California can be a dream location to retire to, but because so many people want to spend their senior years in the California sunshine, it can be expensive to save up the retirement funds to sustain the lifestyle you’re looking for. If you’re thinking of retiring to Riverside, California, here are some numbers you will need to know.
Housing in Riverside can be on the more expensive side. With its proximity to the California coast and major cities like Los Angeles and San Diego, it is no wonder that the median sale price for homes in the Riverside area is around $355,000.
If purchasing a home in Riverside is not in your budget or you just don’t want to deal with the struggles of being a homeowner in retirement, renting an apartment in Riverside can serve as another housing option. A one-bedroom apartment in Riverside has an average rent cost of $1075 a month while that number jumps to about $1350 for a two-bedroom apartment. Location and apartment size can influence this price.
The majority of the more expensive homes in the Riverside area can be found in the Mission Grove or Arlington South neighborhoods. The cheapest rent options in the area can be found in Eastside, Victoria, or Downtown.
Collectively Riverside, California has one of the highest Medicare costs of the entire country. The county alone spends $1.18 billion each year. For each beneficiary, the cost of Medicare averages out to be around $10,170.
Since this number is discovered through finding the average, many individuals may pay more than this number while others can pay significantly less. The true amount that you will pay in Medicare will be determined by the amount and level of care that you need.
Just like health care costs, the amount you will spend on car insurance in Riverside depends on the coverage that you’re looking for and what your driving history looks like. For the entire state of California, the average cost of auto insurance comes to about $780 – more than $50 less than the national average. If you have been in a number of accidents in the past, your car insurance premium may be higher.
Public transportation in Riverside is also available for a reasonable price. For a one-way ticket, the average cost is about $2.50. For a monthly pass on public transportation, you will need to pay around $50.
To help you stick to your retirement budget, give some of the free or low-cost activities in Riverside a visit. You can walk through the Louis Robidoux Nature Center or go for a hike at Mt. Rubidoux. If biking is more your cup of tea, you can explore the Santa Ana River Trail. Riverside is also home to many beautiful parks, including Fairmount Park, UCR’s Botanic Gardens, and the Sycamore Canyon Wilderness Park.
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