Oakland, California is a very expensive place to live with the cost of living 42.6 percent above the national average. This number can be overwhelming, but there are ways you can save and retire in Oakland. Below is a breakdown of the major costs, and you can examine how to save money.
The median home value in Oakland is $670,500, which is an increase of 9.7 percent from last year. Zillow predicts home values will continue to grow by 2.9 percent within the next year. The average apartment within the Oakland city limits costs about $2,778 a month. As of February 2017, one-bedroom units rent for $2,374 a month, and two-bedroom units rent for an average of $3,065 a month.
Because of mild temperatures, Californians use 30 percent less electricity than the national average. However, residents do not see cost savings since California’s electricity rates are higher than the country’s rates. Residents of California spent an average of 36.3 percent more for electricity than the mean rate of the country. Electronics, appliances, and lighting consumed the most energy in California.
As for other utilities, consumers in the Bay Area paid 41 percent above the national average for natural gas.
Food prices are also higher than the national average. Consumers in Oakland pay around $3.41 for bread, $3.83 for a dozen eggs, $2.83 for a gallon of milk, and $11 for a 12-inch pizza.
As of February 2017, gas prices in the Oakland area averaged $2.91 a gallon, which is 23.1 percent higher than the national average of $2.36 a gallon.
Retirees can save on gas because they no longer have the daily commute to work. Another mode of transportation is the public transit. Seniors over 65 can purchase a local monthly pass for $20.
California’s average annual auto insurance policy premium runs about $814.82. The national average is around $866.31. Rates will vary based on your driving record, type of vehicle, the amount of coverage, and other discounts.
The cost of senior care is higher than the national average. Assisted living care costs on average $71,400 annually compared to 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.
In Oakland/San Francisco, the average nursing home rates are significantly more than the national average with annual rates ranging from $150,000 for a semi-private room to $182,000 for a private room. Adult day care and home health care services are also considerably higher than the country’s average rate.
To help save money, it’s always a good idea to shop for the best rate, and this includes utilities, groceries, transportation, and insurance. You can look for housing close to stores and activities, so you can walk.
Find assisted living in Oakland near you.