9 Coastal Cities Where Retirees Are Living on Social Security Alone
If you were to rank the ultimate American dream, retiring at the beach would probably land near the top. Unless you have a large nest egg saved up, however, attaining it can be a challenge. That’s especially true for seniors who depend on Social Security alone in retirement.
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The average Social Security retirement check was only $1,869.77 a month as of June 2024, according to the Social Security Administration. That’s barely enough to pay the rent in many U.S. cities, let alone other bills. Even the maximum benefit you can get – $4,873 a month in 2024 – won’t go that far in the priciest markets.
Even so, a lot of people do rely solely on Social Security in retirement. As previously reported by GOBankingRates, roughly one-fifth of Americans plan on using their Social Security income to fund their whole retirement.
If you want to retire on the coast but will depend solely on Social Security income, you’ll need to widen your search to include places that don’t break the budget. Here’s a look at nine coastal cities where retirees can live on Social Security alone, depending on the size of their monthly payments.
Biloxi, MS
Biloxi offers “picturesque sandy beaches and delectable seafood,” according to Insider Monkey. It’s also very affordable, with average monthly rents of less than $1,100 a month and a median home price of just under $213,000.
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Calabash, NC
Calabash is best known for its seafood restaurants and close proximity to the tourist mecca of Myrtle Beach, South Carolina. Calabash is much more affordable than Myrtle Beach, however, and offers seniors ready access to medical facilities, major highways and airports. The median list price for a home in this quaint fishing village is $367,100, according to Realtor.com. That’s well below the national median of $439,950 as of July 2024, according to the Federal Reserve Bank of St. Louis.
Coos Bay, OR
If you prefer to retire on the West Coast, Coos Bay is one of the more affordable options. Located where the Coos River enters Coos Bay on the Pacific Ocean, Coos Bay offers a small-town atmosphere and plenty of outdoor activities. The median list price for a home is $395,000, and the average rent for a one-bedroom apartment is about $750. One-quarter of residents here are 65 and older.
Corpus Christi, TX
Located on the Gulf Coast, Corpus Cristi offers affordable homes and living costs as well as access to beaches, fishing and big city amenities without being too crowded. Average expenditures on items like healthcare, groceries, utilities and transportation come to about $1,775 a month, and the typical mortgage is just shy of $1,334 a month.
Crystal River, FL
Crystal River is known as the “Manatee Capital of the World” because it’s home to the country’s only national wildlife refuge that specifically caters to the endangered animal. You’ll find plenty of parks and wildlife here, along with easy access to golf courses — all within about an hour’s drive of larger cities like Orlando and Tampa. The median list price for a home in Crystal River is $369,900
Daytona Beach, FL
This is one of the more affordable coastal communities in the Sunshine State. Located just south of Jacksonville, you can expect to spend about $1,740 a month on expenses outside of your rent or mortgage, according to a GOBankingRates analysis. This makes it affordable for seniors whose Social Security checks come in between $3,000 and $4,000 a month.
Lillian, AL
Located on the Gulf Coast in Baldwin County, Lillian is the seventh fastest-growing metro area in the U.S., according to the Baldwin County Economic Development Alliance. You’ll find plenty of kayaking, fishing and boating in Perdido Bay, along with a small-town atmosphere. The median list price for a home is $349,500.
Savannah, GA
Savannah is well known for its history, architecture, culture, cuisine and hip vibe, thanks to a thriving music and arts scene. It’s also reasonably affordable. Average expenditures on essentials such as healthcare, groceries, utilities and transportation come to roughly $1,777 a month, according to the GBR analysis. You can expect to spend about $1,841 a month on your mortgage, though you’ll find cheaper housing if you widen your search to outlying areas.
Sunset Beach, NC
Sunset Beach is another affordable coastal town in the Tar Heel state, which offers a couple of tax advantages for retirees. For one thing, North Carolina does not tax Social Security benefits. For another, all other retirement income is taxed at a modest 4.75%. Sunset Beach is located less than an hour’s drive from Wilmington, a major coastal seaport with numerous cultural and entertainment options. The median list price for a home in Sunset Beach is less than $340,000.
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This article originally appeared on GOBankingRates.com: 9 Coastal Cities Where Retirees Are Living on Social Security Alone
