Social Security can cover your living expenses if you live in S.C., other states, report finds

(NEXSTAR) – It’s the dream of many Americans: the hope to one day pay off your mortgage and retire knowing you’re financially set, and you can do whatever your heart desires.

Unfortunately, this isn’t the typical reality for the majority of U.S. residents due to the rising cost of housing across the entire country.

A new report from Realtor.com now shows that Americans in only ten states can live comfortably on Social Security benefits alone after retirement if they’ve paid off their mortgage.

To find this, Realtor.com analyzed median Social Security benefits by state and the Elder Economic Security Standard Index, which tracks the basic living cost of older adults. What they discovered was that, over the past five years, the cost of homeownership has increased by about 26%, primarily due to hidden expenses.

After you pay off your mortgage, there are still monthly “hidden” expenses to pay, such as property taxes, utilities and home insurance. Due to the rising cost of these expenses, the average retiree falls about $2,762 short every year, or roughly $230 a month, if they were to live solely off Social Security benefits.

Of the ten states where the average retiree isn’t falling short of their expenses, Delaware stands at the top, with residents having an annual surplus of $1,764 thanks to their Social Security benefits. This is because, on average, the typical Delaware retiree receives about $2,139 in benefits, while the average cost of monthly living expenses is $1,992. This leaves each retiree with an extra $147 per month, or $1,764 a year, according to Realtor.com.

Not far behind is Indiana, with a surplus of $1,392, followed by Arizona, with $1,224.

Here’s the full list of the ten states where Social Security benefits alone can cover your living expenses.

Rank	State	Annual Surplus	Median Monthly Benefits	Total Monthly Costs
1.	Delaware	+ $1,764	$2,139	$1,992
2.	Indiana	+ $1,392	$2,016	$1,900
3.	Arizona	+ $1,224	$1,976	$1,874
4.	Utah	+ $888	$2,007	$1,933
5.	South Carolina	+ $828	$1,929	$1,860
6.	West Virginia	+ $660	$1,861	$1,806
7.	Alabama	+ $576	$1,853	$1,805
8.	Nevada	+ $432	$1,841	$1,805
9.	Tennessee	+ $156	$1,883	$1,870
10.	Michigan	+ $132	$2,067	$2,056

On the other end of the list, several states fall extremely short of being able to have benefits alone cover their living expenses.

Vermont lands at the very bottom with the average retiree being $8,088 short annually, or $674 per month. After that, New Jersey, Massachusetts and New York all fall roughly between $7,300-$7,500 short every year.

To see the full list and how retirees in your state are faring, check out the report on Realtor.com.