It’s not surprising to hear many Americans plan to retire in the South. Warmer weather, tons of recreational activities and cheaper housing are just a few of the benefits beckoning retirees. Speaking of benefits, how much of a Southern retirement could a typical Social Security check afford?
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GOBankingRates analyzed data from the U.S. Census American Community Survey, Sperling’s BestPlaces, the Zillow Home Value Index, the Bureau of Labor Statistics Consumer Expenditure Survey and Federal Reserve Economic Data as it pertained to single individuals and married couples.
See how far the average Social Security check stretches in these 15 major Southern cities.
Also see Southwest cities where housing markets will be good for buyers in the next five years.
Houston
- Population: 2,296,253
- Annual cost of living: $40,855
- % of households receiving Social Security: 20.7%
- Average Social Security benefit: $20,388
- Cost of living for single person after Social Security: $18,402
- Cost of living for married couple after Social Security: $7,477
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San Antonio, Texas
- Population: 1,445,662
- Annual cost of living: $38,514
- % of households receiving Social Security: 25.9%
- Average Social Security benefit: $18,749
- Cost of living for single person after Social Security: $16,061
- Cost of living for married couple after Social Security: $5,136
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Dallas
- Population: 1,300,642
- Annual cost of living: $44,762
- % of households receiving Social Security: 20.0%
- Average Social Security benefit: $20,585
- Cost of living for single person after Social Security: $22,309
- Cost of living for married couple after Social Security: $11,384
Austin, Texas
- Population: 958,202
- Annual cost of living: $59,365
- % of households receiving Social Security: 15.4%
- Average Social Security benefit: $22,186
- Cost of living for single person after Social Security: $36,912
- Cost of living for married couple after Social Security: $25,987
Be Aware: Here’s the Cost of Living in Every State
Jacksonville, Florida
- Population: 950,203
- Annual cost of living: $42,954
- % of households receiving Social Security: 26.6%
- Average Social Security benefit: $21,256
- Cost of living for single person after Social Security: $20,501
- Cost of living for married couple after Social Security: $9,575
Fort Worth, Texas
- Population: 924,663
- Annual cost of living: $43,137
- % of households receiving Social Security: 21.0%
- Average Social Security benefit: $20,868
- Cost of living for single person after Social Security: $20,684
- Cost of living for married couple after Social Security: $9,759
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Charlotte, North Carolina
- Population: 875,045
- Annual cost of living: $48,817
- % of households receiving Social Security: 19.4%
- Average Social Security benefit: $22,658
- Cost of living for single person after Social Security: $26,364
- Cost of living for married couple after Social Security: $15,439
Nashville, Tennessee
- Population: 684,103
- Annual cost of living: $51,895
- % of households receiving Social Security: 22.4%
- Average Social Security benefit: $22,962
- Cost of living for single person after Social Security: $29,442
- Cost of living for married couple after Social Security: $18,516
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Oklahoma City
- Population: 681,088
- Annual cost of living: $35,873
- % of households receiving Social Security: 25.1%
- Average Social Security benefit: $21,763
- Cost of living for single person after Social Security: $13,420
- Cost of living for married couple after Social Security: $2,495
El Paso, Texas
- Population: 677,181
- Annual cost of living: $35,947
- % of households receiving Social Security: 28.0%
- Average Social Security benefit: $17,113
- Cost of living for single person after Social Security: $13,494
- Cost of living for married couple after Social Security: $2,569
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Memphis, Tennessee
- Population: 630,027
- Annual cost of living: $31,243
- % of households receiving Social Security: 28.2%
- Average Social Security benefit: $19,674
- Cost of living for single person after Social Security: $8,790
- Cost of living for married couple after Social Security: ($2,136)
Louisville, Kentucky
- Population: 629,176
- Annual cost of living: $38,124
- % of households receiving Social Security: 31.0%
- Average Social Security benefit: $20,874
- Cost of living for single person after Social Security: $15,671
- Cost of living for married couple after Social Security: $4,746
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Atlanta
- Population: 494,838
- Annual cost of living: $52,837
- % of households receiving Social Security: 20.3%
- Average Social Security benefit: $18,742
- Cost of living for single person after Social Security: $30,384
- Cost of living for married couple after Social Security: $19,459
Raleigh, North Carolina
- Population: 465,517
- Annual cost of living: $51,301
- % of households receiving Social Security: 20.7%
- Average Social Security benefit: $23,333
- Cost of living for single person after Social Security: $28,848
- Cost of living for married couple after Social Security: $17,922
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Miami
- Population: 443,665
- Annual cost of living: $68,259
- % of households receiving Social Security: 26.6%
- Average Social Security benefit: $15,634
- Cost of living for single person after Social Security: $45,806
- Cost of living for married couple after Social Security: $34,881
Methodology: For this study, GOBankingRates analyzed the 100 most populated cities according to the U.S. Census American Community Survey, finding total population, total households, population ages 65 and over, household median income, average retirement income for households that receive retirement income, the average Social Security benefits for households that receive them — all sourced from the American Community Survey. Cost-of-living indexes were sourced from Sperling’s BestPlaces, the livability index was sourced from AreaVibes, and the average single-family home value was sourced from Zillow Home Value Index. Using the cost-of-living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs were calculated. Using the average home value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate, as sourced from Federal Reserve Economic Data, the average mortgage cost was calculated. Using the mortgage and expenditure costs the total cost of living was calculated. Using the average Social Security income, as sourced from the Social Security Administration’s August 2024 monthly snapshot, the average income for one person and a married couple was sourced. Using the average Social Security income and the total cost of living, the total cost of living after Social Security benefits was calculated. The cities were sorted by population, showing how far the average Social Security income goes in the largest major cities. All data was collected on and is up to date as of Sept. 20, 2024.
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This article originally appeared on GOBankingRates.com: How Far the Average Social Security Check Goes in 15 Largest Southern Cities
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