6 Cities Where Your Social Security Check Won’t Cover Mortgage Payments
The truth is, trying to get by on Social Security alone is a challenge no matter where you live. The average Social Security payment is $1,772.51 monthly as of February 2024. The average retirement check – which doesn’t include disability insurance or survivor benefits – is a little higher at $1,862.03 a month.
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Either way, those checks will barely make a dent in most housing costs around the country. The average payment on a 30-year fixed-rate mortgage is $2,883 a month, according to a Business Insider analysis of data from the U.S. Census Bureau, Department of Housing and Urban Development, Freddie Mac and National Association of Realtors.
Median costs are lower because ultra-expensive mortgage payments don’t skew them. But even median housing costs in the United States are enough to drain most Social Security payments – and that’s before you account for other living costs such as groceries, healthcare and transportation.
Cities Where Housing Costs are Higher Than Social Security Payments
Following are six big cities where the average Social Security payment of $1,772.51 a month won’t cover monthly home payments, according to 2022 U.S. Census Bureau data cited by Business Insider. Costs include mortgage payments as well as utilities, property insurance and HOA fees, when applicable.
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Los Angeles, California
Median monthly home payment: $3,239
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New York, New York
Median monthly home payment: $2,991
San Diego, California
Median monthly home payment: $2,912
Dallas, Texas
Median monthly home payment: $2,228
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Chicago, Illinois
Median monthly home payment: $2,105
Houston, Texas
Median monthly home payment: $2,024
States Where Social Security Won’t Cover Home Payments
Most states have median monthly home payments below the average Social Security payment. However, Business Insider reported that 17 states plus the District of Columbia fall into the other category. Here are the states where the average check won’t cover your monthly home payment (including mortgage payments, homeowners insurance, property taxes, utilities and HOA fees).
California | $2,673 |
Colorado | $2,098 |
Connecticut | $2,215 |
District of Columbia | $2,893 |
Hawaii | $2,683 |
Illinois | $1,804 |
Maryland | $2,097 |
Massachusetts | $2,489 |
New Hampshire | $2,157 |
New Jersey | $2,553 |
New York | $2,355 |
Oregon | $1,946 |
Rhode Island | $2,021 |
Texas | $1,904 |
Utah | $1,822 |
Virginia | $1,919 |
Washington | $2,227 |
This article originally appeared on GOBankingRates.com: 6 Cities Where Your Social Security Check Won’t Cover Mortgage Payments
