As you prepare for retirement, one of the main factors you need to take into consideration is the cost of living in your preferred retirement destination. Fortunately, for being located in one of the country’s most expensive states, Fresno is incredibly affordable. According to Forbes in September of 2016, the cost of living in Fresno is 3.4 percent below the national average. But, how does Fresno stack up to the rest of the United States when it comes to the expenses that matter most to older adults?
Both the home prices and rents in Fresno are exhibiting a steady upward trend. This is likely to continue as the population keeps booming and job growth stays strong. The median home price in Fresno as of July 2015 is $190,600. For those who are interested in renting, you can expect to pay an average of $758 per month for a one-bedroom apartment or $909 for two-bedroom units as of July 2016.
Food is expensive in Fresno as compared to the rest of the US. In fact, Fresnans spend an average of 12.6 percent more for groceries than the national average. How does this translate to the grocery checkout? In the supermarket, you can expect to pay the following prices for common items in Fresno: $3.94 for a gallon of milk, $2.44 for a pound of boneless chicken breasts, and $3.16 for a dozen eggs as of September of 2016.
The cost of transportation is among the highest in the nation in Fresno. Residents spend an average of fourteen percent more for transportation than the US average. Yet, this will not be much of a concern for golden agers who do not have a daily commute. Gas in Fresno ranges in price from $2.33 and $3.10 per gallon as of September of 2016. Car insurance rates are high in Fresno. You can expect to pay about $1,456 per year for auto insurance in the city versus $1,099 nationally. Of course, you can probably find better rates if you are a safe driver, live in the right neighborhood, or you have a less expensive vehicle.
For the most part, senior care is more expensive in Fresno than the national medians. The key exception is the price for a private room in an assisted living facility. In Fresno, it costs $42,000 per year versus $43,539 nationally. Home health care is over $3,000 more per year in Fresno than the US average. Adult day health care is $19,830 in Fresno. This is compared to the countrywide average of $17,680. And, for private rooms and semi-private rooms in nursing homes, it costs $97,820 and $87,600 respectively in Fresno and $92,378 and $82,125 nationally.
You will make certain that you are getting the most out of your nest egg when living in Fresno if you comparison shop for housing based on utility rates, pricing, low-cost transportation solutions, and walkability.
Find assisted living in Fresno near you.