Retirement is expensive no matter where you live. Without a steady income, our retirement funds need to last through our final years. However, where we choose to live can influence how far that money will stretch.
Understanding the cost of housing, healthcare, and transportation in the city you’re considering calling home during your retirement years will help you budget for a realistic retirement.
For some seniors, owning their retirement home is incredibly important. With a whole house, you’ll have more than enough space to host visitors and family events. If you’re considering purchasing a home for retirement in Rochester, you will have some completely affordable options. Zillow puts the home value of houses in Rochester right around $66,500.
Renting is another option for seniors looking to move to Rochester for retirement. If you’re looking to save cash and downsize, you can find a one-bedroom apartment in Rochester for an average rent of $807 a month. For a two-bedroom that price jumps to $1033. Rents will be most expensive in the Central Business District, Highland, and East Avenue areas.
Average Medicare costs for Rochester are pretty average compared to the rest of the country. With $372 million spent overall, the average cost per beneficiary is just above $8,500. While this number is higher than some cities the same size, it is considered a median cost.
To get the most out of your health care coverage, you will want to stay inside the boundaries of Medicare and talk about payment options before you follow through with the appointment. When you’re smart about the care you receive, you don’t need to worry about receiving a surprise medical bill that could ruin your savings.
The cost of transportation in Rochester is a toss off to how you prefer to get around. To take a public transport one way, your ride will only cost you $1. A monthly pass for public transportation jumps up to $56, which can be a great deal if you ride public transportation more than once a day.
On the other hand, taxis in Rochester can fall on the more expensive side. The fare begins at $3 and adds $2.15 for every mile that you travel. If you’re looking to go long distances in your cab, this could get expensive.
Car insurance and gas prices for Rochester are pretty standard for a city of its size. The average car insurance rate is about $1,000 a year while gas typically costs around $2.20 per gallon.
Rochester is home to multiple free zoos and museums to keep you occupied while sticking to your budget. Some popular attractions include the Seneca Park Zoo, the Strong National Museum of Play, the George Eastman Museum, and the Memorial Art Gallery. Other free options include the beautiful parks in the area, like Highland Park and Cobbs Hill Park.
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