Raleigh is the perfect city for seniors to call their retirement home, but how does it fit with the budget you’ve created? Regardless of where you’re thinking of moving after you enter retirement, you will want to ensure it fits with the money you have saved and what your retirement goals look like.
Here are some basic overviews of costs in the Raleigh area.
If you’re thinking about purchasing a house to live in during retirement, Raleigh can be on the expensive side. According to Zillow, homes in the Raleigh area are valued at about $206,800 and the median sale price is higher, at $226,500.
Renting in Raleigh can provide a cheaper option for retirees, but at $1183 per month city average for rent in the city, it can still be costly. For a one-bedroom apartment, monthly rent averages out to around $1043 while a two-bedroom comes to about $1273. Certain areas in Raleigh will also have more expensive rent. If you’re looking to cut costs on living expenses, avoid the North Central, Central, and Wade neighborhoods.
Senior living communities are another housing option for seniors in Raleigh. Compared to communities in other cities, the cost in Raleigh is on the lower end. You will have a number of senior living community options for around $2,000.
Medicare is used at a minimum in Wake County, North Carolina, which is great news for seniors in the area. With a total Medicare cost of just $626 million for the area, each beneficiary has a Medicare cost of just under $8,000.
Additional expenses may arise if you are in need of at home care or more attention from your medical team. If you’re considering in-house care from a home aide, the price can be pretty steep. You will want to consider this possibility before you decide if a move to Raleigh is right for your retirement.
The cost of transportation in Raleigh is pretty on par with similar cities throughout the country. With public transportation and taxis, you can get away with not having a car in the Raleigh area if you don’t want one. However, the expense of keeping a car in the city isn’t too high.
To purchase a one-way ticket on public transportation, you can expect to pay $1.62 per trip. For frequent riders, a monthly pass is available for $45 per month. Taxis remain about average priced, with a $1.95 starting price and $2.50 accumulated for every mile driven.
For seniors who choose to bring their car to the city, gas can be purchased for $2.19 per gallon. Average car insurance in Wake County typically runs at about $900 per year.
All over the country, one of the most popular free activities you will find in major cities is to visit the museums. In Raleigh, the free museums available to you include the North Carolina Museum of Natural Sciences, the North Carolina Museum of Art, and the Marbles Kids Museum.
Find assisted living in Raleigh near you.