As you make plans for retirement, there are many factors to consider. The cost of living in your preferred retirement destination is chief among these. Fortunately, Louisville is one of the most affordable big cities to move to.
According to Forbes’s numbers from July of 2015, the cost of living in Louisville is 5.3 percent less than the national average. But, how does Derby City compare to the rest of the country when it comes to the expenses that matter most to golden agers?
Both the home prices and rents in Louisville show strong upward trends, and that is likely to continue into the foreseeable future as job growth looks steady and new residents keep coming to the city. As of July 2015, Forbes reports that the median home price in Louisville is $138,600. If you prefer renting, you can expect to pay an average of $784 per month for a one-bedroom apartment or $932 for a two-bedroom unit.
Groceries are quite inexpensive in Louisville when compared to the rest of the United States. In fact, Louisvillians spend an average of 8.1 percent less than the national average for groceries. How does this translate to the costs of everyday items? According to numbers from July 2016, a gallon of milk in Louisville costs an average of $2.70, a dozen eggs goes for $1.67, and you can get a pound of boneless, skinless chicken breasts for $4.17.
Transportation is also very affordable in Louisville. Residents in Derby City pay about seven percent less than the US average for transportation costs. You can expect to spend even less if you are retired and do not have to worry about a daily commute. As of July 2016, gas prices range from $1.68 per gallon in Louisville to $2.49. On the downside, the average auto insurance rates in Louisville are among the highest in the country at $3,256 per year. You can probably get better rates if you have a clean driving record, good driving habits, and if you choose to live in a safe neighborhood.
Louisville is right around the national average for senior care with a couple exceptions. The cost of a private room in an assisted living facility in Louisville costs an average of $46,200 per year. This is more than the national median of $43,539. When it comes to nursing homes, the cost for a semi-private room is not too far off from the national average at $82,855 in Louisville, and a private room is more than $4,000 below the median. The costs for home health care and adult day health care are not significantly different from what you would expect to find elsewhere in the US.
Be sure you are getting the most out of your fixed income by taking the time to comparison shop for housing based on walkability, pricing, and affordable transportation options.
Find assisted living in Louisville near you.