As you plan for retirement, you need to search and find a location that fits your budget. Kansas City is affordable with the cost of living 2.8 percent below than the national average.
This article looks at all the main spending areas in Kansas City to help you see if there are some areas where you can save money.
The average price for a home in Kansas City is $118,400, which has increased 8.2 percent from last year. Zillow predicts that the cost of homes will continue to rise by about 3.4 percent over the next year. As of February 2017, the average apartment rents for $963 a month in the city. A one-bedroom apartment averages $832 a month, while a two-bedroom rents for about $1,062 a month.
Missouri households consume about 12 percent more energy than the US average. Electricity rates are lower in Missouri, so consumers spend slightly less. The average monthly bill for electricity in Kansas City was $162.80.
Consumers in Kansas City will pay lower rates for food. Shoppers spend an average of $4.74 for ground beef, $2.35 for milk, and $7.49 for pizza.
The average price of gasoline was around $1.77 a gallon, which is slightly lower than the national average. Retirees typically pay less for gasoline since they do not have the regular, daily commute to work. Some retiree families also downsize to one vehicle to reduce costs even more.
Another way to save money is to use the public transportation. Seniors can buy a reduced fare monthly pass for $25.
Missouri’s average for car insurance premiums is $724.15 annually. These rates can change based on your driving record, type of your vehicle, the amount of coverage, and discounts such as bundling your policies for home and auto.
The cost of senior care is mostly lower than the national average, but a few types of care are more. Assisted living care in Kansas City costs around $36,000 annually, which is considerably lower than the national average of $46,000. The national average cost for nursing home care is $80,300 for a semi-private room and $91,250 for a private room. The average annual price for nursing home care in Kansas City is significantly lower with average rates of $62,900 and $77,600 respectively.
Adult day care services are slightly higher than the national average with rates of about $18,500. Home health aide costs average $50,000 in Kansas City, compared to the national average of $46,000.
It’s always a good idea to shop around for the best rates. Insurance and utility rates can vary, so it’s wise to check multiple companies. Ask around for local grocery stores that may be less expensive than the larger chains. You can also look for housing that allows you to walk to your destinations.
Find assisted living in Kansas City near you.