As you make preparations for your retirement, there are many factors you need to take into consideration. For instance, you need to find out how much it will cost to live in your city of choice. Fortunately, Fort Worth is an affordable city to live in. As a matter of fact, you can expect to spend ten percent less than the United States average on groceries, housing, and other daily expenses in Fort Worth.
However, how much are the bigger expenses in Fort Worth? We will take a look at some of these below.
It is nice to remain in your own home for as long as possible, but eventually, you may want to consider a senior living community with an assisted living option. If you decide to go this route, it will cost you an average of $47,400 per year in Fort Worth. This includes housing, some utilities, meals, and weekly housekeeping.
The median home value in Fort Worth is $114,900 according to the most recent numbers published on Sperling’s Best Places. With the growing popularity of Fort Worth, homes are appreciating quickly. Based on top financial and real estate websites, like Niche and Movoto, there are several prime places to retire in Fort Worth and the surrounding areas. Based on amenities, housing costs, and other factors, the most highly ranked Fort Worth suburbs are Murphy, Allen, Frisco, Aledo, Coppell, and University Park.
If you would prefer to rent, one-bedroom apartments in Fort Worth will run you about $878 per month. Two-bedroom units are $1,123.
Fort Worth is primarily located in Tarrant County. Also, Medicare spending per capita in Tarrant County is well above the national average of $9,501. Medicare spending per Tarrant County beneficiary is $11,408.
With the high health care costs, it is imperative that you budget for your out-of-pocket expenses, such as deductibles and coinsurance. If you need to see providers who do not accept Medicare at the fee-for-service rates, this is particularly important since you must pay any difference between the Medicare reimbursement rate and the allowed amount.
Transportation expenses, like gas and insurance, are right on par with what you would expect to pay elsewhere in the country. For car owners, depending on where you live, you can expect to pay between $1,048 and $2,150 per year for insurance in Fort Worth with an average of $1,444.
If you prefer public transportation, The T offers special discounts to persons 65 years of age and older. You just have to obtain a reduced fare photo ID card at the main office, and you can get a monthly pass for just $30.
As an affordable city, there are plenty of free things to do in Fort Worth. You can browse the collection at the Amon Carter Museum of American Art, go for a stroll through the Fort Worth Botanic Garden, or enjoy the refreshing and beautiful oasis of the Fort Worth Water Gardens.
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