Once you’ve retired, your local cost of living becomes a very important factor determining your quality of life. Retirement is when you begin to draw upon the money you have put away over your working life, and draw a pension that will be a fixed amount.
Gone are the days of regular promotions, overtime, or wage increases to cover shortfalls in your monthly budget. Alternately, you’re no longer tied to living near your former place of employment.
Relocation can be the solution to a less than ideal retirement income, or as a means to increase your standard of living on a fixed income. Charleston, South Carolina is a locality that has much to recommend for many people in other parts of the United States.
Read further and get an idea of the costs of living in Charleston. See if the numbers add to a more secure retirement for you.
Compared to other parts of the U.S., gasoline prices in Charleston are reasonable for retirees. You can fill up your tank for $1.80 and $2.00 a gallon; this is considerably cheaper than what retirees in the Northeast or on the West Coast will pay. Consider as well that you no longer need to concern yourself with a daily commute or a morning school run.
Auto insurance in Charleston is priced a little below the national average at about $1500.00 per year. Of course what you’ll pay is calculated based on your circumstances, auto, driving history, and many other factors.
As of 2016, the average rent in the city of Charleston is $1313.00. More specifically a one-bedroom apartment will cost about $1120 per month in a normal area, and a two-bedroom apartment is on average $1317.00.
The cost of a home in Charleston as of 2016 is $265,000, or roughly $178 per square foot. Many retirees should be able to sell their homes and buy a comparable domicile in the Charleston area.
The cost of monthly utilities for an apartment in Charleston is $140.00 on average for two people living in a one-bedroom apartment. This includes the cost of gasoline, electric, heat, and water, etc. While not inexpensive, the cost of utilities in Charleston closely follows the national average.
The need for long-term care is a possibility that all retirees need to consider. The U.S. average cost for a private room in a nursing home is $91,250 per year. A semi-private room will cost you $80,300 per year on average.
Here is where Charleston really shines; the cost of a private room in a nursing home will only cost $73,730 per year, and a semi-private room will cost a reasonable $67,160.00 per year, well below the national average. Your long-term care dollar goes further in Charleston than in many other parts of the United States.
Before you move to take advantage of lower costs of living, look into all the factors that constitute a good quality of life for you. With careful planning, you should find the place where you can maximize your retirement assets.
Find assisted living in Charleston near you.