Illinois
How Far the Average Social Security Check Goes in the Largest Illinois Cities
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Illinois is considered a worthy state for a few key reasons, including its bustling economy, overall solid livability scores and relative affordability, as compared with other states. But not all cities are created equal; in which does the average Social Security check stretch the furthest? The answer depends on whether you rent or own.
In a new study, GOBankingRates analyzed the largest cities in Illinois to find how far the average Social Security benefits goes. The cities are ranked to show the least expensive to most expensive cost of living for renters and homeowners.
How Far the Average Social Security Check Goes for Homeowners in 10 Illinois Cities
10. Schaumburg
- Average single-family home value: $386,380
- Number of households receiving Social Security: 26,733
- Average annual Social Security benefits among households receiving them: $26,114
- Total annual cost of living for homeowners after Social Security benefits: $2,117
- Total annual cost of living for homeowners after Social Security benefits: $25,404
9. Palatine
- Average single-family home value: $402,195
- Number of households receiving Social Security: 22,196
- Average annual Social Security benefits among households receiving them: $25,733
- Total annual cost of living for homeowners after Social Security benefits: $2,259
- Total annual cost of living for homeowners after Social Security benefits: $27,104
8. Skokie
- Average single-family home value: $412,029
- Number of households receiving Social Security: 20,490
- Average annual Social Security benefits among households receiving them: $25,776
- Total annual cost of living for homeowners after Social Security benefits: $2,316
- Total annual cost of living for homeowners after Social Security benefits: $27,796
7. Orland Park
- Average single-family home value: $414,254
- Number of households receiving Social Security: 20,521
- Average annual Social Security benefits among households receiving them: $26,368
- Total annual cost of living for homeowners after Social Security benefits: $2,351
- Total annual cost of living for homeowners after Social Security benefits: $28,210
6. Mount Prospect
- Average single-family home value: $429,714
- Number of households receiving Social Security: 18,564
- Average annual Social Security benefits among households receiving them: $24,251
- Total annual cost of living for homeowners after Social Security benefits: $2,403
- Total annual cost of living for homeowners after Social Security benefits: $28,833
5. Arlington Heights
- Average single-family home value: $487,433
- Number of households receiving Social Security: 26,043
- Average annual Social Security benefits among households receiving them: $27,125
- Total annual cost of living for homeowners after Social Security benefits: $2,722
- Total annual cost of living for homeowners after Social Security benefits: $32,668
4. Wheaton
- Average single-family home value: $491,201
- Number of households receiving Social Security: 16,450
- Average annual Social Security benefits among households receiving them: $26,648
- Total annual cost of living for homeowners after Social Security benefits: $2,765
- Total annual cost of living for homeowners after Social Security benefits: $33,181
3. Oak Park
- Average single-family home value: $498,614
- Number of households receiving Social Security: 19,797
- Average annual Social Security benefits among households receiving them: $28,243
- Total annual cost of living for homeowners after Social Security benefits: $2,828
- Total annual cost of living for homeowners after Social Security benefits: $33,932
2. Evanston
- Average single-family home value: $558,590
- Number of households receiving Social Security: 24,936
- Average annual Social Security benefits among households receiving them: $27,864
- Total annual cost of living for homeowners after Social Security benefits: $3,123
- Total annual cost of living for homeowners after Social Security benefits: $37,481
1. Naperville
- Average single-family home value: $597,091
- Number of households receiving Social Security: 45,151
- Average annual Social Security benefits among households receiving them: $29,855
- Total annual cost of living for homeowners after Social Security benefits: $3,377
- Total annual cost of living for homeowners after Social Security benefits: $40,526
How Far the Average Social Security Check Goes for Renters in 10 Illinois Cities
10. Tinley Park
- Average monthly rent: $2,042
- Number of households receiving Social Security: 19,751
- Average annual Social Security benefits among households receiving them: $25,255
- Total annual cost of living for renters after Social Security benefits: $2,127
- Total annual cost of living for renters after Social Security benefits: $25,524
9. Aurora
- Average monthly rent: $2,172
- Number of households receiving Social Security: 52,205
- Average annual Social Security benefits among households receiving them: $24,915
- Total annual cost of living for renters after Social Security benefits: $2,130
- Total annual cost of living for renters after Social Security benefits: $25,560
8. Wheaton
- Average monthly rent: $2,099
- Number of households receiving Social Security: 16,450
- Average annual Social Security benefits among households receiving them: $26,648
- Total annual cost of living for renters after Social Security benefits: $2,191
- Total annual cost of living for renters after Social Security benefits: $26,288
7. Chicago
- Average monthly rent: $2,122
- Number of households receiving Social Security: 912,966
- Average annual Social Security benefits among households receiving them: $20,383
- Total annual cost of living for renters after Social Security benefits: $2,220
- Total annual cost of living for renters after Social Security benefits: $26,640
6. Des Plaines
- Average monthly rent: $2,161
- Number of households receiving Social Security: 19,660
- Average annual Social Security benefits among households receiving them: $24,252
- Total annual cost of living for renters after Social Security benefits: $2,222
- Total annual cost of living for renters after Social Security benefits: $26,660
5. Naperville
- Average monthly rent: $2,154
- Number of households receiving Social Security: 45,151
- Average annual Social Security benefits among households receiving them: $29,855
- Total annual cost of living for renters after Social Security benefits: $2,281
- Total annual cost of living for renters after Social Security benefits: $27,377
4. Evanston
- Average monthly rent: $2,201
- Number of households receiving Social Security: 24,936
- Average annual Social Security benefits among households receiving them: $27,864
- Total annual cost of living for renters after Social Security benefits: $2,285
- Total annual cost of living for renters after Social Security benefits: $27,418
3. Skokie
- Average monthly rent: $2,288
- Number of households receiving Social Security: 20,490
- Average annual Social Security benefits among households receiving them: $25,776
- Total annual cost of living for renters after Social Security benefits: $2,362
- Total annual cost of living for renters after Social Security benefits: $28,346
2. Bolingbrook
- Average monthly rent: $2,454
- Number of households receiving Social Security: 20,429
- Average annual Social Security benefits among households receiving them: $26,016
- Total annual cost of living for renters after Social Security benefits: $2,454
- Total annual cost of living for renters after Social Security benefits: $29,451
1. Orland Park
- Average monthly rent: $2,463
- Number of households receiving Social Security: 20,521
- Average annual Social Security benefits among households receiving them: $26,368
- Total annual cost of living for renters after Social Security benefits: $2,560
- Total annual cost of living for renters after Social Security benefits: $30,715
Methodology. For this study, GOBankingRates analyzed the largest cities in Illinois to find how far the average Social Security benefits goes. First GOBankingRates found cities in Illinois along with the basic information for each city including; total population, population ages 65 and over, total households, and household median income all sourced from the US Census American Community Survey. In order to qualify for this study, each city had to have a population of at least 50,000 and have all data points available. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes for grocery, healthcare, utilities, transportation, miscellaneous as well as the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location and included as supplemental information. The average single family home value was sourced from Zillow Home Value Index for October 2024. Using the average single family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The average rental cost can be sourced from Zillow Observed Rental Index for each city and using the expenditure costs the total cost of living for each city can be calculated. The percentage of households who receive Social Security benefits, the number of households who receive Social Security benefits, and the average number of Social Security income was all sourced from the US Census American Community Survey. The cities were sorted to show the most expensive to least expensive cost of living for renters and homeowners. All data was collected on and is up to date as of November 20th, 2024.
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