Statesboro was recently ranked as the best city in Georgia to live on a fixed income. According to GoBankingRates the average Social Security benefit for retired workers in 2021 is $1,548 per month. That comes out to $18,576 in annual benefits for a single person, or $37,152 per year for a couple — about $31,500 less than the U.S. median household income of $68,703, according to the most recent figures from the U.S. Census Bureau.
“I might be biased, but I think Statesboro is the best place to live, period,” said Jonathan McCollar, Mayor, City of Statesboro. “There is something for everyone here, whether you are young or young at heart. Our city has the comforts and conveniences of a large city with a small-town feel. Our city has all the charm and hospitality one would expect from a southern community, combined with a diverse student and workforce population that makes this city truly one-of-a-kind. For me and my family, we just call it home.”
Living on a fixed income basically means you’re solely or almost entirely dependent on funds such as Social Security, pensions and inheritance, with little to no flexibility in the amount you’re paid each month. Unstable costs, such as a volatile housing market, can be especially challenging to deal with on a fixed income.
According to the Atlanta Journal Constitution, who first ran this story, to do so, GoBankingRates reviewed every city with Zillow home value data for January 2020, October 2020 and January 2021. It also used data from the U.S. Department of Housing and Urban Development to review the county fair market rent for 2020 and 2021. Then, it narrowed the list to include cities that met these criteria: a size rank of 2,000 or less, according to Zillow, and a January 2021 home value under $269,039, which is the national average.
After finding three factors, including the percent change in home value and rent, GoBankingRates tallied them up. The lowest score was the best and the city with the lowest score ended up in the final rankings.
In Georgia, the best place for living on your Social Security, pensions and inheritance is Statesboro.