As you get ready for retirement, there are many things you need to consider. One of the most important factors is the cost of living in your preferred destination. Thankfully, Milwaukee is one of the most affordable big cities in the country.
According to the latest figures from Forbes, the cost of living in Milwaukee is 1.1 percent below the nationwide average. Yet, how does Brew City compare to the rest of the United States when it comes to the expenses seniors usually face?
Both the rents and housing prices are exhibiting upward trends in Milwaukee. It is hard to say if this will last since the city has such slow job growth and the population has evened off. The median home price in Milwaukee is $192,000 according to Forbes. For those who prefer to rent, the average cost for a one-bedroom apartment in Milwaukee is $1,081 per month. And, two-bedroom apartments run for $1,485 as of June 2016.
Milwaukeeans spend less on groceries than the rest of the country. On average, groceries cost 2.6 percent less than the national average in Milwaukee according to Sperling’s Best Places. How does this translate to the supermarket? Based on numbers published in July of 2016, the average price for a gallon of milk in Milwaukee is $3.07, a dozen eggs is $2.20, and boneless, skinless chicken breasts are $4.83 per pound.
Transportation in Milwaukee is right around the national average. Compared to the rest of the US, residents spend two percent less for transportation. These expenses are even less for older adults who do not have a daily commute. The price for gas in Milwaukee ranges from $1.70 to $2.39 per gallon as of July 2016. Auto insurance rates in Milwaukee are right on par with those found elsewhere in the US. The average rate in the city is $1,104. The national average is $1,099. Of course, you can find better rates if you are a safe driver, have a clean record, and live in a safer part of town.
For the most part, senior care is more expensive in Milwaukee than the rest of the nation. The only exception is adult day health care, which costs $16,120 per year in Milwaukee versus $17,680 nationally. Home health care in Milwaukee is over $6,000 more per year than the national median. A room in an assisted living facility will cost you $50,700. This is compared to the national average of $43,539. And, private rooms and semi-private rooms in Milwaukee nursing homes are $116,800 and $108,146 respectively. Nationally, these expenses are $92,378 and $82,125.
Comparison shop for housing in Milwaukee based on walkability, inexpensive transportation options, and price to ensure you get the most out of your nest egg.
Find assisted living in Milwaukee near you.