Yahoo Finance 23 Cities With Housing That Will No Longer Be Affordable on Just Social Security
Planning to pay for housing during retirement with your Social Security check? Where you live might be out of your budget if you’re counting solely on these benefits for the full duration of your retirement years.
To find out which U.S. housing areas will no longer be affordable with just Social Security, GOBankingRates checked the January 2024 average home values for metro U.S. areas via Zillow and calculated the average mortgage, using the 30-year national average fixed rate mortgage, sourced from the Federal Reserve Economic Data. Zillow was also referred to for the forecasted home value for one year in January 2025. Mortgage calculations were included, along with average income received from Social Security benefits.
Ranked in descending order, find out which 23 cities will have the least affordable housing with just a Social Security check.
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Lewiston, Idaho
Average home value (Jan. 2024): $337,621
Average home value (Jan 2025): $353,827
YOY home value change: 4.80%
Average mortgage (Jan. 2024): $1,779
Average mortgage (Jan. 2025): $1,864
January 2024 amount left of average Social Security benefits: $81.37
January 2025 amount left of average Social Security benefits: -$4.01
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Deltona, Florida
Average home value (Jan. 2024): $336,736
Average home value (Jan 2025): $353,091
YOY home value change: 5.10%
Average mortgage (Jan. 2024): $1,774
Average mortgage (Jan. 2025): $1,865
January 2024 amount left of average Social Security benefits: $86.03
January 2025 amount left of average Social Security benefits: -$4.45
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Blackfoot, Idaho
Average home value (Jan. 2024): $332,309
Average home value (Jan 2025): $353,242
YOY home value change: 6.60%
Average mortgage (Jan. 2024): $1,751
Average mortgage (Jan. 2025): $1,866
January 2024 amount left of average Social Security benefits: $109.36
January 2025 amount left of average Social Security benefits: -$6.20
Daphne, Alabama
Average home value (Jan. 2024): $336,265
Average home value (Jan 2025): $354,695
YOY home value change: 5.40%
Average mortgage (Jan. 2024): $1,772
Average mortgage (Jan. 2025): $1,867
January 2024 amount left of average Social Security benefits: $88.52
January 2025 amount left of average Social Security benefits: -$7.16
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Ontario, Oregon
Average home value (Jan. 2024): $330,256
Average home value (Jan 2025): $354,695
YOY home value change: 7.40%
Average mortgage (Jan. 2024): $1,740
Average mortgage (Jan. 2025): $1,869
January 2024 amount left of average Social Security benefits: $120.17
January 2025 amount left of average Social Security benefits: -$8.59
Dover, Delaware
Average home value (Jan. 2024): $337,874
Average home value (Jan 2025): $354,768
YOY home value change: 5.00%
Average mortgage (Jan. 2024): $1,780
Average mortgage (Jan. 2025): $1,869
January 2024 amount left of average Social Security benefits: $80.04
January 2025 amount left of average Social Security benefits: -$8.97
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Rapid City, South Dakota
Average home value (Jan. 2024): $336,365
Average home value (Jan 2025): $354,865
YOY home value change: 5.50%
Average mortgage (Jan. 2024): $1,772
Average mortgage (Jan. 2025): $1,870
January 2024 amount left of average Social Security benefits: $87.99
January 2025 amount left of average Social Security benefits: -$9.48
Knoxville, Tennessee
Average home value (Jan. 2024): $327.779
Average home value (Jan 2025): $354,985
YOY home value change: 8.30%
Average mortgage (Jan. 2024): $1,727
Average mortgage (Jan. 2025): $1,870
January 2024 amount left of average Social Security benefits: $133.23
January 2025 amount left of average Social Security benefits: -$10.12
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Keene, New Hampshire
Average home value (Jan. 2024): $334,429
Average home value (Jan 2025): $356,836
YOY home value change: 6.70%
Average mortgage (Jan. 2024): $1,762
Average mortgage (Jan. 2025): $1,880
January 2024 amount left of average Social Security benefits: $98.19
January 2025 amount left of average Social Security benefits: -$19.87
Mountain Home, Idaho
Average home value (Jan. 2024): $328,580
Average home value (Jan 2025): $357,167
YOY home value change: 8.70%
Average mortgage (Jan. 2024): $1,731
Average mortgage (Jan. 2025): $1,882
January 2024 amount left of average Social Security benefits: $129.01
January 2025 amount left of average Social Security benefits: -$21.61
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Crescent City, California
Average home value (Jan. 2024): $348,749
Average home value (Jan 2025): $357,859
YOY home value change: 2.60%
Average mortgage (Jan. 2024): $1,837
Average mortgage (Jan. 2025): $1,885
January 2024 amount left of average Social Security benefits: $22.74
January 2025 amount left of average Social Security benefits: -$25.03
Bakersfield, California
Average home value (Jan. 2024): $340,170
Average home value (Jan 2025): $357,859
YOY home value change: 5.20%
Average mortgage (Jan. 2024): $1,792
Average mortgage (Jan. 2025): $1,885
January 2024 amount left of average Social Security benefits: $67.94
January 2025 amount left of average Social Security benefits: -$25.26
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Athens, Georgia
Average home value (Jan. 2024): $335,673
Average home value (Jan 2025): $359,170
YOY home value change: 7.00%
Average mortgage (Jan. 2024): $1,769
Average mortgage (Jan. 2025): $1,892
January 2024 amount left of average Social Security benefits: $91.64
January 2025 amount left of average Social Security benefits: -$32.17
Laramie, Wyoming
Average home value (Jan. 2024): $348,637
Average home value (Jan 2025): $359,794
YOY home value change: 3.20%
Average mortgage (Jan. 2024): $1,837
Average mortgage (Jan. 2025): $1,896
January 2024 amount left of average Social Security benefits: $23.33
January 2025 amount left of average Social Security benefits: -$35.45
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Winchester, Virginia
Average home value (Jan. 2024): $347,034
Average home value (Jan 2025): $360,221
YOY home value change: 3.80%
Average mortgage (Jan. 2024): $1,828
Average mortgage (Jan. 2025): $1,898
January 2024 amount left of average Social Security benefits: $31.78
January 2025 amount left of average Social Security benefits: -$37.70
Fallon, Nevada
Average home value (Jan. 2024): $348,996
Average home value (Jan 2025): $362,606
YOY home value change: 3.90%
Average mortgage (Jan. 2024): $1,839
Average mortgage (Jan. 2025): $1,911
January 2024 amount left of average Social Security benefits: $21.44
January 2025 amount left of average Social Security benefits: -$50.27
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Pittsfield, Massachusetts
Average home value (Jan. 2024): $343,819
Average home value (Jan 2025): $363,073
YOY home value change: 5.60%
Average mortgage (Jan. 2024): $1,812
Average mortgage (Jan. 2025): $1,913
January 2024 amount left of average Social Security benefits: $48.72
January 2025 amount left of average Social Security benefits: -$52.73
Philadelphia
Average home value (Jan. 2024): $350,083
Average home value (Jan 2025): $365,137
YOY home value change: 4.30%
Average mortgage (Jan. 2024): $1,845
Average mortgage (Jan. 2025): $1,924
January 2024 amount left of average Social Security benefits: $15.71
January 2025 amount left of average Social Security benefits: -$63.60
Richmond, Virginia
Average home value (Jan. 2024): $351,266
Average home value (Jan 2025): $366,370
YOY home value change: 4.30%
Average mortgage (Jan. 2024): $1,851
Average mortgage (Jan. 2025): $1,930
January 2024 amount left of average Social Security benefits: $9.48
January 2025 amount left of average Social Security benefits: -$70.10
Moses Lake, Washington
Average home value (Jan. 2024): $345,662
Average home value (Jan 2025): $366,747
YOY home value change: 6.10%
Average mortgage (Jan. 2024): $1,821
Average mortgage (Jan. 2025): $1,932
January 2024 amount left of average Social Security benefits: $39.01
January 2025 amount left of average Social Security benefits: -$72.09
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Whitewater, Wisconsin
Average home value (Jan. 2024): $352,631
Average home value (Jan 2025): $367,793
YOY home value change: 4.30%
Average mortgage (Jan. 2024): $1,858
Average mortgage (Jan. 2025): $1,938
January 2024 amount left of average Social Security benefits: $2.29
January 2025 amount left of average Social Security benefits: -$77.60
Tucson, Arizona
Average home value (Jan. 2024): $351,244
Average home value (Jan 2025): $368,103
YOY home value change: 4.80%
Average mortgage (Jan. 2024): $1,851
Average mortgage (Jan. 2025): $1,939
January 2024 amount left of average Social Security benefits: $9.60
January 2025 amount left of average Social Security benefits: -$79.23
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Twin Falls, Idaho
Average home value (Jan. 2024): $347,989
Average home value (Jan 2025): $372,696
YOY home value change: 7.10%
Average mortgage (Jan. 2024): $1,833
Average mortgage (Jan. 2025): $1,964
January 2024 amount left of average Social Security benefits: $26.74
January 2025 amount left of average Social Security benefits: -$103.43
Methodology: For this study, GOBankingRates studied metro areas from across the United States to find the housing areas that will no longer be affordable with just a Social Security check. First, GOBankingRates checked the average home values for metro areas across the country for January 2024, as sourced from Zillow Home Value Index, and using the 30-year national average fixed rate mortgage, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated, assuming a 20% down payment. Next, GOBankingRates found the forecasted home value for one year in January 2025 as sourced from Zillow Home Value Forecast and calculated the mortgage for that home value, as well. The average income received from Social Security benefits was sourced from the Social Security Administration for 2023. To qualify for this study, the average mortgage for the metro area had to fall within the average income from Social Security benefits in 2024 but be above the average income received from Social Security benefits in January 2025. The percentage changed was also included as supplemental information. The dollar amount above Social Security benefits in 2024 and the dollar amount below Social Security benefits in 2025 were also included as supplemental information. The remaining metro areas are sorted to show the most to least out of budget locations. All data was collected and is up to date as of Feb. 29, 2024.
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This article originally appeared on GOBankingRates.com: 23 Cities With Housing That Will No Longer Be Affordable on Just Social Security
