Ten Best States For Living on a Social Security check

Social Security In many cases, it’s the only source of income that retirees have. If you’re a senior who can’t earn any extra income, then moving to a lower-cost state could be a great help. States in the South, Midwest and especially in the South can help retirees stretch out their Social Security check.

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GOBankingRates analyzed a range of data sources to find the 10 best states in which you can live off a Social Security Check. These included the 2020 American Community Survey and Missouri Economic Research and Information Center.

In reverse order, we list the most affordable states. Rents in all states are well below the average national rent of $1,067.80. Perhaps not surprisingly, the bulk of the states on the list are in the South or the Midwest.

10. South Dakota

South Dakota should be considered by retirees as the state has a lower cost of living than the average national rent. Rents for a 1-bedroom apartment are over $300 less expensive.

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9. Missouri

Missouri’s average monthly rent for a 1-bedroom apartment is less than $800, making it an affordable option for retired people. Other expenses are more than 11 percent below the national average.

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8. Alabama

Alabama is one of the Southern states which offers affordable housing for people with limited incomes. This includes seniors who only receive a Social Security payment. Alabama is about 12.5% cheaper than the rest of America.

7. Oklahoma

Oklahoma has a cost-of-living that is more than 14 percent below the national average. Rent may be high in a state that is considered “low cost”, but if you find a good deal, find a roommate, or limit your housing costs, your Social Security check will go a long ways.

6. Kansas

Kansas has a cost-of-living that is nearly 14 percent below the national average. Rents in Kansas are higher than some of the states listed, but still lower than the national average.

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5. Wyoming

Wyoming is the best option if you’re looking to stay in the West while still living off Social Security. You will pay an average of 8.2% less for your total expenses. This includes a rent that is well below the national average.

4. North Dakota

North Dakota is a good place to move if you want to save on rent. Rents for a one-bedroom apartment are below $700 on average, which is more than 30% less than the national average.

3. Mississippi

Mississippi is the state with the lowest cost of living index on the list. This makes it a great choice for people who want to stretch out their Social Security check.

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2. Arkansas

Arkansas’s combination of low one-bedroom rentals and a low cost of living makes it the second-best place for retirees to stretch their Social Security benefits.

1. Iowa

Iowa has a variety of factors that make it the best state for those who live off a Social Security check. The overall cost of living for Iowa is approximately 11% less than the national standard, and rents for one bedroom apartments are roughly one-third lower.

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Methodology: GOBankingRates determined which states are the best to live with only a Social Security Check based upon (1) the average monthly retirement benefit, $1,628.17 sourced directly from the Social Security Administration, (2) the cost of living for each city sourced directly from the Missouri Economic Research and Information Center’s 2022 quarter 2 Cost-of Living data series, and (3) the 2022 average rent for a 1 bedroom apartment sourced straight from ApartmentList’s September 2022 information. The lowest combined score was given to factors (2) and 3. All data is collected and up-to-date as of Oct. 25 2022.

This article was originally published on GOBankingRates.com: 10 Best States To Live on Just a Social Security Check