The cost of living in our preferred city is one of the main factors we need to consider as we prepare to retire. Luckily, Indianapolis is incredibly affordable for a city of its size. According to Forbes, the cost of living in Indianapolis is 6.5 percent lower than the United States average. But, how does the “Racing Capital of the World” stack up to the rest of the country when it comes to expenses that are most important to golden agers?
The rents and housing costs in Indianapolis are exhibiting a steady upward trend, and this trend is likely to continue into the foreseeable future thanks to the constant stream of new residents moving here and the strong job growth. The median home price in Indianapolis is currently $134,100 according to Forbes. If you are looking to rent, the average cost for a one-bedroom apartment in Indianapolis is $773 per month. For two bedrooms, it is $911 as of June 2016.
Food in Indianapolis is less expensive than the nationwide average. According to numbers from Sperling’s Best Places, you can expect to pay five percent less than the US average for groceries. What does this look like in the grocery store? The costs for some of the more common grocery items in Indianapolis are $2.77 for a dozen eggs, $2.78 for a gallon of milk, and $4.47 for a pound of boneless, skinless chicken breasts as of July 2016.
As with food, Indianapolitans spend five percent less than the nationwide average for transportation. This number is even lower if you are a retiree who does not have a workday commute or who does not drive. The price for a gallon of gas in Indianapolis ranges from $1.48 to $2.25 as of July 2016. Auto insurance is incredibly cheap in Indianapolis. The average rate is $897, which is well below the national average of $1,099. And, you can get even deeper deals based on your driving history, habits, type of vehicle, and where in the city you live.
The costs of different types of senior care in Indianapolis are either near the national median or well below it. Nursing home care is comparatively inexpensive in Indianapolis. The prices for private rooms and semi-private rooms are $88,878 and $74,095 per year respectively on average. This is compared to the national averages of $92,378 and $82,125. Both home health care and adult day health care are about $1,000 per year more in Indianapolis than the rest of the country. On the other hand, a private room in an assisted living facility will cost you $1,000 less than the national median price.
Ensure you get the most out of your fixed income in Indianapolis by taking the time to comparison shop for housing based on walkability, pricing, and low-cost transportation solutions.
Find assisted living in Indianapolis near you.