Retirees in Maryland face one of the steepest financial challenges in the country, if they depend on Social Security alone.
According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, seniors in the Old Line State experience an annual shortfall of $3,672, or about $306 per month, even with their mortgage fully paid.
The data begs an alarming question: will retirees be able to stay in their homes into retirement? Or will they be forced out?
Housing costs push budgets over the edge
Retirees in Maryland face average monthly expenses of $2,390, while the median Social Security benefit is just $2,084. With housing costs averaging $755 per month, nearly 36% of a retiree’s monthly check is gone before other essential expenses like food, healthcare, and transportation are considered…