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How Much Does It Cost To Retire In El Paso, TX?

Texas seniors get to enjoy a lot of benefits in the Lone Star state. For starters, there is no state income tax, and if you’re a homeowner that’s 65 or older, you could get up to $10,000 in tax exemptions on property tax. Still, seniors want to know that they have enough money to live in retirement comfortably. Fortunately, older people in El Paso can rest easy knowing the cost of living here is much lower than most places in Texas and even the country.

Places like New York, San Francisco, Phoenix, and even Dallas all have significantly higher costs of living, so let’s look at some of the expenses here in El Paso to see what makes this place ideal for seniors.

Housing Costs For El Paso

Many seniors decide they don’t want to be homeowners and move to senior living communities. If you would prefer that option, you can expect to pay around $24,000 per year. This cost will often include things like housekeeping, meals, a few utilities, and some other perks.

Right now, the median listing for the El Paso housing market is $112,900 for a single-family home. While places like Austin and Dallas steadily increase in housing costs, El Paso has remained the same since about 2014. Furthermore, Movoto has listed El Paso neighborhoods like Via Hermosa, Park Foothills, Silver Springs Village, and Castner Heights as some of the best places for retirees based on cost of living as well as the quality of life there.

You can also rent, and those costs are even less expensive with the average rent right around $795. You can find a one-bedroom apartment for $635 or a two-bedroom for $803.

Health Care Estimates In El Paso

One area that is a little costlier in El Paso is Medicare spending. The average cost per beneficiary is around $9,827. That is a little higher than the national average of $9,500, so keep that in mind as you budget for health care. You will also need to be able to pay the deductibles and co-payments as necessary.

Even if you do choose a Medicare-approved facility, they might not offer their services at a fee-for-service rate. You will be responsible for paying the amount between the reimbursement cost and the charge.

Transportation Options In El Paso

If you decide to use a car to get around you might not have to pay a lot for gas, but insurance could be costly. The average rate for El Paso is around $1,281, but you can find rates as low as $907 or as high as $1,749. Shop around and ask for deals like safe driver discounts. If you don’t drive a lot, see if it would be cheaper to pay for insurance per mile instead of at a monthly rate.

You can also forgo a car and use El Paso public transportation. Sun Metro offers a reduced fare to seniors 65 and older, anyone with a disability, or a Medicare card holder,

Free Opportunities in El Paso

You can even find free things to do in El Paso and never worry about paying too much for entertainment. The El Paso Museum of History is always free and Alfresco Fridays give you a chance to appreciate local art and culture without paying a cent. Also, if you like the great outdoors, check out Franklin Mountains State Park.

Learn more about El Paso Retirement Planning here:

What's the Cost of Living in El Paso, TX?

El Paso Financial Advisors

El Paso Elder Law Attorneys

El Paso Senior Realtors

El Paso Senior Movers and Downsizers

El Paso Neighborhood Guide

Live Like a Local in El Paso

El Paso Demographics and Lifestyle

Find assisted living in El Paso near you.