“Your Social Security check won’t cover rent in these 8 states”
March 16, 2019
“According to data released earlier this year by apartment research site Abodo, national median rent in the country for a one-bedroom apartment hit $1,025 in 2018. This means 76 percent of the average Social Security benefit is being gobbled up by rent on the national level. When broken down further, eight states had a higher average monthly rent for a one-bedroom apartment than the typical Social Security beneficiary would receive in a month:
- Massachusetts: $2,139
- Rhode Island: $1,732
- Hawaii: $1,676
- New York: $1,633
- California: $1,608
- Maryland: $1,504
- Vermont: $1,411
- New Jersey: $1,355″
This means when you retire you should move to a different state. Lower rent is always a good thing.