The 10 states in the US where you can afford the most to live on a Social Security check
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Social Security checks can go a long way and more if you live in a state with a low cost of living. A website was dedicated to gathering information on the most affordable places in the country where housing rental prices and other costs are accessible
It is estimated that for the 16% of the US population age 65 and older, living in a low-cost state can help a $1,619.67 Social Security check last longer.
The specialized finance site GoBankingRates took on the task of gathering information on the best states to live with a Social Security check, based on the average monthly benefit for retired workers, the cost of living in each city, the average rent for a one-bedroom apartment and the percentage of the population over 65 years of age. These were the findings.
10. Kentucky
Median rent in the state is $741 ; while the cost of living index is 93.6. 16.4% of state residents have a population of 65 or older.
9. Michigan
Median rent in the state is $849 ; while the cost of living index is 89.9. Despite having a high rent price, other costs are so low that it remains one of the top states to live on a paycheck.
8. Ohio
Median rent in the state is $785 ; while the cost of living index is 90.8. 17% of state residents have a population of 65 or older. In addition, the area has a cost of living that is more than 9% below the monthly average.
7. Missouri
Median rent in the state is $782 ; while the cost of living index is 90.5. 16.9% of state residents have a population of 65 or older.
6. Oklahoma
Median rent in the state is $814 ; while the cost of living index was 84.8. Homeowners in the state who don't have a mortgage can stretch a Social Security check far enough.
5. Kansas
Median rent in the state is $797 ; while the cost of living index was 85.4. 15.8% of state residents have a population of 65 or older. The cost of living in the state was nearly 15% below the national average, according to the website.
4. Alabama
Median rent in the state is $795 ; while the cost of living index is 87.5. The cost of living in the state was more than 12% below the national average.
3. Mississippi
Median rent in the state is $782 ; while the cost of living index is 83.1. The cost of living in the state was 17% below the national average.
2. Arkansas
The median rent in the state is $700 dollars ; while the cost of living index was 89.9. An estimated 16.9% of state residents are 65 or older.
1. Iowa
Median rent in the state is $701; while the cost of living index was 88.1. More than 17% of the state's residents have a population of 65 or older. In addition, the cost of living in the region was one of the best rated.