There are many things to consider as you prepare for retirements. Among these is the cost of living in your preferred retirement destination. Thankfully, Columbus is one of the least expensive big cities to live in.
According to Forbes’s statistics from July 2015, the cost of living in Columbus is 4.7 percent lower than the United States average. But, what about the expenses that matter most to older adults? How does Columbus compare to the rest of the country when it comes to these budgetary items?
The rents and housing prices in Columbus show a steady upward trend, and this is likely to continue into the foreseeable future as the city demonstrates strong job growth and an increase in new residents. According to the numbers from Forbes in July of 2015, the median home value in Columbus is $151,400. For those who prefer to rent, as of June 2016, a one-bedroom apartment in Columbus will cost you an average of $876 per month. Two bedrooms run for $1,064.
Groceries are well under the national average in Columbus. On average, Columbusites spend 4.8 percent less than the rest of the country for groceries according to the latest figures from Sperling’s Best Places. This translates to good deals on some of the more common food items. For instance, milk costs $2.73 per gallon, a dozen eggs will cost you $2.35, and you can get a pound of skinless, boneless chicken breasts for an average of $3.79.
Transportation is also quite affordable in Columbus. In fact, residents spend about four percent less for transportation than the nationwide average. Of course, this number is even lower if you are retired and do not have a workday commute. The gas prices range from $1.55 per gallon to $2.49 per gallon in The Discovery City as of July 2016. At $896 per year on average, the car insurance rates in Columbus are well below the national average of $1,099. And, you can find even lower rates if you have good driving habits, a clean driving history, and drive the right kind of vehicle.
The rates for the various types of senior care in Columbus do not vary too much from the US averages. Nursing home care is the exception. A private room in Columbus costs $85,775 per year. A semi-private room costs $79,935. This compares to the national medians of $92,378 and $82,125 respectively. Home health care in Columbus costs about $1,000 more per year than the rest of the country. A private room in an assisted living facility will cost you $1,000 less than the national average. And, adult day health care is just slightly less expensive than the prices seen nationally.
Take the time to comparison shop for housing based on inexpensive transportation solutions, walkability, and prices to ensure you are getting the most out of your next egg.
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