As you get ready for retirement, one of the most important factors to consider is how you are going to cover your expenses. A major determinant of how much it will cost to retire is the city you pick to live in. Fortunately, Oklahoma City’s cost of living is among the lowest in the United States. In fact, you can expect to pay less for utilities, groceries, transportation, housing, health care, and other expenses.
However, how much do the big expenses cost in Oklahoma City? Read on to find out.
Living in your own home is not for everybody. It is kind of nice to get help with cooking meals, paying for utilities, housekeeping, and other day-to-day tasks. Thankfully, assisted living is provided by many senior living communities in Oklahoma City. With all of the abovementioned services and housing included, the average cost to stay in an assisted living facility in Oklahoma City is $37,500.
The median home value in Oklahoma City is $130,600 according to the most recent numbers published on Sperling’s Best Places. These prices are staying fairly constant. There are several Oklahoma City suburbs that are ideal for retirees according to real estate and financial websites, including Niche and Movoto. The highest ranked suburbs based on weather, access to health care, quality of life, and more are The Village, Nichols Hills, Harrah, Edmond, Norman, and Yukon.
For those retirees who would prefer to rent, you can expect to pay $759 per month in Oklahoma City for a one-bedroom apartment. Two-bedroom units cost about $963.
Oklahoma City is primarily located in Oklahoma County, where the Medicare spending per capita is right around the national average. Medicare spends $9,617 per Oklahoma County beneficiary, and the national average is $9,501.
As you prepare for health care costs in retirement, you need to budget for out-of-pocket expenses, like deductibles and coinsurance. If you want to see doctors who do not accept the fee-for-service rates of Medicare, then this is especially important because you will be expected to cover the difference between the Medicare reimbursement rate and the allowed amount.
Transportation, including gas, insurance, and other expenses, costs slightly less in Oklahoma City than the national average. For car owners, the average cost for insurance in Oklahoma City is about $1,458 per year with prices ranging from $1,145 to $1,802.
If you prefer public transportation, EMBARK offers reduced fares for seniors aged 60 years or older. In fact, you can get a 30-day unlimited pass for $25.
The best things in life are free. This is especially true in Oklahoma City. You can immerse yourself in the beauty of the great outdoors at Martin Park Nature Center, view the impressive variety of firearms and military artifacts at the 45th Infantry Division Museum, enjoy the paintings and pottery of American Indian life at the Red Earth Art Center, or pay your respects at the Oklahoma City National Memorial. All of these places are free of charge.
Find assisted living in Oklahoma City near you.