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How Much Does It Cost to Retire in Richmond, VA?

You need to consider the cost of living in your city of choice as you prepare to retire. You are in luck if you want to retire in Richmond. It costs just a bit less than the national average to live here. This is a nice perk considering that Richmond has such a strong economy, attractive housing options, and a rich history.

However, what about the big ticket items and services? How do their prices in Richmond compare to the rest of the United States? We will explore this and more in this article.

How Much Is Housing?

The median home value in Richmond is $133,800 according to the latest stats at Sperling’s Best Places. Home appreciation has remained relatively stable over the last year, so it may be a good time to buy. According to a broad range of real estate and financial websites, including Niche, Richmond and its surrounding suburbs are the ideal places to retire. Specifically, based on access to health care, crime rates, quality of life, and more, the most highly ranked suburbs for retirees are Prince George, Tuckahoe, West Point, and more.

If you would prefer to rent your own apartment, you can expect to pay an average of $756 per month for a one-bedroom apartment or home, and $896 for a two-bedroom place in Richmond.

We all want to remain in our own home for as long as possible. However, eventually, it becomes smarter to seek out a senior living community with an assisted living option. In Richmond, this option will cost you an average of $56,076 per year. This includes housing, some utilities, meals, and weekly housekeeping.

Is Health Care Costly?

Medicare spending in Richmond is right around the same amount found in other parts of the country. In fact, the Medicare per capita spending for Richmond beneficiaries is $9,574. The national average is $9,501 per person.

Since you will need to pay for some of the costs out-of-pocket, like deductibles and coinsurance, be sure to include health care in your budget. If you visit doctors who do not accept Medicare’s fee-for-service rates, planning ahead for future expenses is especially important. You will be required to pay anything over the Medicare reimbursement rate.

Is Transportation Affordable?

In Richmond, transportation costs, including gas and insurance, are right on par with those found in the rest of the US. Also, car insurance is actually quite low. You can expect to spend between $583 and $1,308 per year in Richmond for car insurance with an average of $994.

If you prefer to take public transit, GRTC offers reduced fares for seniors. You can pick up a monthly pass for just $35.

What Free Things Are There to Do?

Richmond is a great place to retire on a limited budget. There is just so much to do. The Maggie L. Walker National Historical Site commemorates the life of the great African-American woman. The Old Dominion Railway Museum allows you to travel back in time with free exhibits. Also, the Virginia Museum of Fine Arts is free to the public and open every day of the year.

Learn more about Richmond Retirement Planning here:

What's the Cost of Living in Richmond, VA?

Richmond Financial Advisors

Richmond Elder Law Attorneys

Richmond Senior Realtors

Richmond Senior Movers and Downsizers

Richmond Neighborhood Guide

Live Like a Local in Richmond

Richmond Demographics and Lifestyle

Find assisted living in Richmond near you.