As you prepare for retirement, there are a number of factors you need to take into consideration. For instance, what is the cost of living in your preferred destination? If you are considering retiring in Colorado Springs, you are in luck. According to Sperling’s Best Places, the cost of living in Colorado Springs is just one percent more than the national average. But, how does “The Springs” compare to the rest of the country when it comes to the main expenses seniors face?
Rents and home prices are both showing a steady upward trend in Colorado Springs. This will likely continue as a steady stream of new residents move to the city and job growth remains strong. The median home price in Colorado Springs is $243,000 according to July 2015 numbers from Forbes. The average rent for a one-bedroom apartment in Colorado Springs is $887 per month. Two bedrooms will run you $1,092 as of June 2016.
Food is less expensive in Colorado Springs than the rest of the United States. In fact, residents spend an average of 5.9 percent less for groceries than the national average according to Sperling’s Best Places. When they go shopping, some of the costs of common grocery items in Colorado Springs are $2.82 for a gallon of milk, $2.62 for a dozen eggs, and $3.43 for a pound of boneless, skinless chicken breasts. All of these averages were published in July of 2016.
Transportation is also quite affordable in Colorado Springs compared to the rest of the nation. Residents spend about nine percent less than the US average on transportation costs. You will save even more if you are retired and don’t have a workday commute. As of July 2016, gas prices in Colorado Springs range from $1.70 and $2.36 per gallon. Auto insurance rates in Colorado Springs are just a little bit more than the national average. You can expect to pay an average of $1,154 per year for car insurance in Colorado Springs. The national average is $1,099.
For the most part, senior care is more expensive in Colorado Springs than elsewhere. The exceptions are adult day health care and nursing home care, which are both right on par with what you would expect to find throughout the US. On the other hand, home health care is about $7,000 more per year in Colorado Springs. And, a private room in an assisted living facility in Colorado Springs costs about $58,068 per year, which is higher than the national median of $43,539.
It is important that you make sure you get the most out of your retirement funds. So, take the time to comparison shop for housing in Colorado Springs based on affordable transportation solutions, pricing, and walkability.
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