As you get ready to retire, there are several factors you need to take into consideration. For example, how expensive is it to live in your preferred retirement city? If your preferred retirement destination is Lexington, you are in luck. According to the latest numbers from Forbes, the cost of living in Lexington is five percent below the national average. What does that mean for golden agers? How does the “Horse Capital of the World” compare to the rest of the country when it comes to expenses you care about?
Home prices have actually decreased recently in Lexington while rents have gone up drastically. The housing values are likely to rebound in the near future and keep pace with rent increases as the city continues to attract new residents. The median home price is $152,000 as of July 2015. If you prefer to rent, the average is $737 per month in Lexington for a one-bedroom unit. Two-bedroom apartments go for $891 per month as of June 2016.
Lexington has some of the lowest food prices in the United States. In fact, according to Sperling’s Best Places, Lexingtonians spend 8.2 percent less than the national average for groceries. What does that mean at the grocery store? Some common items cost $3.29 for a dozen eggs, $3.17 for a gallon of milk, and $6.50 for a pound of boneless, skinless chicken breasts. These averages were all obtains in July of 2016.
The overall cost of transportation in Lexington is the same as the US average. And, you are likely to spend even less on transportation if you are retired and do not have a daily commute. As of July 2016, the prices for a gallon of gas in Lexington range from $1.75 to $2.05. Lexington is one of the most expensive cities in the country for auto insurance. It costs an average of $2,652 per year to buy car insurance in Lexington. This is compared to the national average of $1,099. Of course, you can usually find better rates based on your driving history, driving habits, and type of vehicle you drive.
Senior care expenses in Lexington are really a mixed bag. Home health care is about $2,500 per year less expensive in Lexington than the national median. On the other hand, a private room in a Lexington assisted living facility costs $47,983 per year versus $43,539 nationally. The costs for private rooms and semi-private rooms in nursing homes in Lexington are $93,988 and $80,300 respectively. These expenses are $92,378 and $82,125 nationally. The cost for adult day health care in Lexington is slightly more than the national median but not significantly so.
Get the most out of your fixed income by taking the time to comparison shop for Lexington housing based on inexpensive transportation solutions, pricing, and walkability.
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