As you prepare for retirement, there are many things you need to think about. The cost of living in your preferred destination is one of the big factors. Fortunately, Albuquerque is one of the most affordable cities in the country. The cost of living in Albuquerque is one percent below the nationwide average according to the latest figures released by Forbes. But, how does the Duke City stack up to the rest of the country when it comes to the expenses that matter most to seniors?
Both home prices and rents have shown a steady upward trend in Albuquerque in recent years. This may change in upcoming years as both population increases and job growth have slowed down. The median home price in the city is $171,800. Those who prefer to rent can expect to pay $721 per month on average for a one-bedroom apartment in Albuquerque as of June 2016. Two-bedroom units are going for $926.
Food is less expensive in Albuquerque than elsewhere in the United States. In fact, according to Sperling’s Best Places, Albuquerqueans spend three percent less for groceries than the national average. How does this translate to the supermarket? As of July 2016, the average prices for some common grocery items are $2.47 for a dozen eggs, $2.93 for a gallon of milk, and $2.80 for a pound of boneless, skinless chicken breasts.
Albuquerqueans also spend less for transportation than the rest of the country. On average, transportation is four percent cheaper in the city. And, you are likely to spend even less if you are retired and don’t have a commute each day. Gas prices range from $1.91 to $2.24 per gallon as of July 2016. Albuquerque’s auto insurance rates are among the lowest in the nation. Residents spend an average of $1,442 per year for car insurance. Of course, you are likely to find even better rates based on the type of car you drive, where in the city you live, your driving history, and your driving habits.
Some types of senior care in Albuquerque are more expensive than the national average, while others are more affordable. Assisted living is about $40,800 per year on average in Albuquerque versus $43,539 nationally. Private rooms and semi-private rooms in Albuquerque nursing homes are $91,192 and $77,745 respectively. This is compared to the US medians of $92,378 and $82,125. Home health care is about $4,000 per year more expensive in Albuquerque. And, adult day care is $27,040 in Albuquerque and $17,680 elsewhere in the country.
Make sure you are getting the most out of your retirement funds by taking the time to comparison shop for the best housing in Albuquerque based on walkability, affordable transportation solutions, and pricing.
Find assisted living in Albuquerque near you.