As we get ready for retirement, one of the main factors most of us take into consideration is the cost of living in our preferred destination. Fortunately, Cleveland has one of the lowest costs of living in the United States. According to statistics from Forbes, the cost of living in Cleveland is 9.4 percent lower than the average for the country. Yet, how does the Forest City stack up to the rest of the US when it comes to expenses that matter most to older adults?
Home prices in Cleveland have spiked in recent years, but rent costs have gone down, and housing costs will probably show slow growth if any as Cleveland’s population continues to decrease and job growth stagnates. The median home price in Cleveland is $131,600. Those retirees who choose to rent can expect to pay $824 per month for a one-bedroom apartment in Cleveland. Two-bedroom units are $1,137 on average as of June of 2016.
According to numbers from the Bureau of Labor Statistics, Clevelanders spend more, but not significantly more, than the national average on food. 13.7 percent of household expenditures in Cleveland are on food. There also is not a significant different in how much residents spend on going out to eat. Some common prices for groceries include $3.27 on average for a gallon of milk, $2.60 for a dozen eggs, and $4.85 for a pound of boneless, skinless chicken breasts according to numbers published in July of 2016.
Clevelanders also spend a larger proportion of their incomes on transportation than the national average, but the difference is not significant. On average, eighteen percent of household expenditures in Cleveland are on transportation. As of July 2016, the price for a gallon of gas in Cleveland ranged from $1.56 to $2.49. Auto insurance is incredibly cheap in Cleveland. The national average for car insurance is $1,099 per year, but in Cleveland, the average rate is $927. You can probably get an even better deal if you have a good driving history, good driving habits, and the right type of vehicle.
The costs for senior care are a mixed bag in Cleveland when compared to the national medians. Adult day health care is much less expensive at $12,935 per year versus $17,680 nationally. A private room in a nursing home is less expensive than the national average in Cleveland, but semi-private rooms are more expensive. They cost $91,250 and $83,950 respectively compared to the national medians of $92,378 and $82,125. A private room in an assisted living facility will cost you $4,000 more than the average in Cleveland. And, the prices for home health care vary significantly from the US average.
Take the time to comparison shop for housing based on inexpensive transportation options, walkability, and pricing to make sure you get the most out of your retirement savings in Cleveland.
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