Retirement can be a relaxing, but sometimes a costly venture. Many seniors must live on a limited budget, and it helps to research your potential costs before you even retire. Luckily for older adults residing in Durham, prices are lower than places like New York or San Francisco, and in many cases, lower than national averages. Plus, seniors have access to three different property tax exemptions that can save them some money if they qualify.
You can learn more about the cost of various aspects of retirement down below.
Based on your needs and lifestyle, you have a few options for housing in Durham. For those seniors that don’t or can’t maintain their house anymore, there are senior living communities. Many of these communities have assisted living options, and here in Durham, they average about $33,000 per year. Your rent and utilities are often included in that cost along with things like your meals, housekeeping services, and possibly transportation.
For seniors that prefer living on their own, the cost for a house in Durham is around $174,500 which is significantly lower than the US average of over $180,000. Movoto, a real estate website, listed Durham neighborhoods Carolina Arbors and Brightleaf as some of the best suburbs for retirees. Durham is known as the City of Medicine because it has so many health care options available. Niche, another real estate site listed Durham as one of its top ten cities to retire in North Carolina.
Seniors can also choose to rent in Durham, and average rates are around $1,210. A one-bedroom place could cost around $1,065 per month while a two-bedroom apartment could be $1,324.
As the City of Medicine, there is no shortage of health care options and fortunately for seniors, they are also affordable. Medicare estimates the per beneficiary rate in Durham County is around $9,598 which is very close to the national average of $9,500. The state average is a little lower, though, at $8,633.
You should still plan to save money for your health care needs. Even though Medicare will cover many services, you still need to pay for deductibles and coinsurance. You should also keep in mind that not all Medicare providers use fee-for-service rates and you will pay the difference out-of-pocket.
Car owners need to keep in mind the cost of gas and car insurance. The average rates in the Durham area can be between $582 and $1,416, but the average is right around $1,015. You can save money by shopping around and utilizing programs like safe driver discounts. If you don’t drive often, consider using a company that charges per mile instead of a flat fee.
You could also skip the car and use public transportation. Go Durham offers free single ride tickets to seniors 65 and older and discounted 31-day passes as well.
There is a lot to do and see around Durham, and many attractions are free or offer discounted rates for seniors. You can learn about Lemurs and see the important conservation work Duke is doing at the Duke Lemur Center or stroll through the Sarah P. Duke Gardens free of charge. Visit the Museum of Life and Science or the Nasher Museum of Art and enjoy a senior discount on tickets.
Find assisted living in Durham near you.