A new study published by a personal finance company reports that Ocala is the most affordable city for retirees in Florida, suggesting that Social Security can cover up to 71% of the city’s average monthly expenditures of $2,727.
On Tuesday, GOBankingRates published its list of 20 Florida cities where Social Security checks make the greatest financial impact. The report ranks Ocala atop 19 other Florida cities, taking into account several factors including various costs of living expenses.
“Thanks largely to several factors including inflation and housing inventory shortage, Florida is becoming increasingly expensive for retirees,” reads the report. The company suggests that those living on fixed incomes that are “centered, at least in part, on Social Security benefits,” will get more bang from their buck living in one of the 20 cities on their list.
The company determined the best cities in Florida based on the average monthly benefit for retired workers of $1,925.46.
According to the report, the 2024 average monthly rent for a one-bedroom apartment in Ocala is $966. The report lists the monthly grocery cost in the city as $407, monthly healthcare cost at $653, and monthly utilities cost at $374. The report also cites Ocala’s monthly transportation cost as $328.
In total, the report indicates that a total of $2,727 is needed to cover monthly necessary expenditures to live in Ocala.
Despite Ocala being the most affordable of the Floridian cities considered, the average Social Security payment would still be $801 shy of covering of monthly necessary expenses in Ocala.
In comparison, living in the 20th city on the list, Tampa, would potentially leave a retiree $1,310 shy of covering monthly necessary expenses, which are $3,236 in that city.
Although most of the cities on the list are concentrated in Central Florida, Ocala was not the only northern city to be included: Gainesville ranked second on the list with an average monthly expenditure cost of $2,812.
Notably missing from the list is Ocala’s neighbor to the south, The Villages, which is the largest retirement community in the world.
Read GOBankingRate’s complete list online.
Over the past year, Ocala has been recognized on several lists for its affordability, landmarks, diversity, and rapid population growth.
Last year, a real estate website ranked Ocala as the most affordable city in Florida in which to live.
