Whenever you begin to look at the cities you would like to retire in, you want to consider the cost of living in each area. While some people may have a large enough retirement fund that they don’t need to worry about the cost of housing, health care, or transportation, many more need to factor in those details if they want to retire comfortably.
If you’re considering retiring in Memphis, TN, here are some numbers you will want to think about.
To purchase a new home in Memphis for your retirement, you could be looking to spend around $139,900, which was the median sales price for homes according to Trulia.
If you’re looking to rent a home in Memphis, the cost of an apartment in falls right in the middle of the national average range. According to Numbeo, you can rent a one-bedroom apartment in City Centre for about $920 while a two-bedroom will cost you around $1,525 a month. These numbers drop to about $700 for a one-bedroom and less than $1,000 for a two-bedroom when you move outside of City Centre.
When you compare both of these costs to living in a senior community in Memphis, you can expect to pay much less than the average $2,000 monthly fee for assisted living. Although when making your decision, you will want to consider all that the price includes.
In addition to housing cost, seniors considering retirement in Memphis will want to look at the cost of health care in the area.
The level of health care that is needed will greatly influence how much you can expect to pay. If you’re looking for home health care in Memphis, the state average for Tennessee comes in around $21,000 per year although Memphis is a bit lower at around $17,680.
For details on Medicare spending in Tennessee, the total cost spent in Tennessee was about $6.6 billion. This number comes down to almost $8,700 per beneficiary in Tennessee.
Where transportation costs fall on the national average scale will depend on the form of transportation you’re looking to receive. According to Numbeo, a one-way ticket on local transport is $1.75, which is right in the middle of average price, while a monthly pass can cost about $50, which is high.
If you drive your own car, the cost of gas per gallon is just under $2, which is pretty low compared to the national average. Unfortunately, car owners may be looking at spending $1,212 per year on car insurance – the highest in the state of Tennessee.
There are many free entertainment options in Memphis that seniors who retire in the area can take advantage of. Graceland, the former home of Elvis Presley, is free for tours, as is the National Civil Rights Museum and the Stax Museum of America.
Find assisted living in Memphis near you.