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

"For retirees in Rhode Island, Social Security alone isn't nearly enough to cover the cost of living-even with the mortgage paid off. According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, the typical retiree in Rhode Island faces an annual shortfall of $4,164, or about $347 per month. The financial gap comes down to simply this: housing costs are just too expensive in the smallest state in the U.S."

"Retirees in Rhode Island face average monthly living expenses of $2,341, while the median Social Security benefit is $1,994. With housing costs averaging $740 per month, nearly 37% of the average Social Security check disappears before other necessities-like healthcare, food, and transportation-are considered. By comparison, Rhode Island's $740 in average monthly housing-related costs-including property taxes, utilities, insurance, and maintenance-are far higher than in surplus states such as Alabama ($419) or West Virginia ($398)."

"Rhode Island offers plenty of appeal for retirees, from scenic coastal towns like Newport and Narragansett to the more urban setting in Providence. The state also boasts proximity to Boston and New York City, making it attractive to those who want access to larger metros while living in smaller communities. However, these advantages come with a steep cost. Property taxes are higher than the national average, and utility costs-particularly heating in the winter-add to retirees' ongoing financial burden."

Typical Rhode Island retirees have average monthly living expenses of $2,341 while the median Social Security benefit is $1,994, creating an annual shortfall of $4,164. Housing-related costs average $740 per month, consuming nearly 37% of the average Social Security check before healthcare, food, and transportation. Rhode Island's housing costs, including property taxes, utilities, insurance, and maintenance, exceed those in many surplus states. Scenic coastal towns and proximity to Boston and New York add appeal, but higher property taxes and winter heating costs increase retirees' financial burdens even with mortgages paid off.

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