McAllen A Best Place To Live On Social Security

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McAllen A Best Place To Live On Social Security

Social Security, retired
McAllen is the recipient of another accolade for the benefits it provides its residents; this time, those on a budget. According to GoBankingRates.com, McAllen ranks number one in the south for anyone planning to retire on Social Security alone. The financial website conducted the survey, finding that half of the list includes cities in Texas, with other cities from Louisiana, Mississippi and Arkansas.

“This is such good news for many in our community who are on a fixed government income, including the elderly and others who will rely on Social Security for their retirement,” said McAllen Mayor Javier Villalobos. “While we hope to elevate the opportunities for our younger generations, with higher-paying jobs and more educational opportunities, having affordable housing and other amenities for those who live on their Social Security check alone is important to us, as well.”

McAllen has the lowest average rent at $613 per month as well as the lowest living costs. At 81, it has the best livability score and is the only one over 80.

The average monthly benefit for an individual is $1,618.29 and $3,236.58 for a couple.

To find the best places in the South for retirees who rely on Social Security alone, the GOBankingRates.com methodology included cost-of-living data from Sperling’s Best Places; average rent prices for a one-bedroom apartment from ApartmentList, and livability scores from AreaVibes. Livability scores calculations use factors such as crime, schools and local amenities. GOBankingRates.com then combines these scores, with the lowest score being the best

The rankings double weigh livability scores in final calculations. All data was collected and is up to date as of April 26, 2022.

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