The cost of living is one of the main factors most of us consider when we explore retirement destinations. Naples is a fairly expensive place to live. However, when it comes to expenses that matter most to seniors who are trying to get the most out of their nest egg, Naples can be quite affordable.
Forbes calculated the cost of living in Naples to be about 11.2 percent above the United States average as of September 2016. On the bright side, you can keep more of the money you earned since Florida does not levy an income tax. But, how does Naples stack up when it comes to main budget categories?
Housing costs are skyrocketing in Naples while rents plummet. Both of these are likely to level off to a more reasonable upward trend since the population growth is fairly steady. The median home price as of July 2015 is $275,300. Rent for a one-bedroom apartment will run you about $1,425 per month in Naples. For a two-bedroom unit, you can expect to pay $2,067 as of July 2016.
Naples residents’ spending on food is well above the US average according to Sperling’s Best Places. As a matter of fact, Neapolitans spend 6.1 percent more than the rest of the nation for groceries. At the grocery store, Naples-area consumers pay an average of $3.63 for a gallon of milk, $2.88 for a dozen eggs, and $4.25 per pound of skinless, boneless chicken breasts as of September 2016.
The overall cost of transportation in Naples is higher than the rest of the country. Residents spend four percent more on average for transportation expenses. However, if you are retired and do not have a daily commute, you will likely spend a lot less. The prices for a gallon of gas in Naples range from $1.97 and $2.48 as of September 2016. Auto insurance rates in Naples are just a tick above the national average. You can expect to pay $1,149 per year for car insurance in Naples versus $1,099 nationally. These rates vary based on your vehicle, driver history, and habits.
For the most part, the cost of senior care in Naples is higher than the rest of the US. The only exception is adult day health care. In Naples, you can expect to pay $15,600 per year, but the national median is $17,680. Home health care is $4,000 per year more expensive in Naples. A private room in an assisted living facility will cost you $58,020 versus $43,539 nationally. And, private rooms and semi-private rooms in nursing homes cost $125,925 and $109,500 respectively in Naples and $92,378 and $82,125 nationwide.
Make the most of your retirement funds in Naples by looking for the best utility rates and comparison shopping for housing based on low-cost transportation solutions, prices, and walkability.
Find assisted living in Naples near you.