If you’re considering retiring in Buffalo, New York, you’ll want to prepare a budget that outlines how much your cost of living may be if you move to the area. To create a budget that is accurate and useful, you will need to look at the average cost for some of the major expenses during retirement.
For most people, those expenses are housing, health care, and transportation. Here is a look at the average cost of these categories in Buffalo.
Renting a home in Buffalo can provide a more cost-friendly option for seniors looking to retire to the area without draining through their retirement plan. If you’re looking for a one-person apartment, the average cost is just over $1050 a month. For two-bedroom apartments, the average rent is closer to $1450 a month.
For retired seniors that are set on buying a house in the area, the median listing price comes in around $110,000. This number can increase or decreases depending on the size of the home you’re looking for and the location of the home in the city.
Whether you’re looking to rent or buy, you will find better deals on housing in the North Park, Parkside, or Lakeview areas. If you’re trying to stick to a strict budget, the Central Business District, Willert Park, Forest, and Park Meadow are the most expensive neighborhoods and should be avoided.
Medicare spending for Erie County, as a whole is relatively high compared to other cities in New York, but the cost per beneficiary is low. The "per beneficiary" cost of Medicare for Erie County is just over $8,100, which is below the national average of $9,500.
Your actual cost of health care will be reflective of the treatments and care that you need. You will want to budget for your increasing need for specialized health care as you age, including things like in-house home aide or for an assisted living community or center.
Your car insurance in Buffalo may be one of the most expensive transportation expenses you will need to budget for. Although the amount you pay in premium for auto insurance will depend on your past experience with driving, the range for Buffalo car insurances can be anywhere from $860 to $3,594. Fortunately, the average rate is right in the middle at about $1,759 per year.
If your living cost has you tight for cash, there are still low-cost or free entertainment options available in the Buffalo area. One of the best deals to keep you busy is the M&T Bank Free Fridays. Through the Free Fridays program, you can visit different art centers and museums different Fridays of the month. On the first Friday, check out the Albright-Knox Art Gallery, the Burchfield Penney Art Center on the second Friday, the Buffalo History Museum on the third Friday, and the Buffalo Arts Studio on the fourth Friday.
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