The cost of living in our preferred city is one of the main things we need to think about as we prepare for retirement. For a city of its size and for its quality of life, Raleigh is incredibly affordable. According to the latest numbers from Forbes, the cost of living in Raleigh is 1.6 percent greater than the national average. But, how does the “City of Oaks” stack up to the rest of the country when it comes to budgetary items that most seniors deal with?
Home prices and rents in Raleigh have shown a large upward trend in recent years, and this is likely to continue into the future thanks to the city’s population increases and strong job growth. According to Forbes numbers from July of 2015, the median home cost in Raleigh is $200,700. For those older adults who would like to rent, you can expect to pay $1,040 on average in Raleigh for a one-bedroom apartment as of June 2016. Two-bedroom units go for $1,290 per month.
Food is slightly more expensive than the nationwide average in Raleigh. According to Sperling’s Best Places, Raleighites spend one percent more than the United States average for their groceries. How does this translate to grocery store purchases? Residents can expect to pay an average of $2.91 for a dozen eggs, $3.97 for a gallon of milk, and $4.33 for a pound of boneless, skinless chicken breasts. These are the averages as of July of 2016.
Transportation in Raleigh is actually slightly less expensive than the national average. Residents spend two percent less than the US average for transportation according to Sperling’s Best Places. Of course, you can count on spending even less if you do not have a workday commute. As of July 2016, the price for a gallon of gas in Raleigh ranges from $1.87 to $2.29. Raleigh’s auto insurance rates are among the lowest in the country. The average rate is $1,098 per year. And, you can usually find better rates if you are a good drive, have a modest vehicle, or if you live in a safer part of town.
For the most part, senior care is more expensive in Raleigh than in the rest of the country. The one exception is adult day health care, which is only $11,700 per year in Raleigh. This is compared to the national median of $17,680. Home health care in Raleigh will run you about $500 more than the national median each year. Assisted living costs $46,065 in Raleigh versus $43,539 nationally. And, private rooms and semi-private rooms in nursing homes are $95,083 and $83,038 per year in Raleigh respectively. The US averages for these accommodations are $92,378 and $82,125.
When you take the time to comparison shop for housing in Raleigh based on low-cost transportation alternatives, walkability, and pricing, you can ensure you will get the most out of your retirement funds.
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