Each year, thousands of new families choose to make the move to Madison. Young and old alike can enjoy museums, art, theater and the great outdoors. Madison is perhaps most famous for its artisan cheeses and craft beers. Whether you are drawn to Madison for its rich culture or idyllic scenery, the city makes an ideal retirement destination for the active senior. The cost of living in Madison is just 2.6% higher than the average cost of living nationwide. While families tend to spend a hefty chunk of their paycheck on housing, low food and utility costs help to trim down the bills each month.
As the population of Madison grows, the demand for adequate housing grows along with it. The prices of housing and rental properties have risen over the past few years for city residents. Madison families spend, on average, almost a third of their budget on housing costs. As of July 2015, a house in Madison cost families a median of $214,300. Rental units within the city also tend to be expensive, costing $1159 per month for a single bedroom unit and $1436 for a 2-bedroom unit as of June 2016.
If you own or rent a household in Madison, you can save money on your utility bills by taking advantage of energy-saving resources provided by Wisconsin’s Focus on Energy program. Eligible families can receive a free Focus Pack that includes items such as water conserving showerheads, high-efficiency faucet aerators and compact fluorescent lightbulbs. Installing these energy-efficient products will help you and your loved ones to conserve both water and electricity each month.
Madison is world-famous for its dining scene, from handcrafted cheddar cheeses to microbrewed beers. The city is home to endless choices when it comes to restaurants, diners and pubs. As of July 2016, a meal in an inexpensive local joint costs an average of $11. If you’re in the mood for a meal at home, you can find a range of affordable groceries in Madison supermarkets. The local cost of a gallon of milk is $3.02, while a carton of eggs costs $2.36 and a pound of chicken breasts costs just $4.71.
Wisconsin residents enjoy some of the cheapest car insurance in the U.S., paying an average of just $912 per year. Gas prices within the city are also low, starting at $1.72 and averaging $1.97 per gallon in July 2016. Seniors who do not own a car or who cannot afford the maintenance costs can travel throughout Madison via public transit on the city Metro. Seniors over the age of 65 and Medicare card holders are eligible for reduced travel fares.
Madison is home to dozens of quality care options located throughout the city, but seniors pay a premium for these services. Nursing facilities can charge upwards of $88,878 annually for a semi-private room or $100,101 for a private room. Hiring a home health worker is also pricey, costing an annual median of $55,484 for Madison families. Care in a Madison area assisted living facility is more affordable, costing residents a median of $47,400 per year. If you are worried about the price of senior care in Madison, you can look into local long-term care insurance plans or see if you are eligible for state Medicaid benefits.
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