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
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Average home value (Jan. 2024): $337,621
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Average home value (Jan 2025): $353,827
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YOY home value change: 4.80%
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Average mortgage (Jan. 2024): $1,779
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Average mortgage (Jan. 2025): $1,864
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Deltona, Florida
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Average home value (Jan. 2024): $336,736
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Average home value (Jan 2025): $353,091
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YOY home value change: 5.10%
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Average mortgage (Jan. 2024): $1,774
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Average mortgage (Jan. 2025): $1,865
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Blackfoot, Idaho
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Average home value (Jan. 2024): $332,309
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Average home value (Jan 2025): $353,242
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YOY home value change: 6.60%
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Average mortgage (Jan. 2024): $1,751
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Average mortgage (Jan. 2025): $1,866
Daphne, Alabama
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Average home value (Jan. 2024): $336,265
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Average home value (Jan 2025): $354,695
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YOY home value change: 5.40%
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Average mortgage (Jan. 2024): $1,772
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Average mortgage (Jan. 2025): $1,867
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Ontario, Oregon
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Average home value (Jan. 2024): $330,256
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Average home value (Jan 2025): $354,695
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YOY home value change: 7.40%
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Average mortgage (Jan. 2024): $1,740
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Average mortgage (Jan. 2025): $1,869
Dover, Delaware
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Average home value (Jan. 2024): $337,874
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Average home value (Jan 2025): $354,768
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YOY home value change: 5.00%
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Average mortgage (Jan. 2024): $1,780
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Average mortgage (Jan. 2025): $1,869
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Rapid City, South Dakota
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Average home value (Jan. 2024): $336,365
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Average home value (Jan 2025): $354,865
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YOY home value change: 5.50%
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Average mortgage (Jan. 2024): $1,772
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Average mortgage (Jan. 2025): $1,870
Knoxville, Tennessee
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Average home value (Jan. 2024): $327.779
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Average home value (Jan 2025): $354,985
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YOY home value change: 8.30%
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Average mortgage (Jan. 2024): $1,727
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Average mortgage (Jan. 2025): $1,870
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Keene, New Hampshire
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Average home value (Jan. 2024): $334,429
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Average home value (Jan 2025): $356,836
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YOY home value change: 6.70%
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Average mortgage (Jan. 2024): $1,762
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Average mortgage (Jan. 2025): $1,880
Mountain Home, Idaho
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Average home value (Jan. 2024): $328,580
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Average home value (Jan 2025): $357,167
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YOY home value change: 8.70%
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Average mortgage (Jan. 2024): $1,731
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Average mortgage (Jan. 2025): $1,882
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Crescent City, California
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Average home value (Jan. 2024): $348,749
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Average home value (Jan 2025): $357,859
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YOY home value change: 2.60%
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Average mortgage (Jan. 2024): $1,837
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Average mortgage (Jan. 2025): $1,885
Bakersfield, California
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Average home value (Jan. 2024): $340,170
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Average home value (Jan 2025): $357,859
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YOY home value change: 5.20%
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Average mortgage (Jan. 2024): $1,792
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Average mortgage (Jan. 2025): $1,885
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Athens, Georgia
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Average home value (Jan. 2024): $335,673
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Average home value (Jan 2025): $359,170
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YOY home value change: 7.00%
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Average mortgage (Jan. 2024): $1,769
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Average mortgage (Jan. 2025): $1,892
Laramie, Wyoming
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Average home value (Jan. 2024): $348,637
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Average home value (Jan 2025): $359,794
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YOY home value change: 3.20%
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Average mortgage (Jan. 2024): $1,837
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Average mortgage (Jan. 2025): $1,896
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Winchester, Virginia
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Average home value (Jan. 2024): $347,034
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Average home value (Jan 2025): $360,221
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YOY home value change: 3.80%
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Average mortgage (Jan. 2024): $1,828
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Average mortgage (Jan. 2025): $1,898
Fallon, Nevada
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Average home value (Jan. 2024): $348,996
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Average home value (Jan 2025): $362,606
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YOY home value change: 3.90%
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Average mortgage (Jan. 2024): $1,839
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Average mortgage (Jan. 2025): $1,911
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Pittsfield, Massachusetts
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Average home value (Jan. 2024): $343,819
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Average home value (Jan 2025): $363,073
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YOY home value change: 5.60%
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Average mortgage (Jan. 2024): $1,812
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Average mortgage (Jan. 2025): $1,913
Philadelphia
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Average home value (Jan. 2024): $350,083
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Average home value (Jan 2025): $365,137
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YOY home value change: 4.30%
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Average mortgage (Jan. 2024): $1,845
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Average mortgage (Jan. 2025): $1,924
Richmond, Virginia
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Average home value (Jan. 2024): $351,266
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Average home value (Jan 2025): $366,370
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YOY home value change: 4.30%
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Average mortgage (Jan. 2024): $1,851
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Average mortgage (Jan. 2025): $1,930
Moses Lake, Washington
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Average home value (Jan. 2024): $345,662
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Average home value (Jan 2025): $366,747
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YOY home value change: 6.10%
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Average mortgage (Jan. 2024): $1,821
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Average mortgage (Jan. 2025): $1,932
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Whitewater, Wisconsin
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Average home value (Jan. 2024): $352,631
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Average home value (Jan 2025): $367,793
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YOY home value change: 4.30%
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Average mortgage (Jan. 2024): $1,858
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Average mortgage (Jan. 2025): $1,938
Tucson, Arizona
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Average home value (Jan. 2024): $351,244
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Average home value (Jan 2025): $368,103
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YOY home value change: 4.80%
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Average mortgage (Jan. 2024): $1,851
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Average mortgage (Jan. 2025): $1,939
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Twin Falls, Idaho
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Average home value (Jan. 2024): $347,989
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Average home value (Jan 2025): $372,696
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YOY home value change: 7.10%
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Average mortgage (Jan. 2024): $1,833
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Average mortgage (Jan. 2025): $1,964
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
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