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How Much Does It Cost To Retire In Garland, TX?

Retirement changes a life, and one of the main things it brings is being more cost-conscious. You need to know what everything costs. Garland has advantages even though some aspects are more expensive than the national average. Texas residents do not pay state income tax. Plus, homeowners over 65 can apply for a $10,000 tax exemption on their property. Along with those savings, you can find even more ways to save money. Let’s take a look at the major expenses, so you can see just how much it is to retire in Garland.

The cost of your home

You can choose to have everything from housekeeping, meals, and activities are taken care of for you in assisted living. The average cost of assisted living in the Dallas/Fort Worth runs about $4,000 - $4,500 a month, which includes most expenses including housing, food, some utilities, and some activities.

Zillow lists the average home for sale in Garland is around $180,000, or about $102 a square foot, which is lower than the Dallas-Fort Worth Metro average of $122. Zillow says the housing market is “very hot” in Garland. NerdWallet says that Texas continues to grow at a fast pace, which is a good thing for housing values. Garland was one of the top 50 cities in Texas to live based on the lifestyle, crime rates, and walking amenities.

If you are more into the idea of renting, Garland’s median rent price is $1,395 compared to the Dallas-Fort Worth Metro median of $1,550.

The cost of health care

In Dallas County, Medicare spent $2.25 billion in 2014. When broken down per beneficiary, Medicare spent more per person and the average in Dallas County is higher than the rest of Texas and the national average. Medicare paid $11,663 per Dallas County beneficiary. To see how that stacks up, Medicare paid $10,572 per person in the state of Texas overall. Nationally, Medicare paid also $9,500 per person.

Since health care is so expensive in Dallas County, you will have to budget all your deductible and out-of-pocket expenses carefully. One way to manage costs is to visit providers that accept the Medicare fee, which helps you minimize out-of-pocket costs. You can find a list of these providers on Medicare’s site.

The cost of transportation

Gasoline prices can fluctuate. However, car insurance rates are not as cheap. An annual car insurance policy averages between $1,395 and $1,806 depending on your driving record and where you live. You can save money on your insurance if you bundle it with your homeowners insurance. You can also save money by raising your deductible. If you drive less, be sure to check into low mileage discounts.

If you prefer to take public transportation, DART offers discounts to seniors over the age of 65. You can purchase an annual senior pass for $480. This pass is available at the DART Store in downtown Dallas.

Is the cost of fun free?

There are some things you can do for free in Garland, which is full of beautiful parks and walking trails. Windsurf Bay Park has gorgeous views of the lake, and you can swim and fish. It is a 42-acre park on Lake Ray Hubbard. You can swim for free in Audubon Park. There are several other parks for you to enjoy. Here is a list of other free or inexpensive things to do in Garland.

Learn more about Garland Retirement Planning here:

What's the Cost of Living in Garland, TX?

Garland Financial Advisors

Garland Elder Law Attorneys

Garland Senior Realtors

Garland Senior Movers and Downsizers

Garland Neighborhood Guide

Live Like a Local in Garland

Garland Demographics and Lifestyle

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