If you are looking to retire in Lexington, Kentucky, you will need a solid budget to ensure you have the finances to pay for everything you will need during your retirement years. However, if you don’t know the cost of major expenses that come with retirement, including housing, health care, and transportation, you won’t be able to create an accurate budget.
If you do not already have housing in the Lexington area, you will need to decide if you want to rent or buy. To purchase your own home in Lexington allows you to have a place for friends and family members to visit and something you can pass along to children or grandchildren. However, in Lexington, the median sale price for a house is $174,750. If you haven’t budgeted for this kind of expense, purchasing your own home may not be the best idea.
Rent in Lexington, Kentucky can provide a much more affordable option for seniors looking to get the most of the area while still saving their retirement money. For a one-bedroom apartment, the average monthly cost is less than $750 while a two-bedroom average monthly cost is less than $900 a month.
Expensive neighborhoods in the Lexington area include Southeastern Hills, Reservoir, and Jamestown.
The cost of health care in Lexington is pretty comparable to the national average, although it does come in a bit lower. In Fayette County, the cost per Medicare beneficiary is about $8,873 for fee-for-service care. Compared to the national average, which is $9,500 per beneficiary, Fayette County residents pay slightly lower amounts.
It is important to remember that this number is an average. If you need less care, you will pay less money. If you are in need of more care, you could end up paying more than this average amount.
Like the cost of health care, transportation costs in Lexington are similar to the national average. If you are looking to insure a car in Lexington, the average rate for the area is about $1,122 a year. Gas per gallon in Lexington is also at a relatively normal rate, coming in at about $2.19.
Public transportation in Lexington is also relatively cheap. For just $1, you can purchase a one-way ticket on local transport. For less than $32, you can get a monthly pass for public transportation.
Lexington, Kentucky is nicknamed the Horse Capital of the World, so there are plenty of horse-related activities that you can do for free in the area. One activity includes Keeneland Thoroughbred Racing, which allows curious visitors to conduct a self-guided tour of the track or watch a practice. If you’re not interested in horses, other free options include the Lexington History Museum, the Toyota Motor Manufacturing of Kentucky, or the Raven Run Nature Sanctuary.
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