The city that we choose to retire in is incredibly important in determining what we are able to do during our retirement. For a senior that hopes to spend their retirement fund traveling, it wouldn’t make sense to retire to one of the country's most expensive cities. However, for a senior looking to get the most out of their retirement city, they may need to select a more expensive option.
If you’re considering Indianapolis, Indiana as your home for retirement, here are a few facts and figures you will want to consider before making your move.
According to Zillow, the median cost of a home in Indianapolis is about $130,000, although this number is much higher in some areas. Certain neighborhoods and suburbs of Indianapolis, like Carmel, Fishers, Noblesville, and Brownsburg all have average home prices much higher than the $130,000 median.
Renting in Indianapolis may be a more affordable option. With an average rent of $868, a one-bedroom apartment in Indianapolis averages $775 a month while a two-bedroom apartment averages just over $900 in rent a month.
However, the price range for senior communities in Indianapolis is much smaller. If you’re looking to live in a senior living facility, you could be paying between $2,500 and $3,500 per month.
In Marion County, home of Indianapolis, there are about 132,589 people benefiting from Medicare with a total cost of $1 billion. That number breaks down further to be about $10,503 per beneficiary per year. This is on the higher side of the cost distribution.
As a more expensive city for health care, you will want to plan for any co-pays or treatments that you may need. Keep in mind that Medicare does not always cover any extra health care services, such as an in-home aide or other assisted living facilities. Before taking any appointments or working with any medical professionals, ensure that it is covered under Medicare or that you have the funds to pay for it yourself. This can prevent unexpected bills that can be disastrous to retirement funds.
For transportation options in Indianapolis, you have options with owning your own vehicle, using public transportation, or using the cabs and taxis. For a one-way ticket on local transport, you can expect to pay about $2 per trip. If you frequently use public transportation, you may want to consider purchasing a monthly pass for $60 per month.
Taxis in Indianapolis begin at $3 and add $2.13 for every mile driven. As these are somewhat higher fares, taxi rides can quickly add up if you’re going long distances.
Car owners can receive a bit of a break in price. While gas costs about $2.09 a gallon, car insurance in Indianapolis is relatively low. The average cost per year comes in around $620.
If you’re looking for some free activities in Indianapolis to better manage your money, you can check out the White River State Park, the Indiana State Museum, or the Indianapolis Motor Speedway.
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