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How Much Does It Cost to Retire in Los Angeles, CA?

As one of the largest cities in the world, there are a lot of neighborhoods to choose from in the greater Los Angeles area. The cost of retirement is going to vary a lot based on what type of accommodations and medical care you need over the years.

Rent And Utilities

It is important to have a comfortable amount of space, however, you don't want to be paying for a lot of space that is either too expensive or too much to maintain. Many seniors find that a smaller space is best because it is easy to manage and they have more money and time to spend on other things such as a nice trip or two a year.

If you have a neighborhood in mind that is a bit more expensive than you would like, then you might consider a roommate. Assisted living facilities and nursing homes often have two bedroom units available that can save each person a significant amount of money.

One bedroom apartments in Los Angeles average $2314 a month, and two bedroom apartment rents average $3138. Hollywood Hills and Pacific Palisades are some of the most expensive rents in the city while neighborhoods like Glendale and South Los Angles offer mid-priced options.

If you are planning on purchasing a home in LA, a mid-range priced home will cost you $576,100. While this may seem steep, the investment may pay off with the rising cost of homes over the years. However, if you don't want to worry about maintenance, think twice before buying or make sure to reserve some money for costs of ownership such as insurance and basic maintenance services and emergencies.

Transportation

Many of those in the more congested parts of the city choose to forgo keeping a private car entirely. Using public transportation and taking advantage of included transportation services at your retirement home is much cheaper and safer for seniors. If you have special transportation needs, there are plenty of options. For example, if you volunteer at a place, you may be able to carpool with someone else.

LA is truly a city that has so much traffic that a car can seem like more of a burden than it should be. With insurance rates what they are and the traffic congestion, you should seriously consider your true transportation needs. Seniors enjoy reduced fares through the city’s transportation services. For a mere $20 per month, you get all the rides you want.

Taking In What LA Has To Offer

There are a lot of exciting things to do in your spare time that doesn't require a lot of money. LA has many public library branches that put on a variety of programs and other activities. Volunteer work can lead to taking part in a lot of events where you meet people that enjoy the same things you do.

The many parks and green spaces offer ample opportunity to enjoy a beautiful day and meet others in your community.

Learn more about Los Angeles Retirement Planning here:

What's the Cost of Living in Los Angeles, CA?

Los Angeles Financial Advisors

Los Angeles Elder Law Attorneys

Los Angeles Senior Realtors

Los Angeles Senior Movers and Downsizers

Los Angeles Neighborhood Guide

Live Like a Local in Los Angeles

Los Angeles Demographics and Lifestyle

Find assisted living in Los Angeles near you.