Think low rent.
At least if you want to keep more of your Social Security check for things like food and entertainment. Personal finance site GoBankingRates released an analysis on Thursday of cities where the average Social Security check (roughly $1,350 a month) would easily cover the median rent in the town (see the full list of 25 cities, all with rents under $1,000 a month, below).
To create this list, GoBankingRates analyzed the median rents from January 2019 through May 2019 for single-family residences in the 300 largest cities in terms of population in the U.S. MarketWatch highlights four compelling cities on this list that you may want to consider.
For the foodie: Memphis, Tennessee
This charming southern town has far more to offer than just Graceland (though Elvis’s former home is spectacular) — including top-notch food and entertainment. Food & Wine magazine recently wrote of Memphis: “From the indie music scene to the makers and artisans, the craft brewing community and the food culture here will render obsolete whatever you thought you knew about the place.” And Southern Living magazine praises its food scene too, noting that it offers “ribs so good they don’t need any sauce.” Rents are just about $893.
For those looking for a college town: South Bend, Indiana
This college town — the prestigious University of Notre Dame is minutes away — and home to presidential hopeful Mayor Pete Buttigieg is the fourth-largest city in Indiana (the area has more than 300,000 residents) and offers plenty for retirees to see and do. There are two major performing arts centers — the Morris Performing Arts Center and Notre Dame’s DeBartolo Performing Arts Center — and you can drive to the shores of Lake Michigan in about an hour. Even better: Rents are only about $768, so you’ll have a chunk of change left over to enjoy traveling and more.
For the history buff: Springfield, Illinois
The capital of Illinois is ideal for history buffs, as it was once the home to Abraham Lincoln and now offers a plethora of related attractions and activities. These include the Abraham Lincoln Presidential Museum and the History Comes Alive festival in the summer, which lets you step “back in time to the Springfield that Abraham Lincoln knew before he became president.” You can also explore Route 66 and the Frank Lloyd Wright-designed Dana-Thomas House. Rents are roughly $870 a month.
For the outdoorsy retiree: Columbus, Georgia
This riverfront town — it’s on the Chattahoochee River bordering Alabama — offers lots for an outdoorsy retiree to do, including the largest urban whitewater course in the world. Birding, biking and kayaking are also big here. Plus, along the waterfront, you’ll find shops, restaurants, entertainment like free concerts, and a farmers and makers market. Rents are about $840 a month.
25 cities where your Security Security check will easily cover rent
25. Augusta, GA: 2019 median rent prices of $923.00
24. Mobile, AL: $914.70
23. Memphis, TN: $893.50
22. Jackson, MS: $892.50
21. Cleveland, OH: $888.80
20. Montgomery, AL: $883.00
19. Rockford, IL: $880.00
18. Springfield, IL: $870.00
17. Birmingham, AL: $863.80
16. Topeka, KS: $842.00
15. Wichita, KS: $842.00
14. Columbus, GA: $840.00
13. Lansing, MI: $823.80
12. Detroit, MI: $810.00
11. Macon, GA: $800.00
10. Toledo, OH: $795.00
9. Akron, OH: $779.00
8. South Bend, IN: $768.90
7. Dayton, OH: $760.00
6. Evansville, IN: $755.80
5. Shreveport, LA: $753.00
4. Fort Wayne, IN: $745.00
3. Canton, OH: $709.00
2. Saginaw, MI: $700.00
1. Flint, MI: $673.00
Source: GoBankingRates
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