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25 cities where your Social Security check will cover the rent

GOBankingRates Logo By Cynthia Measom of GOBankingRates | Slide 1 of 26: Although having a million-dollar nest egg waiting for you when you retire would be ideal, that’s not the reality for a majority of Americans. In fact, many retirees depend greatly on their Social Security income every month — and rent usually takes out a huge chunk of that.
The average Social Security check comes out to $1,349.25, whereas the average rent in the country costs almost $300 more at $1,622 per month. That’s why seeking out the most affordable places to live should be part of your retirement strategy. Instead of rent devouring your check each month, you could actually have some money left over.
To help retirees — and soon-to-be retirees — determine 25 cities where the average Social Security benefit will cover rent, GOBankingRates analyzed median rent costs in 300 of the largest U.S. cities. These are the best places to retire in the U.S. when you’re on a budget.

25 cities where your Social Security check will cover the rent

Although having a million-dollar nest egg waiting for you when you retire would be ideal, that’s not the reality for a majority of Americans. In fact, many retirees depend greatly on their Social Security income every month — and rent usually takes out a huge chunk of that.

The average Social Security check comes out to $1,349.25, whereas the average rent in the country costs almost $300 more at $1,622 per month. That’s why seeking out the most affordable places to live should be part of your retirement strategy. Instead of rent devouring your check each month, you could actually have some money left over.

To help retirees — and soon-to-be retirees — determine 25 cities where the average Social Security benefit will cover rent, GOBankingRates analyzed median rent costs in 300 of the largest U.S. cities. These are the best places to retire in the U.S. when you’re on a budget.

© Halfpoint / Getty Images/iStockphoto

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