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Economy

“Your Social Security check won’t cover rent in these 8 states”

“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″

https://www.usatoday.com/story/money/personalfinance/retirement/2019/03/13/social-security-income-not-enough-cover-rent-check-8-states/39166629/

This means when you retire you should move to a different state. Lower rent is always a good thing.

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