Thanks largely to its warm weather, beautiful natural scenery and diverse culture, Arizona has emerged as a top spot for retirees to live. In fact, according to a recent study by GOBankingRates, Goodyear, Arizona, is the fastest-growing retirement town in the U.S.
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Though an increasingly popular place to live for retirees, Arizona is not an inexpensive state. The cost of living there is 6% higher than the national average, according to RentCafe. Considering that many retirees rely, at least to an extent, on Social Security benefits, it’s wise to know which cities a Social Security check goes the furthest.
In a new study, GOBankingRates analyzed cities in Arizona to find the places where Social Security benefits go the furthest.
There are also seven ways to make the most out of your Social Security check every day.
15. Rio Rica
- Livability: 62
- Population percentage aged 65 and up: 11.1%
- Total annual cost of living: $38,276
- Total annual cost of living after using Social Security benefits: $15,823
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14. Globe
- Livability: 59
- Population percentage aged 65 and up: 20.2%
- Total annual cost of living: $36,735
- Total annual cost of living after using Social Security benefits: $14,282
13. Bisbee
- Livability: 59
- Population percentage aged 65 and up: 37.7%
- Total annual cost of living: $36,700
- Total annual cost of living after using Social Security benefits: $14,247
12. Quartzsite
- Livability: 62
- Population percentage aged 65 and up: 46.1%
- Total annual cost of living: $36,425
- Total annual cost of living after using Social Security benefits: $13,972
11. Winslow
- Livability: 53
- Population percentage aged 65 and up: 8.4%
- Total annual cost of living: $36,333
- Total annual cost of living after using Social Security benefits: $13,880
10. Holbrook
- Livability: 66
- Population percentage aged 65 and up: 11.1%
- Total annual cost of living: $36,278
- Total annual cost of living after using Social Security benefits: $13,824
9. South Tucson
- Livability: 66
- Population percentage aged 65 and up: 13.9%
- Total annual cost of living: $35,563
- Total annual cost of living after using Social Security benefits: $13,110
8. Willcox
- Livability: 58
- Population percentage aged 65 and up: 16.4%
- Total annual cost of living: $34,701
- Total annual cost of living after using Social Security benefits: $12,247
7. Nogales
- Livability: 66
- Population percentage aged 65 and up: 18.5%
- Total annual cost of living: $33,875
- Total annual cost of living after using Social Security benefits: $11,422
6. Superior
- Livability: 55
- Population percentage aged 65 and up: 35.2%
- Total annual cost of living: $33,725
- Total annual cost of living after using Social Security benefits: $11,271
5. Kearny
- Livability: 73
- Population percentage aged 65 and up: 24.6%
- Total annual cost of living: $33,696
- Total annual cost of living after using Social Security benefits: $11,243
4. San Manuel
- Livability: 60
- Population percentage aged 65 and up: 26.8%
- Total annual cost of living: $32,694
- Total annual cost of living after using Social Security benefits: $10,241
3. Douglas
- Livability: 69
- Population percentage aged 65 and up: 13.4%
- Total annual cost of living: $32,408
- Total annual cost of living after using Social Security benefits: $9,955
2. Dolan Springs
- Livability: 59
- Population percentage aged 65 and up: 51%
- Total annual cost of living: $31,781
- Total annual cost of living after using Social Security benefits: $9,328
1. Ajo
- Livability: 63
- Population percentage aged 65 and up: 39%
- Total annual cost of living: $28,691
- Total annual cost of living after using Social Security benefits: $6,238
Methodology: For this study, GOBankingRates analyzed cities in Arizona to find the places where Social Security benefits go the furthest. First, GOBankingRates found the cities in Arizona along with their total population, total households, household median income, and population ages 65 and over, all sourced from the US Census American Community Survey. The cost of living indexes were sourced from Sperlings BestPlaces and using the national average expenditure costs for residents ages 65 and over as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs were calculated. The single family home value was sourced from Zillow Home Value Index from July 2024. Using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data and assuming a 10% down payment, the average mortgage cost can be calculated. Using the mortgage and expenditure costs, the average total cost of living can be calculated. Using the average Social Security benefits for one person as sourced from the Social Security Administration, the cost of living after Social Security Benefits can be calculated. The livability index was sourced from Areavibes for each city as supplemental information. The cities were sorted to show the places where Social Security benefits go the furthest. All data was collected on and is up to date as of Sept. 4, 2024.
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This article originally appeared on GOBankingRates.com: A Social Security Check Goes Furthest in These 15 Arizona Cities
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