Finding a location that fits your budget is a necessity to retire comfortably. According to Forbes, the cost of living in New Orleans is about 3.4 percent higher than the national average.
This article will take a look at all the major expense categories in New Orleans, so you can get an idea of your budget and look for ways to save money.
The median home value in New Orleans was about $174,800, which has gone up around 7.4 percent from last year. Zillow listed the market as cold and did not mention any predictions for any continued rate increases. As of February 2017, the average apartment in the city of New Orleans rents for $1,494. A one-bedroom apartment typically rents for $1,268 a month, while a two-bedroom averages $1,819.
Consumers pay a little lower than the national average for food. New Orleans shoppers pay around $4.23 for ground beef, $2.63 for milk, and $8.99 for pizza.
The average price for gasoline in New Orleans is $1.82 a gallon, which is less than the national average. Retirees typically pay less for gasoline because they don’t drive as much since they no longer drive to work daily.
You can also save money by buying a public transportation pass, which runs about $32.50 with the reduced fare for seniors.
Louisiana has high auto insurance rates even for good drivers. The average price is around $2,158 per year. These rates can vary based on your driving record, type of your vehicle, the amount of coverage, and discounts available like bundling your home and auto policies. Also, you will want to discuss with your agent that you don’t drive a great deal because that can give you a discount.
The cost of senior care is lower than the national average. Assisted living care in New Orleans averages $45,450 annually, which is slightly lower than the national average of $46,000. The national average cost for nursing home care is $80,300 for a semi-private room and $91,250 for a private room. Nursing home care costs in New Orleans are considerably lower with rates of $62,050 for a semi-private room and $68,328 for a private room.
Adult day care services are lower than the national average with rates in New Orleans of about $15,600. Home health aide costs average $37,750 in New Orleans, which is considerably less than the national average of $46,000.
Like with any service, you will want to shop your rates. You should comparison shop your utilities, insurance, and health care because rates can vary. Check out multiple grocery stores for the best prices and deals. Find housing within walking distance to your destinations to save money.
Find assisted living in New Orleans near you.