You'll Struggle To Live Well in New Jersey on Just Your Social Security, Even If Your Mortgage Is Paid Off

"Retirees in New Jersey face one of the toughest financial challenges in the nation if they're relying solely on Social Security. According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, seniors in the Garden State experience an annual shortfall of $7,512, or about $626 per month, even with their mortgage paid. It's a hefty chunk of change, would could potentially grow if something were to happen to the benefit package seniors have had for decades."

"The numbers tell an alarming story: retirees in New Jersey face average monthly expenses of $2,798, the highest of any state in the country. Their median Social Security benefit of $2,172 per month falls far short of those costs. Compounding the challenge, housing expenses alone average $1,304 per month, the most expensive in the nation for retirees without a mortgage."

"With housing consuming 48% of the typical retiree's Social Security check, far above the federal 30% affordability guideline, retirees find themselves deep in deficit before factoring in food, healthcare, or transportation. Property taxes are the single largest contributor to New Jersey's outsized housing costs. The state has the highest property taxes in the U.S., often exceeding $8,000 annually. Insurance and utility costs only add to the burden, making New Jersey one of the least forgiving states for seniors relying on fixed incomes."

Retirees in New Jersey face average monthly expenses of $2,798, the highest nationwide, while median Social Security benefits average $2,172 per month, creating a $626 monthly shortfall and $7,512 annual deficit even with mortgages paid. Housing costs average $1,304 monthly for retirees without a mortgage, consuming 48% of a typical Social Security check versus the federal 30% guideline. High property taxes—often exceeding $8,000 annually—plus insurance and utility costs drive housing burdens. Despite financial pressure, New Jersey attracts retirees seeking access to world-class healthcare, cultural amenities, and proximity to New York City and Philadelphia; coastal and suburban areas remain desirable.

Read at SFGATE