It’s not hard to believe that the cost of living in Long Beach, California is more expensive than the national average. According to Forbes, the Los Angeles/Long Beach area’s cost of living is 21.5 percent above that national average.
There are ways you can save to make retiring in Long Beach affordable. Let’s examine the main expense categories so you can see the average spending and get a feel for places to save money in your budget.
The average home value in Long Beach is $544,600, which has increased nearly 7 percent from the previous year. Zillow estimates that home values will continue to go up in 2017 by around 1 percent. The average rent for an apartment in the Long Beach city limits is $2,280. As of February 2017, the average one-bedroom apartment costs an average of $2,058, and a two-bedroom apartment averages $2,656 a month.
Because of mild temperatures, Californians use less electricity than the national average. California households use 30 percent less than the U.S. average. However, prices are about the same in California compared to the nation even with less usage because the electricity rates are higher than the country’s rates. Residents of California spent 36.3 percent more for electric than the average rate of the country. Electronics, appliances, and lighting use the most energy in California.
Consumers in Los Angeles-area paid 17.8 percent more for natural gas than the nation.
Groceries are also higher than the national average. Residents in Long Beach will spend on average $2.19 for a dozen eggs, $2.12 for a gallon of milk, and $10.99 for a 12-inch pizza.
Gas is also more expensive in Long Beach than in other areas of the country. As of February 2017, the average price of gas in the Los Angeles area was $2.92 a gallon compared to the national average of $2.30.
Retirees can save with transportation because they don’t need to drive as often. If you want to save more, you can purchase a public transportation pass for 30-days for $24.00, if you qualify for the senior rate. The average annual auto insurance policy runs about $814.82 annually. The national average is about $866.31. You can save based on your driving record, the amount of coverage, and the vehicle you own.
The cost of senior care is higher than the national average. Assisted living facilities average $48,000 annually, while the national average is around $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. In Long Beach, the average nursing home rates are more than the national average with annual rates ranging from $83,000 for a semi-private room to $108,000 for a private room. Adult daycare and home health care services are slightly higher than the country’s average.
It’s always best to shop for the best rate for any service. Insurance rates can vary. You can also ask around for local markets that may help you save on your grocery bill. Also, if you can find housing close to everything, you can save by walking.
Find assisted living in Long Beach near you.