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How Much Does It Cost to Retire in Dayton, OH?

Dayton is becoming an increasingly popular retirement destination not only due to its rich culture and world-class health care options, but also for its low cost of living. The state of Ohio boasts a low sales tax rate that excludes food, prescription drugs and other necessities, helping locals to maintain a high standard of living without breaking the bank. Elderly Ohio residents are also able take advantage of property tax breaks and homestead exemptions of up to $25,000. If you are a senior living in Dayton, there are dozens of ways that you can live comfortably while spending less.

Finding affordable housing

The price of assisted living in Dayton is in line with national costs, with 2016 residents paying a median of $43,866 per year for a room. Care in a Dayton area nursing facility is often cheaper than similar care nationwide, costing an annual median of $78,658 for shared quarters and $85,045 for a private room. These prices include room and board, housekeeping services, utilities, and often meals.

Seniors looking to live independently can find affordable housing and rental rates throughout Dayton, including inexpensive homes in popular neighborhoods such as Bellbrook, Springboro and Oakwood. In mid 2015, Forbes listed the median price of housing in a Dayton area neighborhood as $112,300, which was lower than the national average. Seniors who wish to rent instead of buy can find a single bedroom apartment for an average of just $603 per month or a double unit for $724, according to July 2016 figures.

Covering the cost of health care

Dayton’s Medicare expenditures are in line with statewide and national averages. Nationwide, the program spent $9,500 per beneficiary in 2014, while Ohio spent around $9,565 per person. Spending in Montgomery County was just slightly higher, with Medicare paying $9,929 per local beneficiary. While many Medicare services are free for eligible seniors, you may be personally responsible for some copayments and deductibles out of your own pocket.

Managing transportation expenses

Auto insurance rates in Dayton tend to be cheaper than rates throughout the rest of Ohio. The city’s residents pay an annual average of just $382 for insurance, while families in Cleveland and Youngstown pay around $500 per year.

Seniors without access to a car can travel throughout Dayton and the surrounding area via Greater Dayton Regional Transit Authority (RTA) diesel, hybrid diesel and electric trolley buses. Seniors over the age of 65 are able to save $23 on monthly RTA passes. If you are unable to ride the bus due to age or disability, Project Mobility paratransit services cost just $3.50 per trip.

Having fun without spending a dime

Going out to eat dinner or see a movie is much more expensive than it used to be, but luckily, there are many other activities that Dayton locals can enjoy for free. Several educational institutions offer free classes for seniors, while the Dayton Metro Library provides free crafting and computer courses that are geared towards older adults. Dayton is also home to a number of museums that offer free or discounted senior admission, including the United States Air Force Museum, the Dayton Art Institute, and more.

Learn more about Dayton Retirement Planning here:

What's the Cost of Living in Dayton, OH?

Dayton Financial Advisors

Dayton Elder Law Attorneys

Dayton Senior Realtors

Dayton Senior Movers and Downsizers

Dayton Neighborhood Guide

Live Like a Local in Dayton

Dayton Demographics and Lifestyle

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