There are numerous factors you need to think about as you get ready to retire. This includes how expensive it will be to live in your preferred area. Thankfully, it does not cost much to live in Louisville. The cost of living is well below the average for the country. Not only that, Louisville is home to a vibrant arts and culture scene along with attractive historic districts.
That is all well and good, but what about the bigger expenses you will face? How does Louisville compare to the rest of the nation?
According to the most up-to-date numbers, the median home value in Louisville is $148,100. Over the last year, home appreciation has remained pretty much unchanged. According to the major real estate and financial websites, such as Only in Your State and Niche, Louisville and the surrounding areas are ideal for retirement. Based on local amenities, cost of living, crime rates, and more, the best Louisville suburbs to retire to are Hurstbourne Acres, Beechwood Village, Indian Hills, Windy Hills, Barbourmeade, and St. Matthews.
If you are more interested in renting, Louisville is quite affordable with one-bedroom apartments costing an average of $784 per month and two-bedroom units running about $932.
You may get to the point where living on your own simply does not make sense. When this happens, you will want a good senior living community that provides assisted living. In Louisville, this service costs about $36,360 per year. Also, this expense covers weekly housekeeping, meals, some utilities, and housing.
In Jefferson County, where Louisville is located, Medicare spending per capita is below the national average. Medicare spending per Jefferson County beneficiary is $9,156. This is over $300 less than the national average of $9,501.
This is great news, but you still need to be sure to budget for coinsurance, deductibles, and other out-of-pocket costs. This is especially important if you want to see doctors who do not accept Medicare at the fee-for-service rates. Any difference between the allowed amount and the Medicare reimbursement rate must be paid by you.
Transportation costs, like insurance and gas, are well below the national average in Louisville. As a matter of fact, you can find car insurance rates as low as $837 per year depending where in the city you live. On the high end, it costs $2,819 with an average cost of $1,760.
If you would prefer to have someone else drive, TARC offers discounts for senior citizens aged 65 and older when they show a TARC ID. Seniors can ride for as little as 80 cents.
There are plenty of ways to keep yourself entertained in Louisville without spending a dime. If you are into artwork, head to Tim Faulkner’s Gallery in the Portland neighborhood. You can also go for a stroll in beautiful Bernheim Forest. Or, you can get a nice stretch in when 502 Power Yoga offers their free yoga classes.
Find assisted living in Louisville near you.