Yahoo Finance 10 Best Places in New York State for a Couple To Live Only on Social Security
As most retirees will tell you, Social Security is only designed to supplement personal retirement savings, not fund a complete retirement. But according to the Social Security Administration (SSA), of those aged 65 and older, 37% of men and 42% of women rely on it for at least 50% of their income. This can make it nearly impossible to live in a high-cost area.
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New York has a reputation of being an expensive state, and if you’re looking to live in an area like Manhattan, that’s certainly true. But there are actually plenty of cities in New York that are much more affordable. These are the places you might want to target if you live in New York and want to stretch your paycheck.
To find the 10 best places to live in New York on a Social Security check, GOBankingRates analyzed data on the cost of living and the overall livability in the 100 biggest cities in New York. Data was sourced from a variety of sources, including the U.S. Census American Consumer Study, the Bureau of Labor Statistics Consumer Expenditure Survey, the Social Security Administration, Sperling’s Best Places and the Zillow Observed Rental Index.
The best overall places to live on just a Social Security check, as determined from the data, are listed here in reverse order. All places have total monthly costs well below the $3,687.92 average monthly Social Security benefit for a couple.
10. Albany
Total population: 99,402
Population over age 65 (%): 13.51%
Average rental cost: $1,430.75
Monthly total cost: $3,044.14
As befitting New York’s capital city, Albany has the largest population of any of the 10 best places to live on a Social Security check in the state. Still, overall costs remain relatively affordable, with the average couple being able to easily cover basic monthly expenses on just their Social Security checks.
9. Auburn
Total population: 26,913
Population over age 65 (%): 18.23%
Average rental cost: $1,123.50
Monthly total cost: $2,693.72
Auburn lies about 25 miles west of Syracuse and is rich in culture, history and the arts, boasting the Harriet Tubman National Historical Park, the Seward House Museum and the Auburn Public Theater, among many other offerings. Total monthly costs run nearly $1,000 below the average couple’s Social Security income.
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8. Utica
Total population: 64,723
Population over age 65 (%): 15.01%
Average rental cost: $1,270.46
Monthly total cost: $2,837.48
Utica is well known as a home for immigrants and currently boasts over 40 nationalities. It’s also famed for its local cuisine, from Utica Greens and Pusties to Chicken Riggies and Utica Pizza, with the sauce on top. The state’s 10th-most populous city has a great livability score of 78 and low overall costs.
7. Schenectady
Total population: 66,809
Population over age 65 (%): 14.22%
Average rental cost: $1,292.92
Monthly total cost: $2,882.33
Schenectady is famed for being the city where George Westinghouse invented the rotary engine and where Thomas Edison founded what eventually became the General Electric Company. Current retirees, however, are more likely to enjoy the city’s high livability score of 78 and its low cost of living. The average retired couple could keep $800 of their monthly Social Security checks in their pockets after covering basic expenses.
6. Rotterdam
Total population: 22,584
Population over age 65 (%): 18.00%
Average rental cost: $1,703.00
Monthly total cost: $3,317.99
Rotterdam residents enjoy a high average income of $71,789, but costs in the city still remain affordable enough for those getting by on just a Social Security check. While it’s the priciest city in the top 10, the average retired couple drawing $3,687.92 in Social Security could still cover monthly basic costs in Rotterdam and have a few hundred dollars left to spare.
5. Lockport
Total population: 20,876
Population over age 65 (%): 16.44%
Average rental cost: $917.59
Monthly total cost: $2,511.80
As the name might suggest, Lockport is the home of the famed Erie Canal. It’s also the most affordable city in the top 10, with monthly total costs more than $1,100 below the average couple’s Social Security income. The city’s good livability score of 76 and its relatively high percentage of residents over age 65 help make it one of the best places to live in New York for retirees.
4. Cheektowaga
Total population: 76,497
Population over age 65 (%): 20.20%
Average rental cost: $1,568.00
Monthly total cost: $3,141.42
Cheektowaga gets its name from the Erie-Seneca Indian word for “place of the crabapple tree.” The Buffalo suburb sports a great nightlife and a high livability score of 84, and it is popular with both young professionals and retirees.
3. Brighton
Total population: 36,986
Population over age 65 (%): 20.71%
Average rental cost: $1,671.00
Monthly total cost: $3,297.18
Brighton has the highest percentage of population over age 65 in the top 10, making it a comfortable place for seniors to retire. The suburb of Rochester has been heralded as one of the best places to live in New York, due in part to its high livability score of 81.
2. Tonawanda
Total population: 15,132
Population over age 65 (%): 18.75%
Average rental cost: $1,266.46
Monthly total cost: $2,860.66
Tonawanda, along with its sister city, North Tonawanda, has the highest livability score of any of the top 10 cities, and among the highest in the entire state. A very high percentage of this suburb of Buffalo is also over age 65.
1. North Tonawanda
Total population: 30,592
Population over age 65 (%): 18.69%
Average rental cost: $1,143.56
Monthly total cost: $2,748.96
North Tonawanda sports a high livability score of 85, the same as Tonawanda, but it beats its sister city in terms of affordability. The average couple living off Social Security could cover their monthly costs and still have about $900 left over, pushing North Tonawanda to the top spot in our study.
Methodology: In order to find the best places in New York for a couple to live on only Social Security Benefits, GOBankingRates analyzed the top 100 cities in New York in terms of population as sourced from US Census American Consumer Survey. For each city a number of factors was found including; total population and population of people aged 65 and over as sourced from the American Consumer Survey, cost of living across grocery, healthcare, utilities, and transportation as sourced from Sperlings BestPlaces and multiplied them by the each expenditure’s average cost as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey to find the average expenditure costs for each city. The average rental cost was sourced from Zillow Observed Rental Index and added to the average monthly expenditure costs to find a total average monthly cost to live in each city. The livability index was also included, sourced from AreaVibes. The average Social Security Benefits were sourced from the Social Security Administration and doubled to show what a couple would receive. All places where the monthly costs were above the Social Security Benefits were removed. The population 65yrs and over percent was scored and weighted at 1.00, the livability index was scored and weighted at 1.25, the monthly total cost was scored and weighted at 1.25, and the median household income was scored and weighted at 1.00. All the scores were combined and sorted to show the best places in New York for a couple to live on Social Security Benefits. All data was collected and is up-to-date as-of November 16th, 2023.
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This article originally appeared on GOBankingRates.com: 10 Best Places in New York State for a Couple To Live Only on Social Security
