When you are looking to retire, you need to examine the cost of living where you want to live. The cost of living in Aurora, Colorado is about 7.8 percent above the national average.
There are ways to save for your retirement, so below is a breakdown of the major costs. You can see areas that can save you money in Aurora.
In Aurora, the median home value is $277,600, which has increased 11 percent from last year. Zillow estimates the costs will continue to rise 3.6 percent this year. An apartment within the city of Aurora averages $1,408 a month. A one-bedroom apartment costs around $1,192, and a two-bedroom unit averages $1,511.
Colorado households use about 15 percent more energy than the country’s average. However, costs for energy in Colorado is around 23 percent less than the national average due to extremely low natural gas prices. Colorado’s cooler temps make heat the number one energy use. Electric bills average around $150 a month, which is lower than the nation’s average of $170.
The cost of groceries varies on whether it is higher or lower than the national averages. Consumers in the Denver area spend around $2.95 for a dozen eggs, $1.73 for bread, and $1.83 for a gallon of milk. A 12-inch Pizza Hut pizza costs $6.99.
As of February 2017, gas prices averaged $2.12 a gallon compared to the national average of $2.36 a gallon.
Retirees can save on the cost of gas because they no longer have the daily work commute. Some retirees will also downsize to one vehicle to help with costs. You can also consider getting a pass for the public transportation system to travel locally, which would ultimately save you money. A monthly bus pass costs $30.
Car insurance in Colorado averages about $821.19 a year, and the national auto insurance premium averages $866.31. Rates will vary based on your driving record, type of vehicle, the amount of coverage, and other discounts available.
The cost of senior care is higher than the national average. Assisted living care in the Denver area costs on average $51,000 annually in comparison to the national average of $46,000. The national average cost for nursing home care is $80,300 for a semi-private room and $91,250 for a private room. In the Denver/Aurora area, the average nursing home rates are more expensive with the annual rates ranging from $90,703 for a semi-private room to $102,930 for a private room.
Adult day care services are about the same as the national average with rates around $16,900. Home health aide costs average $55,000 in Aurora.
You can always look for ways to save by searching for the best rate, which can even mean trying different grocery stores or local markets for grocery shopping. You can comparison shop all your services including utilities, insurance, and health care. Look for housing that allows you to walk or is available at a discounted rate.
Find assisted living in Aurora near you.