In this article, we will discuss the 15 best places in Connecticut for a couple to live on only social security. You may skip our detailed discussion on Homeless Seniors in America and see the 5 Best Places in Connecticut for a Couple to Live on Only Social Security.
2024: Record Retirements and Housing Challenges for Seniors
2024 is set to be a record-breaking year for retirement. Alliance for Lifetime Income reports that on average, 11,200 Americans a day are set to celebrate their 65th birthday. This adds up to 4.1 million Americans who will be entering the conventional retirement age before the end of the year. For some, retirement would be a chance to spend the golden years of their lives in their dream house. However, the harsh reality is that for many potential retirees, the odds of a comfortable retirement remain uncertain and discouraging.
BlackRock, Inc. (NYSE: BLK) Read on Retirement report reveals only 56% of respondents believe they are on track with their retirement savings to retire with the “lifestyle” they desire. For the remaining, a lack of savings leaves them at the risk of running out of funds during their lifetime unless they downgrade their quality of living.
READ ALSO: 25 Cities Where Social Security Goes the Farthest for Retirees and 20 Cheapest Places To Retire Abroad If You Speak English.
Homeless Seniors in America
Data from the federal government’s Annual Homelessness Assessment Report 2023 shows a significant proportion of America’s homeless community comprises seniors. According to the federal government, 21.2% of all homeless people in America are aged 55 years and over. In the case of unsheltered homeless people, this percentage is 24.8%. Moreover, 41% of America’s homeless adults aged 50+ years first fell into homelessness after they reached age 50. This is according to a study by the Benioff Homelessness and Housing Initiative at the University of California.
One of the reasons people over 50 are at risk of losing their homes is inflation. 41% of Americans believe inflation or the high cost of living is the most important financial problem facing their family. In the case of seniors in retirement or those close to retirement, inflation causes their expenses to increase much more rapidly than their income. In this context, rising housing costs are one of the key pressures that can cause individuals to lose their homes. According to Zillow Group, Inc. (NASDAQ: Z), communities where people spend more than 32% of their income on rent can expect a more rapid increase in homelessness.
Zillow Group, Inc. (NASDAQ: Z) is a tech real-estate marketplace company with a market cap of ~$12.35 billion. In late 2021, the company exited the home-buying market and instead focused on providing a platform to connect home buyers and sellers. This was in response to the impact of COVID-19 on the real estate market, where Zillow Group, Inc. (NASDAQ: Z) along with many other companies suffered significant setbacks. While the real estate market has continued to be sluggish in its recovery from the pandemic, the company managed to post healthier second-quarter 2024 results last month.
Revenue for the period was $572 million which was a 13% increase in comparison to the same quarter last year. The improvement in revenue was primarily due to improved volume in the residential and rental segments. In addition, the net loss was reduced to $17 million in comparison to $25 million last year. While non-GAAP diluted EPS were expected to be $0.27, actual diluted EPS were recorded at $0.39. Despite a net loss, the management has been quite optimistic regarding the company’s trajectory and insists its investments in tech will help it shape the digital future of real estate.
“Zillow outperformed the residential real estate industry for the eighth consecutive quarter, delivering better-than-expected revenue across the business. With an increasingly diversified and growing business, we are on our way to deliver strong GAAP profitability over time and meet our 2024 expectations to deliver double-digit revenue growth and modestly expand our Adjusted EBITDA margin. We are well positioned to capture more of our total addressable market and help more people get home.”
-Jeremy Wacksman, CEO, Zillow Group, Inc. (NASDAQ: Z)
While we acknowledge the potential of Z stock as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Z but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Retiring in Connecticut
If you’re wondering what the best state is to live on Social Security alone, Connecticut seems unlikely to be a part of the discussion. The Constitution State is among the Worst States to Retire on Social Security on account of its unfriendly taxation laws and expensive cost of living. All forms of retirement income are taxed in Connecticut, although some Social Security beneficiaries are exempt from paying state income tax. In addition, the cost of living in the state is 12% higher than the national average. In light of these factors, many retirees might consider relocating to Cities Where Social Security Goes the Farthest for Retirees. However, for some retirees factors such as access to high-quality healthcare and proximity to family can make it difficult to consider retiring outside of Connecticut. Join us as we look at the best places in Connecticut for a couple to live on only social security.
15 Best Places in Connecticut for a Couple to Live on Only Social Security
Methodology
To develop our list of best places in Connecticut for a couple to live on only social security, we initially picked out the most recommended places in Connecticut for a couple to live on only social security on the internet. We used 10+ sources including our list of the Best Places to Live in Connecticut for Retirees and Best Cities to Live in the Northeast to develop a list. Further research was narrowed down to these places only.
Among these best places, we developed a scorecard using metrics such as livability scores, cost of living, and average rent. Livability scores were sourced from Area Vibes while average rent was obtained from Zillow Group, Inc. (NASDAQ: Z). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 15 places were chosen for our list of best places in Connecticut for a couple to live on only social security.
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Here are the 15 Best Places in Connecticut for a Couple to Live on only Social Security.
15. Simsbury
Insider Monkey Score: 20.09
Livability Score: 75
Median Rent: $1,850
IM Cost of Living: 110.4
Simsbury is located in Hartford County. In terms of both rent and cost of living, the town is the most expensive location on our list. One of the advantages of living in this town is that it is home to the University of Connecticut Health Center.
14. New London
Insider Monkey Score: 20.10
Livability Score: 72
Median Rent: $1,695
IM Cost of Living: 108.9
New London is a port city facing the Thames River. It is one of the best waterfront communities in Connecticut for a couple to live on only social security. It is home to Ocean Beach which features a boardwalk, waterslides, and plenty of entertainment around the year.
13. Windsor Locks
Insider Monkey Score: 20.83
Livability Score: 73
Median Rent: $1,687
IM Cost of Living: 105.9
Located in northern Connecticut, Windsor Locks is a small town in Hartford County. Despite being a small town, it is extremely well connected with major cities as it is home to Bradley International Airport and lies next to the I-91 Highway.
12. Middletown
Insider Monkey Score: 21.05
Livability Score: 79
Median Rent: $1,600
IM Cost of Living: 111.2
The cost of living in Middletown is just shy of the state average. It is home to Wesleyan University, one of the best liberal arts colleges in the state. It is also home to the Wadsworth Falls State Park which features several hiking trails and a stunning natural waterfall.
11. Manchester
Insider Monkey Score: 21.06
Livability Score: 74
Median Rent: $1,765
IM Cost of Living: 104.9
Manchester is located just 10 miles east of Hartford, the state capital of Connecticut. Since it offers access to a myriad of big city amenities, it is one of the best places in Connecticut for a couple to live on only social security.
10. East Hartford
Insider Monkey Score: 21.13
Livability Score: 70
Median Rent: $1,350
IM Cost of Living: 104.4
If you’re looking for small affordable New England towns to retire to, East Hartford is one of the best contenders. It is one of the most affordable places on our list with a median rent of just $1,350.
9. Newington
Insider Monkey Score: 21.32
Livability Score: 77
Median Rent: $1,700
IM Cost of Living: 106.9
Newington is another suburban city south of Hartford. Among its famous attractions is Mill Pond Park which features the smallest natural waterfall in the United States.
8. Hartford
Insider Monkey Score: 22.03
Livability Score: 75
Median Rent: $1,498
IM Cost of Living: 102.9
Hartford is the state capital of Connecticut. In terms of recreational opportunities, it is the best place to retire in Connecticut. It is also quite affordable in comparison to other major cities in the state, with a median rent of just $1,498.
7. New Britain
Insider Monkey Score: 22.13
Livability Score: 73
Median Rent: $1,500
IM Cost of Living: 100.4
New Britain is located just 5 miles west of Newington. Both the New Britain Museum of American Art and the New Britain Industrial Museum are excellent places to learn about the city’s rich heritage.
6. Norwich
Insider Monkey Score: 22.20
Livability Score: 79
Median Rent: $1,595
IM Cost of Living: 104.9
Norwich is located at the junction of the Yantic, Shetucket, and Quinebaug Rivers. Thus, the city offers miles of riverfront real estate and some of the most scenic parks in all of Connecticut. Moreover, its cost of living is 7% less expensive than the state average, making it one of the best places in Connecticut for a couple to live on only social security.
5. Torrington
Insider Monkey Score: 22.41
Livability Score: 74
Median Rent: $1,375
IM Cost of Living: 101.0
Torrington is located in Litchfield County. It is one of the cheapest places to rent in New England with a median rent of just $1,375. The Litchfield Hills are famous for their serene views and are home to many state parks. The Burr Pond State Park and the Sunnybrook State Park offer stunning vistas along with opportunities to engage in activities such as fishing, camping, and wildlife watching.
4. Meriden
Insider Monkey Score: 22.58
Livability Score: 82
Median Rent: $1,490
IM Cost of Living: 106.6
Meriden is located in New Haven County about 25 miles south of Hartford. For retirees who require access to urgent and high-quality healthcare, Meriden is one of the best places in Connecticut for a couple to live on only social security. It is home to the MidState Medical Center, a 156-bed hospital. Meriden has one of the highest livability scores on our list, making it an ideal choice for retirees to spend their golden years.
3. Waterbury
Insider Monkey Score: 22.68
Livability Score: 77
Median Rent: $1,400
IM Cost of Living: 102.1
Waterbury is one of the largest cities in the state. It features a diverse and friendly population that enables retirees to settle in easily. Waterbury is an incredibly rewarding place to retire in due to the variety of excursions it offers. It is home to multiple museums, theatres, and parks, along with recreational attractions such as indoor paintball fields and skating rinks.
2. Bristol
Insider Monkey Score: 22.80
Livability Score: 79
Median Rent: $1,450
IM Cost of Living: 102.9
If you’re looking for a small town with access to big cities, consider Bristol. It is located about 20 miles southeast of Hartford. Moreover, it is approximately 2 hours from both Boston and New York City. In addition, it is surrounded by several natural attractions such as the Mattatuck State Forest and the Mouth Southington Ski Park.
1. Willimantic
Insider Monkey Score: 24.39
Livability Score: 85
Median Rent: $1,406
IM Cost of Living: 100.2
Willimantic boasts the highest livability score out of all the destinations on our list. It is also the most affordable city in terms of cost of living. It is located in northeastern Connecticut along the banks of the Willimantic River, which was once lined with a booming textile industry. One of the best things about living in Willimantic is its pleasant downtown which features plenty of restaurants & cafes and hosts the annual Boom Box Parade. Owing to these factors, Willimantic is the best place in Connecticut for a couple to live on only social security.
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Disclosure: None. 15 Best Places in Connecticut for a Couple to Live on Only Social Security is originally published on Insider Monkey.