Anytime we consider where to live, we need to look at the cost of living in that city. But when you’re looking for a place to settle down during retirement, the cost of living factor becomes even more important. Without a steady income, you need to select a city where your retirement fund will last.
If you’re considering Cincinnati, Ohio for your retirement city, you’ll want to know how it measures up to other cities across the globe. According to Forbes, the cost of living in Cincinnati is 7.6% below the national average, but this number also breaks down into different divisions. Here is a brief overview of how expensive it might be to live in Cincinnati.
In the city of Cincinnati, the median home price is around $145,400. For a one-bedroom apartment, the average rent is around $909 a month while a two bedroom will cost you around $1,203. Basic utilities, including electricity, heating, water and garbage come in right around the national average, or about $128 for a 915 square foot apartment.
The city of Cincinnati is currently growing in the business world and attracting new people interested in growing their careers. If this trend continues to grow, the cost of housing in the Cincinnati area may continue to rise.
As with many cities, the amount you spend on food depends on how well you budget, where you choose to eat out, and how many people you need to feed. In the city of Cincinnati, it isn’t difficult to eat well on a low budget.
The average meal at an inexpensive restaurant will cost you around $12 in Cincinnati while you could get a three-course meal for two at a mid-range restaurant for about $45. For groceries, a gallon of regular milk runs around $2.66 and a dozen eggs comes in around $2.23.
Transportation in Cincinnati is just slightly below the national average but slightly higher than the entire state of Ohio. Gas runs about $3.40 in the city of Cincinnati, but local transportation is on the low end of the spectrum at around $1.75 for a one-way ticket on local transport.
The cost of senior care in Cincinnati is reflective of other cost of living points. If you choose to retire in Cincinnati, it may also mean that you will need senior care services at some point. You’ll want to ensure they are aligned with your finances before the services are needed.
The monthly cost of adult day health care averages to about $1,192 a month with an assisted living facility averaging around $4,000. Nursing home care in Cincinnati is the most expensive, coming to around $7,163 a month for a semi-private room and $8,395 for a private room.
These numbers are expected to grow in the next few years. In 10 years, adult day care could cost around $1,602 and an assisted living facility could cost $5,376 in 2026.
Find assisted living in Cincinnati near you.