The cost of retirement is one of the biggest stresses for seniors. Without years to save up, many people begin to worry that they don’t have enough money to cover all the costs of retiring. However, how much you will spend during your retirement largely depends on the area that you choose to live.
If Albuquerque, New Mexico is on the top of your list of retirement cities, you will want to do research on the cost of living in that city. Here we take a look at some of the most expensive parts of living in Albuquerque, including housing, health care, and transportation.
Purchasing a house for retirement in Albuquerque can be on the expensive side. Since Zillow puts the value of homes in the Albuquerque area around $171,000, this is an expense you will need to factor in for saving for retirement. However, buying an Albuquerque home can be beneficial if you retire early and you believe you will be in the New Mexico city for years and years, or you would like to leave a home behind for your children and grandchildren.
Although purchasing a house can be expensive in Albuquerque, renting in this city is cheaper than comparable areas. Average rent for a one-bedroom is about $720 a month while a two-bedroom can be rented for an average price of just over $920. However, while these are averages, rent prices in some areas will be much higher. Average rent in neighborhoods like Zuni or Academy Ridge East is closer to $1400.
The cost of health care in Albuquerque is actually much lower than the national average. For fee-for-service Medicare, the average cost per beneficiary is about $7,283, which is over $2,000 less than the national average.
Although the average per beneficiary is lower than the national average in health care costs, you will still end up paying an amount proportional to the care that you receive. If you do not need a lot of medical attention, you could pay substantially less while specialty treatments or at home care could increase this amount dramatically.
Public transportation in Albuquerque is affordable, with one-way tickets available for just a dollar and monthly passes for $30.
If you plan on using your car to get around in Albuquerque, you will need to consider the cost of car insurance in the area. Compared to other major cities, Albuquerque has a low cost of insurance per year with an average of $720.
Albuquerque hosts dozens of free events and festivals so you won’t need to break your budget just to have fun in the city. The National Hispanic Cultural Center throws various free events throughout the year and ARTScrawl hosts free gallery tours on the third Friday of every month. Museums in Albuquerque also have special deals for discounted tickets or free entry.
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