In a few years, I’ll be dependent on Social Security (if it still exists) and will have to live on a little over $900 a month. That’s not much money, given the current cost of living (and the fact that I worked and paid into the system for 40 long and mostly miserable years). The average monthly benefit was about $1,230 at the beginning of 2012 – which I could probably get if I were willing to wait a few more years – so lots of us will be in the same boat. There are plenty of people out there who live on less.
But consider this: according to the American Housing Survey, the median monthly rental housing cost in 2011 was $845, including utilities and trash collection. That doesn’t include internet, cable, Medicare Part B, prescription drugs, clothing, or any type of transportation or entertainment.
Oh, or food.
This figure is not broken down by apartment size, so it’s higher than the median rental cost of a studio or one-bedroom apartment. But after spending a lot of time living in the real world, I have to assume that the median monthly rent on even the tiniest of apartments is going to eat through most of my monthly Social Security check.