While for some retirees who have additional funds, Social Security is a “safety net,” for others it is all the income they have to live on. However, depending on where you live, this may not go very far.
In many parts of the country, the average monthly Social Security benefit (as of May 2022) of $1,621 just isn’t enough — but Florida provides some options. The Sunshine State turns out to be a decent place for some people, especially these five towns, to survive on just a Social Security check.
To figure out where you can live based on your Social Security checks in Florida, GOBankingRates determined the average monthly pension benefit, sourced from the Social Security Administration, and the average rent in 2022 for a one-bedroom apartment in Florida, sourced from the Department of Housing and Urban Development in USA.
GOBankingRates then examined Sperling’s Best to find a cost of living index for each city listed, looking at food and health care index scores. GOBankingRates also used data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey to find the amount of annual spending on food (“food at home”) and health care costs for people age 65 and older, adding those costs together. Viability scores were obtained from AreaVibes.
5. Village
2022 1 bedroom rental: $756.00
Monthly expenses: $1,593.23
At The Villages – an adult retirement community and census-designated place in Central Florida – 84% of the population is 65 and older. Fortunately for them, the expenses are very affordable. Here the health care cost is only $416.75 per month and the monthly food cost is $420.48 per month.
4. Ocala
2022 1 bedroom rental: $806.00
Monthly expenses: $1,615.11
In Ocala, spending is similarly low, with health care costs the lowest on this list at $405.10. Monthly grocery costs are $404.01, both lower than their national average.
3. Left region
2022 1 bedroom rental: $575.00
Monthly expenses: $1,457.88
Not only does Levy County have the cheapest rent on the list, but it boasts a good livability score of 71. While it has the highest monthly health care costs on the list at $469.81, which is $38 more than the national average, it also has the second the lowest total monthly expenses on the list.
2. Homosassa Springs
2022 1 bedroom rental: $717.00
Monthly expenses: $1,551.80
Homosassa Springs also has a decently high population of people aged 65 and over, at 36%. These people can afford all of their monthly expenses on their Social Security income and are happy to find a low monthly health care cost of $408.55.
1. Baker County
2022 1 bedroom rental: $617.00
Monthly expenses: $1,455.21
Baker County tops the list by having the lowest overall expenses, but also has the highest livability score of 79. While monthly rent is not the cheapest on the list, monthly health care costs and monthly grocery costs are lower. national average.
More from GOBankRates
GOBankingRates determined where to live in Florida based only on Social Security checks based on (1) the average monthly benefit for retired workers, sourced from the Social Security Administration; and (2) FY 2022 Florida Fair Market Rent for a one-bedroom apartment as derived from the US Department of Housing and Urban Development. GOBankingRates then examined Sperling’s Best to find the cost of living index for each city listed, looking at (3) food and (4) health care index scores. In addition, GOBankingRates used data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey to determine the amount of annual spending on food (“food at home”) and health care costs for people age 65 and older to determine how much a 65-year-old and more years. monthly spend on food and health care in each city. GOBankRates then added the monthly costs of housing, groceries and healthcare together. To qualify for the study, a city had to have (5) 10% or more of its residents over the age of 65, according to the US Census Bureau; and (6) have a Viability Score of 65 or higher, derived from AreaVibes. All data collected and current as of August 8, 2022.