There are several factors to take into consideration as you prepare to retire. Chief among these concerns is the cost of living in your preferred retirement city. Luckily, for how popular and successful the city is, Fort Worth is still quite affordable.
According to Forbes’s numbers from July of 2015, the cost of living in Fort Worth is 2.2 percent above the national average. But, how does Cowtown stack up to the rest of the country when it comes to costs that matter most to seniors?
Both the housing prices and rent are showing fast upward trends. Prices are likely to keep going up since Fort Worth has some of the strongest job growth in the country and has experienced double-digit percentage population increases for thirteen of the last fourteen decades. People continue to move here in droves. The median home price is $137,100. Rent in Fort Worth is $878 per month on average for one-bedroom apartments and $1,123 for two bedrooms.
The spending on food in the Dallas-Fort Worth Metroplex is not significantly different from the national average. Fort Worthians spend about 12.7 percent of their budget on food. Residents do spend significantly more of their food budget on going out to eat than the rest of the country. When it comes to common grocery items, a dozen eggs costs an average of $2.43 in Fort Worth, milk is $2.87 per gallon, and boneless, skinless chicken breasts are about $4.66 per pound.
A significantly higher percentage of household expenditures in Dallas-Fort Worth go to transportation. On average, residents spend 18.3 percent of their money on transportation-related expenses compared to 17.3 percent nationally. Gas prices are relatively low. As of July 2016, they range from $1.46 to $2.29 per gallon. The cost of auto insurance is higher than the national average in Fort Worth. On average, insurance is $1,444 per year in Cowtown versus $1,099 nationally. Of course, you can find better deals if you have a clean driving history, good driving habits, and the right type of vehicle.
For the most part, senior care in the Dallas-Fort Worth area is less expensive than the rest of the US. Adult day health care costs about $15,730 per year in Fort Worth versus $17,680 nationally. Nursing home care is much less expensive in Fort Worth at $73,913 for a private room and $54,933 for a semi-private room as compared to the national medians of $92,378 and $82,125 respectively. The costs for home health care and assisted living do not vary appreciably from the costs elsewhere in the country.
Take the time to comparison shop throughout Dallas-Fort Worth to find housing that is affordable, has good walkability, and is close to inexpensive transportation options. This will ensure you get the most out of your retirement funds.
Find assisted living in Fort Worth near you.