This article takes a look at the 5 worst places in Texas for a couple to live on only social security. If you wish to check out our detailed analysis on retiring to Texas, you may go to 15 Worst Places in Texas for a Couple to Live on Only Social Security.
5. McKinney
Insider Monkey Score: 33
Cost of Living Index: 111.7
Average Rent (2-bedroom): $2,068
Median Home Price: $484,000
With average rents surpassing the $2,000 mark and a cost of living that is 11.7% higher than the national average, living in McKinney on social security can be a bit difficult. Therefore, it’s important to consider additional savings (if any) when considering a move to this Texas city.
4. Austin
Insider Monkey Score: 48
Cost of Living Index: 129.1
Average Rent (2-bedroom): $2,252
Median Home Price: $639,000
Austin may be a retiree’s dream in terms of amenities and climate, but a look into expenses may push back many contemplating a move here. The cost of living in this city is a whopping 29.1% higher than the national average, whereas the average rent of $2,252 means there will be little left behind to spend on utilities, groceries, and other expenses.
3. Bee Cave
Insider Monkey Score: 49
Cost of Living Index: 129.1
Average Rent (2-bedroom): $2,357
Median Home Price: $936,000
Another city that is out of the question for retired couples dependent on Social Security paychecks is Bee Cave. The city promises its residents abundant natural beauty and an upscale lifestyle that isn’t affordable on a small check.
2. Lakeway
Insider Monkey Score: 49
Cost of Living Index: 129.1
Average Rent (2-bedroom): $2,474
Median Home Price: $805,000
Nestled in the scenic Hill Country on the southern shores of Lake Travis near Austin, Lakeway offers stunning natural beauty and upscale amenities that come with a price tag. The area’s popularity as a retirement destination, coupled with its desirable location and recreational opportunities, has driven up housing prices and overall expenses in the area.
1. University Park
Insider Monkey Score: 60
Cost of Living Index: 216
Average Rent (2-bedroom): $3,750
Median Home Price: $2,129,051
Home to upscale neighborhoods and prestigious homes, University Park isn’t quite the ideal place for a couple trying to live on only Social Security. Often referred to as the Beverly Hills of Texas, University Park boasts luxurious living and upscale amenities. However, for the average retiree, the exorbitant cost of living and sky-high housing prices make the prospect of retiring to this prestigious area seem like a distant dream.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 20 Most Visited States in the US by Foreign Travelers and 25 Most Amazing Countries in Asia.