While Social Security is a “safety net” for some retirees who have extra funds, for others it is all the income they have to live on. However, depending on where you live, this may not go very far.
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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 does have some options. Turns out the Sunshine State is a decent place to survive on only a social security check for some people, especially those five towns.
To determine where you can live on your Social Security checks in Florida, GOBankingRates determined the average monthly benefit for retired workers, sourced from the Social Security Administration, and the average 2022 rent for a one-bedroom apartment. in Florida, from the US Department of Housing and Urban Development.
GOBankingRates then searched Sperling’s Best to find the cost of living index for each city listed, looking at the index scores for groceries and healthcare. GOBankingRates also used data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey to find the amount of annual spending on groceries (“food at home”) and healthcare costs for people aged 65. years and older, adding up these costs. Habitability scores come from AreaVibes.
here are the five best places in florida to live with just a social security check.
5. Villages
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Rent 2022 1 bedroom: $756.00
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Monthly expenses: $1,593.23
In 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, health expenses are only $416.75 per month and monthly grocery expenses are $420.48 per month.
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4. Ocala
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Rent 2022 1 bedroom: $806.00
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Monthly expenses: $1,615.11
In Ocala, spending is similarly low, with healthcare costs being the lowest on this list at $405.10. Monthly grocery costs are $404.01, both lower than their national averages.
3. Levy County
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Rent 2022 1 bedroom: $575.00
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Monthly expenses: $1,457.88
Not only does Levy County have the cheapest rent on the list, it has a good livability score of 71. Despite having the highest monthly health care cost on this list, 469.81 $, about $38 more than the national average, it also has the second lowest overall monthly expenses on the list.
2. Sources of Homosassa
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Rent 2022 1 bedroom: $717.00
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Monthly expenses: $1,551.80
Homosassa Springs also has a decently high population of people aged 65 and older, at 36%. These people can pay all of their monthly expenses out of their Social Security income and will be happy to find low monthly health care costs of $408.55.
1. Baker County
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Rent 2022 1 bedroom: $617.00
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Monthly expenses: $1,455.21
Baker County ranks first on the list with the lowest overall expenses, but it also has the highest livability score of 79. Although the monthly rent isn’t the cheapest on the list, monthly health care and grocery costs are both lower. the national average.
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GOBankingRates determined where to live in Florida only on Social Security checks based on (1) the average monthly benefit for retired workers, from the Social Security Administration; and (2) FY 2022 Florida Fair Market Rent for a one-bedroom apartment, from the US Department of Housing and Urban Development. GOBankingRates then searched Sperling’s Best to find the cost of living index for each city listed, looking at (3) the index scores for grocery stores and (4) the health care index. GOBankingRates also used data from the Bureau of Labor Statistics 2020 Consumer Expenditure Survey to find the amount of annual expenses for groceries (“food at home”) and healthcare costs for people aged 65 years and older to determine how much a person aged 65 and older would spend on groceries and health care in each city on a monthly basis. GOBankingRates then added monthly housing, grocery, and health care costs. For a city to qualify for the study, its (5) population had to be 10% or more over the age of 65, according to the US Census Bureau; and (6) have a livability score of 65 or higher, from AreaVibes. All data was collected and updated on August 8, 2022.
This article originally appeared on GOBankingRates.com: 5 Places in Florida You Can Only Live on Social Security
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