As you prepare to retire, there are many considerations you need to think about. For example, what is the cost of living in your preferred city? If you are considering retiring in Buffalo, you are in luck. It is one of the most affordable cities in the country. According to the latest figures from Forbes, the cost of living in Buffalo is 10.2 percent less than the average for the nation. What does this mean for the expenses that matter most to retirees? How does the “City of Good Neighbors” stack up to the rest of the United States?
The housing prices are showing a slow upward trend in Buffalo, while the rents have dropped dramatically recently. Both are likely to drop in the future as Buffalo continues to experience a population decrease and job growth is stagnant. The median home price in Buffalo as of July of 2015 is $125,200. The average rent for a one-bedroom apartment in Buffalo is $1,036 per month as of June 2016. Two-bedroom units cost $1,440.
The food prices in Buffalo are well below the US average. In fact, residents spend 5.4 percent less for their groceries than the rest of the country according to Sperling’s Best Places. What does this mean at the cash register of the supermarket? Some common items in Buffalo grocery stores cost an average of $2.72 for a gallon of milk, $2.50 for a dozen eggs, and $3.04 for a pound of boneless, skinless chicken breasts.
Overall, transportation in Buffalo costs the same amount as the US average according to Sperling’s Best Places. Of course, you are likely to spend even less on transportation if you are retired and do not have a daily work commute. As of July 2016, the gas prices in Buffalo range from $2.19 to $2.75 per gallon. Auto insurance in Buffalo is expensive. Buffalonians have to spend an average of $1,759 per year for car insurance. This is well above the national average of $1,099. You can generally find better rates based on your driving history, driving habits, type of vehicle, and where in the city you live.
Senior care in Buffalo is more expensive than the rest of the country for the most part. The exception is adult day health care, which costs $12,480 per year in Buffalo. The national median cost is $17,680. Home health care is over $5,000 per year more in Buffalo than the national average. Assisted living costs $49,680 in Buffalo versus $43,539 nationally. And, private rooms and semi-private rooms in nursing homes in Buffalo will cost you $140,335 and $136,437 respectively. This is compared to the US averages of $92,378 and $82,125.
To get the most out of your nest egg, be sure to take the time to comparison shop for Buffalo housing based on pricing, walkability, and the availability of low-cost transportation solutions.
Find assisted living in Buffalo near you.