This article takes a look at the 15 best places in Oregon for a couple to live on only Social Security. If you wish to skip our detailed analysis on retirement healthcare in the US and its financial workings, you may go to 5 Best Places in Oregon for a Couple to Live on Only Social Security.
Funding Healthcare in Retirement
Discussions about retirement and healthcare often go hand in hand. After all, it is natural for individuals to talk about the medical aspects of their life at a time when they are entering their senior years and may be experiencing deteriorating – or at the very least less than perfect – health. However, there’s a specific node of healthcare that is more important than ever in the retirement discussions that individuals have – that of funding their healthcare in retirement. According to a Retirable and eHealth joint survey, the looming cost of healthcare is marring individuals’ retirements. A whopping 63% of Americans between the ages of 60 and 70 – many of whom are already enrolled in Medicare – state that healthcare is their greatest retirement-time financial burden.
Moreover, this financial stress has adverse effects on individuals’ health itself. The Schroders 2024 US Retirement Survey found that 33% of retirees worry that money-related stress will lead to their poor health, with 26% saying that their financial standings have been a cause of lost sleep. Americans also seem to be disheartened by Medicare, with 49% of retirees stating that they thought more of their healthcare needs would already be paid for by the program. So, exactly how great is the retirement healthcare burden? According to a report by the Employee Benefit Research Institute, retired couples who have Medicare parts A, B, D, and G need $351,000 to fulfill their remaining healthcare expenses in retirement. Worse yet, this figure doesn’t account for areas such as vision, dental, hearing, and long-term care since Medicare doesn’t cover them in the first place.
For retirees who do choose to opt for the assisted living route, the costs can be noticeably high, with some popular options in the US being the likes of Brookdale Senior Living Inc. (NYSE:BKD) and National HealthCare Corporation (NYSE:NHC). These options often cost thousands of dollars per month. For instance, a Brookdale Senior Living Inc. (NYSE:BKD) assisted living charge can go as high as $14,580 per month (subject to change). Also, individuals may be responsible for other fees in addition to the base fees, including a one-time community fee. With retirement healthcare costs in mind, another question arises – why exactly is the cost so high?
For one, healthcare costs have grown exponentially. KFF reports that the period from January 2000 to June 2023 saw a rise of 114.3% in medical costs, whereas the cost of consumer goods and services only rose by 80.8%.
“Health care costs tend to increase two or three times faster than the (cost of living) increases in Social Security income. There are so many retirees who just don’t have the savings to meet these costs – and that can have far-reaching consequences for other family members who want to provide some sort of assistance.”
-Mary Johnson, Social Security and Medicare Policy Analyst, The Senior Citizens League
Similarly, a lack of funding in the Medicare budget and an increased cost of premiums have combined with inflation to pile on the financial burden onto retirees. One result of the retirement healthcare burden is that senior citizens are more conscious than ever of their spending, often moving to the most affordable places to retire in the world. Of course, not all senior citizens can manage to move for their retirement, and they are often left to make do in the places where they have spent their entire lives. Take Oregon retirees, for instance. While Oregon is among the states that won’t tax Social Security income in 2024, it does tax other forms of retirement income including pensions and retirement account withdrawals. The state’s rental market, while 11% below the national median, is not quite affordable at a sizeable $1,695 for a two-bedroom property, reports Zillow Group, Inc. (NASDAQ:Z). Oregon’s average monthly grocery spend per person is also on the higher side at $375.41, according to Zippia, and above famously expensive states such as California.
All in all, while Oregon may not be the best state to live on Social Security alone, it remains one of the possible answers to the question, ‘Where in the US can you live on Social Security?’ To facilitate retired couples who are pondering the move to Oregon, we have compiled a list of the 15 best places in Oregon for a couple to live on only Social Security.
Methodology
To compile this list of the 15 best places in Oregon for a couple to live on only social security, we consulted several sources including our lists on retiring to Oregon, Safest Places To Retire in the US, and Best Mountain Towns for Retirement, as well as external sources such as Niche, Planswell, FinanceBuzz, Movoto, SmartAsset, and Heart & Home Real Estate. Once a list of places was compiled, we ranked them on their median figure for a two-bedroom rental, their livability scores, and their cost of living. For this article, rental prices were taken from Zillow Group, Inc. (NASDAQ:Z), livability scores were taken from Area Vibes, and the cost of living index was our own. To ensure that the recommended places held a high quality of living, we removed cities with a livability score below 60. An Insider Monkey score was then assigned to each place based on these factors, with the 15 highest-scoring places making our list of the 15 best places in Oregon for a couple to live on only social security. For cities that gained an equal score, their cost of living index was used as a tie-breaker. The resulting list is presented in ascending order.
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Here are the 15 best places in Oregon for a couple to live on only Social Security:
15. Brookings
Insider Monkey Score: 72
Livability Score: 60
IM Cost of Living: 100.8
Median Two-Bedroom Rental: $1,700
Starting off our list of the best places in Oregon for a couple to live on only Social Security is the Curry County city of Brookings. The city was founded in 1908 by Brookings Lumber and Box Company’s president after whom the city is named. Brookings is known as an Azalea City – being the only city in Oregon to earn the title. Residents can visit the Harris Beach State Park, the Semi Aquatic Gallery, and the nearby Lone Ranch Beach.
14. Medford
Insider Monkey Score: 78
Livability Score: 77
IM Cost of Living: 100.6
Median Two-Bedroom Rental: $1,550
Located in the state of Oregon’s southern region, the city of Medford is set in Jackson County. Although the city’s median figure for a two-bedroom rental is a noticeable $1,550, retirees can find listings for as low as under $1,100 – helping their Social Security checks last longer. With a favorable climate, residents can busy themselves with a range of indoor and outdoor activities such as visiting the DANCIN Vineyards and The Village at Medford Center shopping complex.
13. Grants Pass
Insider Monkey Score: 78
Livability Score: 70
IM Cost of Living: 96.3
Median Two-Bedroom Rental: $1,525
Our next pick is the city of Grants Pass which is located in Josephine County. A riverside city, Grants Pass is set by the Rogue River, gifting residents with majestic water views. Residents can visit the Grants Pass Museum of Art, the Barnstormers Theatre, and the Schmidt Family Vineyards winery.
12. Central Point
Insider Monkey Score: 81
Livability Score: 90
IM Cost of Living: 101.1
Median Two-Bedroom Rental: $2,100
Another Jackson County pick, the city of Central Point is best known for hosting the annual Jackson County Fair. Residents can also find lots of other activities to entertain themselves with, including the Rogue Valley Family Fun Center amusement park, the Crater Rock Museum, and the Four Oaks day spa. Although the city’s median figure for a two-bedroom rental is relatively high, retirees can find listings for as low as $1,195 – perfect for retired couples on Social Security.
11. Prineville
Insider Monkey Score: 81
Livability Score: 71
IM Cost of Living: 100.1
Median Two-Bedroom Rental: $1,450
Our first Crook County pick and taking the eleventh spot on our list is none other than the city of Prineville. With a cost of living that is practically on par with the national average, retirees won’t have to fret about excessively high costs and making do on a Social Security income. Instead, they can live out a peaceful retirement period in what is known as the ‘Rockhound Capital of the US’ due to the gemstones that are found in the area.
10. North Bend
Insider Monkey Score: 82
Livability Score: 71
IM Cost of Living: 91.5
Median Two-Bedroom Rental: $1,500
A Coos County city, North Bend holds a population of just over 10,200 – as per the last United States Census. Not only does this make for peaceful living, but it’s also perfect for senior citizens who want to escape small-city living during their Golden Years. Retirees can visit the North Bend Lanes bowling alley, Ferry Road Park, and the Pony Village Cinema.
9. Salem
Insider Monkey Score: 83
Livability Score: 79
IM Cost of Living: 101.5
Median Two-Bedroom Rental: $1,450
Oregon’s capital city – Salem – takes the next spot on our list of the best places in Oregon for a couple to live on only Social Security. With a population of over 177,000 residents, Salem is one of Oregon’s largest cities – making it the ideal retirement spot for senior citizens who are looking to experience big-city life. Residents can visit the Riverfront City Park, the Deepwood Museum & Gardens, and the Salem Cinema.
8. Coos Bay
Insider Monkey Score: 83
Livability Score: 60
IM Cost of Living: 90.5
Median Two-Bedroom Rental: $1,250
Our next spot on our list goes to the city of Coos Bay which shares a border with the city of North Bend. A Coos County city, the place is known for its historic buildings and artistic nature. For retired couples making a living on Social Security checks, the city is particularly accommodating as it carries a cost of living that is 9.5% below the national average. Combine this with the city’s many offerings – such as its parks, restaurants, and shops – and senior citizens will be able to experience a pleasant retirement.
7. Springfield
Insider Monkey Score: 84
Livability Score: 82
IM Cost of Living: 102.8
Median Two-Bedroom Rental: $1,500
Our first Lane County pick is the city of Springfield. The city is home to over 61,000 residents and is among the larger retirement spots on our list – making it a good pick for retirees who want to stay within urban settings. Springfield is best known for being the inspiration behind the hometown of the Simpsons family in the acclaimed show of the same name. Fans of the show can visit the Simpsons Mural which is located in the city.
6. Ontario
Insider Monkey Score: 88
Livability Score: 65
IM Cost of Living: 87.6
Median Two-Bedroom Rental: $1,275
Up next is Malheur County’s largest city – Ontario – with a population of just over 11,700 as per the last United States Census. Unarguably, the city’s winning point is its relatively low cost of living at 12.4% below the national average. Residents can visit the Four Rivers Cultural Center & Museum, the Ontario Luxe Reel Theatre, and Laxson Park.
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Disclosure: none. 15 Best Places in Oregon for a Couple to Live on Only Social Security is originally published on Insider Monkey.