As you make preparations for your retirement, there are several factors you need to consider. This includes how much it costs to live in your city of choice. Fortunately, Columbus is one of the most affordable places to live in the United States. In fact, the cost of living is eighteen percent less than the national average.
Is Columbus still affordable when it comes to the bigger expenses you will have in retirement? This article seeks to answer this question and more.
According to the latest stats from Sperling’s Best Places, the median home value in Columbus is $95,900. Housing prices are slowly appreciating. Columbus and its surrounding suburbs are perfect for retirement according to Movoto, Zippia, and a wide variety of financial and real estate websites. The most highly ranked suburbs for retirees based on crime rates, quality of living, housing costs, and more are Powell, New Albany, Dublin, Westerville, Upper Arlington, and Plain City.
If renting is more your speed, the cost for a one-bedroom apartment in Columbus is about $876 per month on average, and you can expect to pay $1,064 per month on average for a two-bedroom apartment.
Living on your own in an apartment or house is great, but it is not for everyone. If you are interested in senior living communities with an assisted living alternative, you can expect to pay about $48,600 per year in Columbus. This price covers some utilities, meals, weekly housekeeping, and housing.
In Franklin County, where Columbus is primarily located, the Medicare spending per capita is somewhat more than the national average of $9,501. The Medicare spending per Franklin County beneficiary is $10,272.
Be sure to account for health care spending in your budget since you will have out of pocket expenses, including deductibles and coinsurance. This is particularly true if you plan on visiting providers who do not accept the Medicare fee-for-service rates. Any difference between the Medicare reimbursement rate and the allowed amount must be covered by you.
You can expect to pay less than the rest of the country for transportation expenses, like gas and insurance, in Columbus. In fact, depending on where you live in the city, car owners spend anywhere from $506 to $1,290 for insurance, and the average is $898 per year.
If you want to ride, COTA offers discounted fares to people 65 years of age or older once you apply for a Senior ID. With the discount, you can get a 31-day pass for $31.
Columbus’s low costs do not stop with housing and transportation. There are also many free entertainment options around town. The Topiary Park is a free public park operated by the City of Columbus that features a painting of a landscape. Columbus is home to a museum and literary center dedicated to the humorist and author James Thurber, and you can visit it for free.
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