There are several things to take into consideration as you prepare for retirement. Chief among them is the cost of living in your preferred retirement destination. Fortunately, Pittsburgh is one of the most affordable places in the country to retire to. According to Sperling’s Best Places’ latest numbers, the cost of living in Pittsburgh is sixteen percent less than the national average. Yet, how does Steel City compare to the rest of the country when it comes to expenses that matter most to seniors?
Both home prices and rent have shown a slow upward trend in recent years, but that is likely to pick up as job growth outpaces the national average and people are moving back to the city. The median home price in Pittsburgh is currently $140,000 according to Forbes. The rent for a one-bedroom apartment in Pittsburgh as of July 2016 is $1,147 per month. If you are looking for a two-bedroom place, the average cost is $1,562 per month.
Pittsburghers spend more for groceries than the rest of the United States. In fact, according to Sperling’s Best Places, groceries cost about 4.7 percent more in Pittsburgh than the national average. What does this mean in terms of common grocery items? You can expect to pay an average of $3.55 for a gallon of milk in Pittsburgh, $2.96 for a dozen eggs, and $4.42 for a pound of boneless, skinless chicken breasts.
The cost of transportation in Pittsburgh is among the highest in the country. According to the most recent numbers, residents of Pittsburgh have to spend about ten percent more for transportation than the nationwide average. At the gas pump, prices range from $2.06 per gallon to $2.59 per gallon in Pittsburgh as of July 2016. On the bright side, car insurance is among the cheapest in the country in the “City of Bridges.” Drivers pay an average of $1,514 per year for insurance. This number varies based on your driving history, driving habits, where in the city you live, and the type of vehicle you drive.
The costs for senior care are all over the place in Pittsburgh when compared to the rest of the country. Adult day health care is well under the national median at $15,340 per year in Pittsburgh versus $17,680 nationally. Home health care and nursing home care are more expensive here. Home health care is about $6,000 more per year than the rest of the country. For a private or semi-private room in a nursing home, expect to pay $117,045 or $105,850 respectively in Pittsburgh. This compares to $92,378 and $82,125 nationally. Assisted living in Pittsburgh does not vary significantly from the national median.
It is important that you comparison shop for housing based on walkability, prices, and inexpensive transportation alternatives to make sure you get the most out of your retirement funds.
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