There are many things you need to think about as you prepare for retirement. One of the big factors is the cost of living in your preferred destination. Fortunately, for a city of its size in California, Riverside is incredibly affordable.
According to the latest numbers from Forbes, the cost of living in Riverside is 3.7 percent above the national average. But, how does the “City of Arts & Innovation” compare to the rest of the country when it comes to budget items that retirees have to deal with?
Recently, home prices have spiked in Riverside. However, rent has actually decreased. Both are likely to go up in the near future as the population continues to increase and job growth stays strong. According to the numbers from July of 2015, the median home price in Riverside is $254,200. For those who prefer to rent, the average cost for a one-bedroom apartment in Riverside is $1,081 per month as of June 2016. Two-bedroom units are $1,273.
Riverside is one of the most expensive places to buy food in the United States. On average, residents have to spend 10.5 percent more than the national average for groceries according to Sperling’s Best Places. What does this mean when it comes to common grocery items? According to statistics obtained in July of 2016, the average cost for a gallon of milk is $3.06, a dozen eggs cost $3.55, and a pound of skinless, boneless chicken breasts goes for $3.49.
Transportation is also on the more expensive side in Riverside. As a matter of fact, compared to the US average, transportation is eleven percent more in Riverside. However, if you do not have a workday commute, like most retirees, you can expect to spend less on transportation. As of July 2016, gas prices in Riverside range from $2.43 to $3.80 per gallon. Auto insurance is also more expensive in Riverside. The average rate for car insurance in the city is $1,435. This compares to the national average of $1,099. You may be able to get a better rate if you are a good driver and live in a safer part of town.
Senior care is all over the board in Riverside when compared to the rest of the nation. For instance, a home health aide costs $48,048 per year in Riverside but $46,332 nationally. On the other hand, homemaker services are $38,896 in Riverside and $45,760 for the rest of the country. Adult day health care is about $3,000 per year more expensive in Riverside than the US average. Assisted living is about $3,000 less expensive. Private rooms and semi-private rooms in Riverside nursing homes run for $105,850 and $78,110 respectively. Nationally, they are $92,378 and $82,125.
Comparison shop for housing in Riverside based on pricing, walkability, and low-cost transportation solutions to be sure you are getting the most out of your retirement savings.
Find assisted living in Riverside near you.