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How Much Will It Cost to Retire in Jersey City, NJ?

Seniors that are about to retire might worry about the cost of living in their area due to their smaller budgets. It’s a good idea to plan and start saving, but you can also do some research on different cities to see what they have to offer retirees. While Jersey City might have a higher cost of living, they are less expensive than places like New York, and they might be able to provide some amenities and perks to help support seniors. For example, New Jersey has a Senior Freeze for qualified senior homeowners that can contribute to lower their property taxes.

What are the other costs here in Jersey City? Here is a breakdown of some of them.

The Cost of Housing in Jersey City

Seniors that decide they no longer want to take care of their homes can choose to live in a senior living community. Many of these places have an assisted living option and in Jersey City, the average cost per year for these facilities is $63,660. That price usually includes things like your rent and utilities along with meals, transportation, and housekeeping.

If you want to stay in your house or own your home, the average cost of a house in Jersey City is around $337,100. That price continues to rise, but home appreciation is also up 10% over the last year so it could be a wise decision to own. Jersey City also offers New Yorkers that want to save a little money during retirement a place to call home. While the cost of living is still higher here, you can get more space and options in Jersey City. In fact, Niche, a real estate website, listed Jersey City as the number one place to retire in the state of New Jersey.

If you don’t want to own, you always have the option to rent. The average rental rate here is $2,978 with one-bedroom apartments averaging $2,578 and two-bedroom places averaging $3,368.

The Cost of Healthcare in Jersey City

Health care is another hefty price tag in Hudson County, and Medicare estimates that average spent on each recipient is around $12,563. The national average is around $9,500, and the state average is $11,203.

Plan and save some money for your health care to help meet deductibles and copays. While Medicare might cover most of your services, there is a chance your provider might not use fee-for-service rates. In that case, you need to pay the difference between what Medicare covers and the allowed charge.

The Cost of Transportation in Jersey City

If you still drive, you need to save on both gas and car insurance. Gas prices seem to be dropping, but the opposite is true for car insurance. In Jersey City, the average price for insurance is $1,343 with a range of $871 to $1,808. Of course, you should shop around and find the best coverage and rate for your budget. Ask about things such as safe driver discounts and see if it would save you money to be charged by the mile rather than a regular fee.

You can also choose to give up the car and use public transportation. New Jersey Transit serves the entire state and offers seniors 62 and older a reduced rate.

Free Fun in Jersey City

Not everything in Jersey City comes with a price tag. You can find entertainment for free or discounted prices. Visit Liberty State Park and stop by the Marina or stroll along the river. You can learn and discover new things at the Liberty Science Center, and seniors 62 and older get a discounted price.

Find assisted living in Jersey City near you.