Before you determine an area to retire in, you’ll need to consider the cost of living for that city. When you’ve only got your retirement fund to live off of, you want it to stretch as far as possible. For anyone thinking that Cleveland, Ohio may be their retirement location, you will want to look at the cost of living for all the important areas, including housing, health care, and transportation.
The amount that you will spend on housing in Cleveland depends on the style of housing you’re looking to secure for retirement. If you’re looking for a location where all your family can come visit, you may want to consider purchasing a home. For a senior couple looking to downsize, an apartment may be all that you need. Another option for seniors looking to retire is a senior living community.
Purchasing a home in Cleveland can be relatively cheap compared to other retirement cities in the country. The median sale price for a Cleveland home comes in around $78,000 according to Zillow.
Renting an apartment in Cleveland can also be on the cheaper end of the national spectrum, especially compared to other major cities. If you’re looking for a one-bedroom apartment, the city average was about $830 a month while the average for a two-bedroom apartment came in at just over $1100.
If you’re set on a retirement community, your price can range pretty drastically. At the lower level, you may pay around $1,400 per month while the higher level could cost you over $4,000 each month.
Health care costs in Cleveland will also vary depending on your individual needs. Medicare costs per beneficiary in Cuyahoga County were about $10,315 on average, which is high compared to spending in the rest of the state of Ohio.
If you are in need of additional health care, including in-home care or assisted living, your cost for health care may be much higher. It isn’t uncommon for home health aides to charge $30 or more per hour spent giving care.
While other costs in Cleveland seem to be down compared to other parts of the country, transportation in Cleveland can be on the expensive side. Purchasing a one-way ticket on public transportation will cost around $2.50 while a monthly pass can be as much as $82.
Even car owners may not be able to get a break from the transportation costs. Car insurance in Cleveland averages out to be just over $900 while a gallon of gas in Cleveland costs about $2.25.
Choosing to retire in Cleveland can give you a number of free activities to partake in, including touring the Rock and Roll Hall of Fame or visiting the Cleveland Metroparks Zoo. Other free options include the West Side Market, the Great Lakes Science Center, and the Cleveland Botanical Garden.
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