As you get ready to retire, there are many factors to take into consideration. One of the most important things is to look into the cost of living in your preferred city. Fortunately, the cost of living in Richmond is not too much higher than the national average According to Forbes’s numbers from July of 2015, the cost of living in Richmond is 1.7 percent above the United State average. What about the big expenses that retirees face? How does Richmond compare to the rest of the country?
In recent years, the housing prices and rents have shown a strong upward trend in Richmond. This is likely to continue with the steady job growth and many new residents to the city. According to Forbes’s July 2015 stats, the median home price in Richmond is $202,000. If you prefer renting, you can expect to pay an average of $1,013 per month for a one-bedroom apartment in the River City. Two-bedroom units go for $1,258.
According to the latest figures from Sperling’s Best Places, Richmonders spend more, but not significantly more, than the national average for groceries. Residents spend 2.3 percent more than the rest of the country for groceries. When considering common shopping items, this translates to $2.84 per gallon of milk, $2.64 for a dozen eggs, and $2.97 for a pound of skinless, boneless chicken breasts.
Transportation costs in Richmond are right on par with those found throughout the rest of the US. Of course, you can expect to spend even less if you are retired and do not have a daily commute. Gas prices in Richmond are currently below the national average. They range from $1.56 per gallon to $2.39. Richmond is one of the most expensive places to purchase auto insurance in Virginia at $1,074 per year. However, this is below the national average of $1,099. Of course, you can find lower rates depending on where you live in the city, the type of vehicle you drive, and your driving history and habits.
For the most part, senior care is less expensive in Richmond than in the rest of the US. The exception is nursing home care, where you can expect to pay $94,353 per year for a private room and $84,315 for a semi-private room in Richmond. This compares to the national medians of $92,378 and $82,125 respectively. Home health care is about $7,000 cheaper per year in Richmond. And, a room in an assisted living facility will cost you $40,392 in Richmond but $43,539 nationally. The cost of adult day health care is also slightly less than the nationwide median.
Make certain you will get the most out of your retirement savings by taking the time to comparison shop for housing based on prices, affordable transportation solutions, and walkability.
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