A mortgage-free retiree collecting average Social Security benefits in Wake County needs just $59,908 in savings to cover essential and normal discretionary expenses — the lowest figure among 55 of the nation's largest counties studied. That ranking makes Wake County the most affordable place in the country to retire, according to a new analysis.
The finding comes from a 2026 study by SmartAsset, which calculated retirement savings needs for a single retiree in each county using a 4.7% initial withdrawal rate. As CBS 17 reported, “Wake County is the most affordable place in the nation to retire in, a study has found.” The analysis covers a single person retiring in their county of residence in 2026.
The numbers break down differently depending on whether a retiree owns a home outright or rents. Wake County homeowners face annual minimum essential retirement expenses of $24,612, while renters face $36,012 a year, the station's report shows. When normal discretionary spending is added in, those annual costs rise to $30,796 for homeowners and $42,196 for renters.
Social Security Only Covers So Much
Average annual Social Security benefits in Wake County total $27,981, per the same account. That helps explain why the $59,908 savings figure applies specifically to mortgage-free homeowners receiving those benefits — not to renters or to retirees without Social Security income at all.
For a Wake County retiree with neither Social Security nor home ownership, the picture looks far different: that person may need up to $897,791 in retirement savings, the outlet reports. The gap illustrates just how much housing status and benefit income shape what counts as affordable retirement.
Quartz notes that SmartAsset arrives at its savings figures by subtracting a county's average annual Social Security benefit from annual expenses, then dividing the remainder by 0.047 to reflect that 4.7% withdrawal rate. Crucially, the benefit figure used is a county average pulled from Social Security Administration data from December 2025, not a projection of what any individual retiree will actually collect, according to Quartz.
How Wake Stacks Up Against Other NC Counties
Nearby Mecklenburg County, home to Charlotte, tells a pricier story. A retiree there with Social Security and home ownership needs $77,331 in savings, while one without Social Security may need up to $907,000, CBS 17 reports.
Statewide, Investopedia's broader retirement-cost analysis ranks North Carolina 30th in the nation for affordability, estimating that a single retiree needs $53,382 annually for a comfortable retirement and a typical couple needs $75,268. After factoring in Social Security, Investopedia estimates a typical North Carolina couple would need to supplement their benefits with roughly $939,000 in savings — more than what's estimated for South Carolina, Tennessee, and Alabama, though less than Florida's $1.10 million.
The Most and Least Affordable Counties Nationwide
At the opposite end of SmartAsset's 55-county list sits Santa Clara County, California, which the study identifies as the most expensive place for retirees. Retirees there may need up to $702,962 in savings with Social Security, and as much as $1.2 million without it, per CBS 17's report. A single renter in Santa Clara County without Social Security could need an estimated $1.30 million, according to SmartAsset's own findings.
Maricopa County, Arizona, home to Phoenix, lands closer to Wake County's end of the spectrum, with mortgage-free homeowners there needing $73,004 after Social Security, per SmartAsset. For renters specifically, Tulsa County, Oklahoma, ranks as the most affordable location studied, with a renter needing $176,389 in savings — still three times what a Wake County homeowner needs. Kings County, New York, which includes Brooklyn, sits at the other extreme for renters, who may need an estimated $736,897 in savings after accounting for average Social Security benefits.
No Renter Escapes Needing Savings
One pattern held across every county SmartAsset studied: no renter anywhere could live on Social Security benefits alone. In 16 of the 55 counties, though, a frugal, mortgage-free homeowner receiving average Social Security could theoretically cover essential expenses without dipping into retirement savings at all.
SmartAsset itself cautions that its 55-county sample is not representative of the entire United States, particularly smaller and rural areas, a caveat echoed in Quartz's coverage of the study. Still, for Wake County residents eyeing retirement, the ranking offers a reminder that paying off a mortgage before retiring can make an outsized difference in how far Social Security stretches.
