When you are getting ready to retire, you need to consider the cost of living in your city of choice. If you are interested in retiring in Pittsburgh, you are in luck. The cost of living here is sixteen percent lower than the national average. That is pretty nice for a city with such a rich arts and culture scene and an attractive downtown.
However, how does Pittsburgh stack up to the rest of the United States when it comes to the more expensive costs one faces in retirement? We will take a look at this below.
Living in one’s own house is preferable for many retired people. Yet, others prefer to live in a nice senior living community with an assisted living option. This alternative is quite affordable in Pittsburgh with an average cost of $28,380 per year. This includes some utilities, housing, meals, and weekly housekeeping.
According to the latest figures published on the Sperling’s Best Places website, the median home value in Pittsburgh is $76,700. These prices are fairly stable, so now is a great time to buy. Pittsburgh’s suburbs are among the best places to retire in Pennsylvania according to Niche, Movoto, and other financial and real estate websites. The best suburbs in Pittsburgh for retirement are Leet, Franklin Park, Aspinwall, Marshall, Edgeworth, and Bradford Woods based on housing costs, access to health care, crime rates, and more.
If you would prefer to rent, you can expect to pay $1,147 per month on average for a one-bedroom apartment and $1,562 for a two-bedroom unit.
In Allegheny County, where Pittsburgh is situated, the Medicare costs per person are slightly more than those found in the rest of the United States. Medicare spends $10,323 per Allegheny County beneficiary, while the national average is $9,501.
You must budget for your health care since you will need to pay for some expenses out-of-pocket, such as coinsurance and deductibles. Planning ahead for future costs is particularly crucial if you visit providers who do not accept the fee-for-service rates of Medicare, since you will be expected to cover the difference between the allowed amount and the Medicare reimbursement rate.
Transportation expenses, such as gas and repairs, are pricier in Pittsburgh. However, car insurance is actually quite affordable. Depending on where you live in the city, you can expect to pay between $808 and $1,818 per year for car insurance in Pittsburgh with an average cost of $1,177.
If you like to ride public transportation, Port Authority operates buses, light rail, and more. Best of all, these services are free at all times to senior citizens age 65 and over who present a Medicare card or a Pennsylvania Senior Citizen ID Card.
Riding the bus is not the only free thing in Pittsburgh for seniors. You can take a free tour at the Allegheny Observatory, visit the oldest building in Pittsburgh, the Fort Pitt Block House, explore the Frick Art & Historical Center, and more.
Find assisted living in Pittsburgh near you.