Yahoo Finance How Much the Average Person Spends Monthly in 25 Top Retirement Hubs
When you decide to retire, it’s unlikely you’ll be able to live on your monthly Social Security benefits alone.
But as you look at the various retirement hubs across the country, it’s important to know just how much your expenses will run each month before you commit to a place to live.
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GOBankingRates reviewed retirement locations and scored them on a variety of factors, including the percentage of the population aged 65 and older, the cost of living and the average monthly mortgage costs. The average monthly Social Security benefit for one retiree 65 and older of about $1,866 per month was subtracted from the total costs to calculate how much more money you will need beyond the monthly benefits.
Read on to compare what the average person spends monthly in these retirement hubs and learn which places fit your budget.
Tavares, Florida
Percentage of population age 65-plus: 37.7%
Mortgage average cost: $1,957
Monthly total cost of living: $3,844
Monthly total cost of living after Social Security benefits: $1,978
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Pinehurst, North Carolina
Percentage of population age 65-plus: 40.2%
Mortgage average cost: $3,117
Monthly total cost of living: $4,904
Monthly total cost of living after Social Security benefits: $3,038
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Payson, Arizona
Percentage of population age 65-plus: 37.7%
Mortgage average cost: $2,711
Monthly total cost of living: $4,504
Monthly total cost of living after Social Security benefits: $2,638
North Myrtle Beach, South Carolina
Percentage of population age 65-plus: 38.6%
Mortgage average cost: $2,931
Monthly total cost of living: $4,710
Monthly total cost of living after Social Security benefits: $2,843
Hudson, Florida
Percentage of population age 65-plus: 45.5%
Mortgage average cost: $1,953
Monthly total cost of living: $3,902
Monthly total cost of living after Social Security benefits: $2,035
Rockport, Texas
Percentage of population age 65-plus: 32.2%
Mortgage average cost: $2,058
Monthly total cost of living: $3,828
Monthly total cost of living after Social Security benefits: $1,961
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Murrells Inlet, South Carolina
Percentage of population age 65-plus: 37.2%
Mortgage average cost: $2,569
Monthly total cost of living: $4,318
Monthly total cost of living after Social Security benefits: $2,451
Pahrump, Nevada
Percentage of population age 65-plus: 31.9%
Mortgage average cost: $2,039
Monthly total cost of living: $3,783
Monthly total cost of living after Social Security benefits: $1,916
Port Townsend, Washington
Percentage of population age 65-plus: 40.5%
Mortgage average cost: $3,839
Monthly total cost of living: $5,486
Monthly total cost of living after Social Security benefits: $3,620
Port Charlotte, Florida
Percentage of population age 65-plus: 32.5%
Mortgage average cost: $1,956
Monthly total cost of living: $3,697
Monthly total cost of living after Social Security benefits: $1,830
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Bella Vista, Arkansas
Percentage of population age 65-plus: 32.2%
Mortgage average cost: $1,969
Monthly total cost of living: $3,703
Monthly total cost of living after Social Security benefits: $1,837
Wildwood, Florida
Percentage of population age 65-plus: 37.5%
Mortgage average cost: $1,940
Monthly total cost of living: $3,732
Monthly total cost of living after Social Security benefits: $1,866
Gold Canyon, Arizona
Percentage of population age 65-plus: 54.9%
Mortgage average cost: $3,018
Monthly total cost of living: $4,883
Monthly total cost of living after Social Security benefits: $3,017
Mesquite, Nevada
Percentage of population age 65-plus: 44.8%
Mortgage average cost: $2,394
Monthly total cost of living: $4,201
Monthly total cost of living after Social Security benefits: $2,335
Lady Lake, Florida
Percentage of population age 65-plus: 50.9%
Mortgage average cost: $1,985
Monthly total cost of living: $3,868
Monthly total cost of living after Social Security benefits: $2,002
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Venice, Florida
Percentage of population age 65-plus: 61.2%
Mortgage average cost: $2,906
Monthly total cost of living: $4,785
Monthly total cost of living after Social Security benefits: $2,918
Punta Gorda, Florida
Percentage of population age 65-plus: 52.5%
Mortgage average cost: $2,587
Monthly total cost of living: $4,367
Monthly total cost of living after Social Security benefits: $2,501
Englewood, Florida
Percentage of population age 65-plus: 58.2%
Mortgage average cost: $2,373
Monthly total cost of living: $4,237
Monthly total cost of living after Social Security benefits: $2,371
Sun City Center, Florida
Percentage of population age 65-plus: 66.9%
Mortgage average cost: $2,091
Monthly total cost of living: $4,028
Monthly total cost of living after Social Security benefits: $2,162
Pictured: Tampa, Florida
Laguna Woods, California
Percentage of population age 65-plus: 82.6%
Mortgage average cost: $2,823
Monthly total cost of living: $4,738
Monthly total cost of living after Social Security benefits: $2,872
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Hot Springs Village, Arkansas
Percentage of population age 65-plus: 61.0%
Mortgage average cost: $1,789
Monthly total cost of living: $3,562
Monthly total cost of living after Social Security benefits: $1,696
Sun City, Arizona
Percentage of population age 65-plus: 75.4%
Mortgage average cost: $1,982
Monthly total cost of living: $3,851
Monthly total cost of living after Social Security benefits: $1,985
Sun City West, Arizona
Percentage of population age 65-plus: 86.4%
Mortgage average cost: $2,416
Monthly total cost of living: $4,282
Monthly total cost of living after Social Security benefits: $2,415
The Villages, Florida
Percentage of population age 65-plus: 85.9%
Mortgage average cost: $2,459
Monthly total cost of living: $4,275
Monthly total cost of living after Social Security benefits: $2,409
Green Valley, Arizona
Percentage of population age 65-plus: 80.5%
Mortgage average cost: $1,943
Monthly total cost of living: $3,668
Monthly total cost of living after Social Security benefits: $1,801
Methodology: For this study, GOBankingRates analyzed top retirement hubs from across the United States by finding the highest percentage of people aged 65 and higher, as well as the highest population. For each city, the cost of living was calculated by using the cost-of-living indexes as sourced from Sperling’s BestPlaces and by using the national average expenditure cost for retired residents, the average expenditure cost for each city was calculated. The average home value from April 2024 was sourced from the Zillow Home Value Index, and by 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 average mortgage and average expenditure cost, the total cost of living was calculated. Using the average Social Security benefits, as sourced from the Social Security Administration, the total monthly cost of living after Social Security benefits was calculated. The population percentage aged 65 and over was scored, the expenditure cost was scored, and the mortgage cost was scored — with all the scores being summed and sorted to show the average cost of living in top retirement spots. All data was collected on and is up to date as of June 7, 2024.
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This article originally appeared on GOBankingRates.com: How Much the Average Person Spends Monthly in 25 Top Retirement Hubs
