As you begin to plan for retirement, it’s important to examine how much everything costs. You will need to find a location that is suitable to your budget. According to Forbes, the cost of living in Baltimore is 10.1 percent above the national average.
Below is a glance at all the main expense areas in Baltimore. You can see which areas you may be able to save money.
The median home price in Baltimore is $122,700, which has gone up 5.3 percent from last year. Zillow predicts that the cost of homes will continue to increase over the next year by about 1.1 percent. As of February 2017, the average rent for an apartment in the city of Baltimore is $1,513. A one-bedroom apartment runs about $1,393 a month, while a two-bedroom unit costs about $1,696.
The cost of electricity in the Baltimore area is about 3.7 percent below that national average. Natural gas prices were 20.1 percent above the national median.
Consumers in the Baltimore area will see that some grocery items are higher than the national average and some are not. Shoppers will pay around $3.66 for bread, $2.80 for a dozen eggs, and $2.39 for a gallon of milk. A 12-inch pizza runs around $9.99.
The price of gasoline averages around $2.34 a gallon, which is pretty close to the national average of $2.36 a gallon. Retirees can save on the cost of gas because they are no longer commuting daily to work. Some retirees will also downsize to one vehicle to further reduce costs.
You can also consider getting a monthly bus pass, which costs $20 for seniors.
The state of Maryland’s average for annual car insurance premiums is $1,368, but Baltimore rates are higher and average $1,813 a year. These rates can change based on your driving record, type of your vehicle, and discounts available.
The cost of senior care is higher than the national average for certain kinds of care and lower for other. Assisted living care in Baltimore averages $40,000 annually, which is lower than 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. The average annual price for nursing home care in Baltimore is considerably higher with average rates of $113,000 for semi-private rooms and $128,500 for private rooms.
Adult day care services are slightly higher than the national average with rates around $20,800. Home health aide costs average $48,000 in Baltimore.
It’s always a good idea to look around for the best prices whether you are grocery shopping or insurance shopping. You should compare prices for all your utilities, housing, health care, and other services. Finding a home that is within walking distance to stores and activities can also save you money.
Find assisted living in Baltimore near you.