One of the biggest questions you face in retirement is how much does it cost? You need to break down all expenses to see what you can afford. There are reasons more and more seniors are retiring in Texas; one is the cost savings. Texas residents do not pay state income tax, and if you are over the age of 65, your property tax qualifies for a $10,000 exemption. There are other ways you can save money, but let’s take a look at the top expenses.
With assisted living, you don’t have to cook or clean. All of that is taken care of for you. The average cost of assisted living in the Dallas/Fort Worth area runs about $4,000 - $4,500 a month, which includes most expenses like housing, food, and some utilities.
If you want to buy a home, Irving has a hot real estate market. According to Zillow, the median home value in Irving is $170,300, which is an increase of 16.6 percent over last year. Zillow predicts they will rise by 7.4 percent again this year. That’s how hot this market is.
If renting is more your style, the average apartment rents for $1,179 in Irving. A one-bedroom apartment rents around $994 a month, and a two-bedroom apartment rents around $1,346 a month.
Health care is expensive in Dallas County. Dallas County is higher than the national average on the amount paid per person. Medicare paid $11,663 per Dallas County beneficiary, compared to $9,500 per person countrywide.
With the health care market being more costly in Dallas County, you will have to budget your out-of-pocket expenses. To save money, you should choose providers who accept Medicare assignment fees because you will be charged the difference between the two costs if they don’t.
For your transportation, you have to pay for gas, insurance, and maintenance. Luckily, gas has gone down in price. Insurance has not. In the Dallas area, the annual car insurance policy averages between $1,395 and $1,806 depending on factors such as your driving record and where you live. There are ways to lower your premium. Bundle your homeowners or rental policy with your car insurance and be sure to use the same insurance company. Another way to save is to increase your deductible. If you don’t drive much, be sure to ask your agent about low mileage discounts.
Irving is full of beautiful parks with gorgeous scenery and walking trails such as Birds Fort Trail Park and Sam Houston Trail Park. You can visit the iconic Mustangs of Las Colinas statue and museum, which are both free. The National Scouting Museum Home celebrates the Boy Scouts of America and has an impressive Norman Rockwell art collection is free on Sundays. Here is a list of other free things to do in the Dallas Metroplex area.
Find assisted living in Irving near you.