Pinehurst, North Carolina
Percentage of population 65 and older: 39.5%
Average 2023 home value: $499,175
Annual grocery costs: $4,537.47
Annual healthcare costs: $7,564.28
Annual utilities cost: $3,811.21
5. Bella Vista, Arkansas
Percentage of population 65 and older: 31.7%
Average 2023 home value: $322,770
Annual grocery costs: $4,384.58
Annual healthcare costs: $6,460.57
Annual utilities cost: $3,713.19
4. The Villages, Florida
Percentage of population 65 and older: 85.7%
Average 2023 home value: $418,926
Annual grocery costs: $4,591.44
Annual healthcare costs: $6,882.37
Annual utilities cost: $4,124.89
3. Hot Springs Village, Arkansas
Percentage of population 65 and older: 63.3%
Average 2023 home value: $289,418
Annual grocery costs: $4,407.06
Annual healthcare costs: $6,748.80
Annual utilities cost: $3,744.56
2. Mountain Home, Arkansas
Percentage of population 65 and older: 28.3%
Average 2023 home value: $199,388
Annual grocery costs: $4,276.65
Annual healthcare costs: $6,481.66
Annual utilities cost: $3,791.61
1. Foley, Alabama
Percentage of population 65 and older: 30.7%
Average 2023 home value: $296,232
Annual grocery costs: $4,326.11
Annual healthcare costs: $8,119.65
Annual utilities cost: $3,858.26
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This article originally appeared on GOBankingRates.com: Don’t Buy a House in These 10 Cities Until You Start Collecting Social Security
