This article takes a look at the 15 best places in Pennsylvania for a couple to live on only Social Security. If you wish to skip our detailed analysis on retirement in Pennsylvania, you may go to 5 Best Places in Pennsylvania for a Couple to Live on Only Social Security.

A Pennsylvania Retirement

Back in 2023, a study conducted by BlackRock, Inc. (NYSE:BLK) unveiled a growing sense of anxiety and pessimism among participants in US retirement plans regarding the state of their savings for their golden years. Of these retirement savers, nearly 30% of them plan to work for longer to secure their retirement. This isn’t all bad news, considering the growing level of awareness and pessimism among potential savers in the US is steadily translating into improved retirement savings. According to a Participant Pulse report by Bank of America Retirement and Personal Wealth Solutions, in partnership with Bank of America Institute, average 401(k) account balances rose 15% to $86,280 in 2023, rising from $75,045 at the end of 2022. The report by Bank of America Corporation (NYSE:BAC) reveals that nearly 18% of 401(k) plan participants increased their contribution rates in Q4 2023, up from 9% in Q3 2023.

“These insights offer signs that people are prioritizing their retirement savings, with more employees increasing their contribution rates and fewer taking hardship distributions”.

– Lorna Sabbia, Head of Retirement and Personal Wealth Solutions at Bank of America Corporation (NYSE:BAC)

While an increase in retirement savings is a good sign as noted by Bank of America Corporation (NYSE:BAC), BlackRock, Inc. (NYSE:BLK) makes a shocking revelation regarding the same. BlackRock, Inc. (NYSE:BLK) research in conjunction with the Employee Benefit Research Institute (EBRI) has revealed that retirees are hardly touching their retirement savings. 20 years into retirement, they note that most retirees have spent only 20% of it. Among the responses provided by respondents, the study identified several key themes. For starters, retirees overwhelmingly expressed the belief that retirement is not a period for lavish spending but rather a time to prioritize financial security. Additionally, there is a prevalent apprehension among these retirees regarding potential financial or medical emergencies that could deplete their savings. The study further highlights that there were variations in spending habits and overall financial confidence between retirees with defined benefit pension income and those lacking such traditional pension benefits. Specifically, only 25% of retirees with pension income were likely to utilize their saved assets to cover expenses, compared to 55% of non-pension retirees. The takeaway? Retirees with pension incomes are less likely to use their assets to cover retirement expenses.

Savings or not, potential retirees should know that the Social Security trust fund is most likely to be depleted by 2034 if no actions are taken. While this doesn’t mean that retirees without savings are doomed, it does mean that they are more likely to receive cuts in their checks. Consequently, many potential retirees and Americans in general are contemplating a move to other states and cities in a quest to minimize their expenses. Some move to states that don’t tax retirement income, while others choose states that are best for both the cost of living and taxes. One such state that retirees are considering a move to is Pennsylvania. According to the Missouri Economic Research & Information Center, the cost of living in the state is 4.4% lower than the national average. Moreover, the state doesn’t tax social security or retirement income. It also does not tax income from pensions for residents aged 60 and over.  Taking into account these financial benefits, it can be safe to say that Pennsylvania is one of the best states to live in if you’re on Social Security.

Methodology

To come up with the list of best places in Pennsylvania for a couple to live on only Social Security, we used forums such as Reddit and Quora, in addition to conducting an in-depth analysis of the cost of living across various cities and towns statewide to come up with an exhaustive list of places that can be ideal for couples living on Social Security. Subsequently, we ranked them based on their cost of living index, average rent, and livability scores. Each location was assigned scores for these factors, which were then combined to generate a distinctive Insider Monkey score. Then, places were ranked on the final Insider Monkey score in ascending order. Data for rent has been taken from websites such as Zumper and Zillow, while index and livability scores are from Best Places and Area Vibes.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

Here are the best places in Pennsylvania for a couple to live on only Social Security:

15. Oakmont

Insider Monkey Score: 16    

Cost of Living Index: 91.8

Average Rent (2-bedroom): $1,330

Livability Score: 80

Oakmont, a suburb of Pittsburgh, is situated in Allegheny County. As of the last census held in 2020, the population in this town was 6,758; ideal for retirees who wish to escape the hustle and bustle of big city life. Its location along the Allegheny River offers seniors picturesque views and opportunities for outdoor recreation. There are parks, green spaces, and walking trails to enjoy as well. Affordable rents, a great livability score, and an affordable cost of living make Oakmont one of the best places in Pennsylvania for a couple to live on only Social Security.

14. Camp Hill

Insider Monkey Score: 23    

Cost of Living Index: 95.4

Average Rent (2-bedroom): $1,383

Livability Score: 92

Camp Hill, a borough in Cumberland County situated 3 miles southwest of Harrisburg, is next in line on our list of affordable places to live on Social Security. Living in Camp Hill is 4.6% cheaper compared to the broader national average, and a retired couple has ample to spend on groceries, utilities, healthcare, and even entertainment once rent is covered. The livability score is certainly the highlight of this locale, boasting a fat 92 out of 100.

13. Ligonier

Insider Monkey Score: 25    

Cost of Living Index: 86.1

Average Rent (2-bedroom): $1,011  

Livability Score: 76

Exuding small-town charm, Ligonier revels with its magnificent streets, welcoming vibe, and historic buildings. This hidden gem is nestled in the Laurel Highlands, surrounded by stunning natural landscapes. Outdoor enthusiasts delight in the abundance of adventures available amidst Ligonier’s lush forests, rolling hills, and picturesque trails, all while enjoying the area’s affordable cost of living.

12. Harrisburg

Insider Monkey Score: 26    

Cost of Living Index: 89.8

Average Rent (2-bedroom): $1,343

Livability Score: 83

Offering the best combination of health, taxes, and amenities, Harrisburg can be your best bet to retire comfortably on Social Security. Brimming with coffee shops, restaurants, museums, theaters, and art galleries, seniors have plenty to do to keep busy. Harrisburg’s location along the Susquehanna River adds to its appeal, offering a picturesque riverfront area with parks, walking paths, and scenic views. The cost of living is an estimated 10% lower than the national average, rents are within $1,500, and the livability score is a shiny 83.

11. Elizabethtown

Insider Monkey Score: 26

Cost of Living Index: 76.5

Average Rent (2-bedroom): $1,212  

Livability Score: 74

From embracing opportunities for lifelong learning at Elizabethtown College and benefiting from its affordable cost of living, to appreciating the picturesque countryside surroundings, living in Elizabethtown can be the best decision a senior on a fixed income can make. There are reputable healthcare providers and medical facilities in the area, and residents can also avail the big-city amenities being close to larger cities such as Harrisburg.

10. Emporium

Insider Monkey Score: 26    

Cost of Living Index: 71       

Average Rent (2-bedroom): $1,304  

Livability Score: 71

Considered one of the best small towns to retire in Pennsylvania, Emporium beckons retirees with its combination of affordable living and the breathtaking natural splendor of the Pennsylvania Wilds. The livability score of 71 means it’s a great place to live, and a couple can manage to rent a two-bed apartment here for less than $1,500 a month. This borough also promises retirees with all necessary amenities, including shopping and healthcare.

9. Washington

Insider Monkey Score: 27    

Cost of Living Index: 90.1

Average Rent (2-bedroom): $1,039  

Livability Score: 82

Indeed, it appears that our list of best places in Pennsylvania for a couple to live on only Social Security caters predominantly to nature enthusiasts. Washington, situated amidst the stunning landscapes of western Pennsylvania, features captivating scenery characterized by rolling hills, verdant forests, and enchanting countryside panoramas. The rental rates in this area offer great affordability for retired couples managing their budget on a Social Security check. Moreover, the overall cost of living here is notably lower than the national average, providing retirees with financial peace of mind. Last but not least, the livability score bears testament to the great quality of life that Washington offers to its retirees.

8. Scranton

Insider Monkey Score: 28    

Cost of Living Index: 83.6    

Average Rent (2-bedroom): $1,451  

Livability Score: 84

Situated in northeast Pennsylvania, Scranton isn’t just revered for its cost of living, but also for its rich history and culture, reputable healthcare, and educational opportunities. Previously making it to our list of best places to retire in the US in 2024, the city allures residents with its affordability, cultural richness, outdoor recreation, and community spirit. Rents are under $1,500 for a two-bedroom apartment, the livability score stands bold at 84, while the cost of living is an exemplary 16.4% lower than the national average.

7. Hollidaysburg

Insider Monkey Score: 29

Cost of Living Index: 77.2    

Average Rent (2-bedroom): $1,056

Livability Score: 77

Next up on our list of best places in Pennsylvania for a couple to live on only Social Security is Hollidaysburg. Nestled amid the breathtaking Allegheny Mountains, Hollidaysburg beckons residents with its captivating vistas and tranquil atmosphere, offering an idyllic retreat particularly suited for those enjoying their golden years. The cost of living here is 22% lower than the national average, and rents are pretty affordable too. Retired couples have sufficient to spend on other necessities and even spare some on entertainment and leisure.

6. New Brighton

Insider Monkey Score: 30    

Cost of Living Index: 87.5

Average Rent (2-bedroom): $1,033  

Livability Score: 80

Situated along the Beaver River northwest of Pittsburgh is a borough called New Brighton, ideal for a couple to live on only Social Security. The cost of living in this locale is an estimated 17.7% lower than the national average, while rents for a two-bedroom are a bit over $1,000. Retired couples can manage to live comfortably on their Social Security checks considering these figures, all while enjoying a good quality of life.

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Disclosure: none.  15 Best Places in Pennsylvania for a Couple to Live on Only Social Security is originally published on Insider Monkey.