There are a lot of factors you need to take into consideration as you prepare to retire. Chief among them is the cost of living in your preferred city. Fortunately, Rochester is one of the most affordable cities in the United States.
The cost of living in Rochester is 9.8 percent below the nationwide average according to the latest figures from Forbes. But, how does “the World’s Image Center” stack up to the rest of the country when it comes to expenses that matter most to older adults?
Both the housing prices and rents in Rochester show a slow upward trend. This is likely to continue or possibly level off due to the slow job growth in the city and the population decreases. According to July 2015 numbers from Forbes, the median home price in Rochester is $127,800. Rent for a one-bedroom apartment in Rochester will cost you an average of $809 per month. Two-bedroom units go for $1,055 as of June 2016.
Food is slightly less expensive in Rochester than the US average. According to Sperling’s Best Places, the cost of groceries in Rochester is two percent lower than the average for the rest of the country. What does this look like at the supermarket? The average prices for some common items in Rochester are $2.20 for a dozen eggs, $2.57 for a gallon of milk, and $2.10 for a pound of skinless, boneless chicken breasts as of July 2016.
Transportation is expensive in Rochester. On the average, residents spend eight percent more than the rest of the country for transportation. Of course, the costs will be lower for retired people who do not have a workday commute. As of July 2016, the cost of a gallon of gas in Rochester ranges from $2.16 to $2.59. Auto insurance is more expensive in Rochester than the national average. In Rochester, the average rate is $1,271 per year versus $1,099 nationally. However, you can probably get better rates depending on where in the city you live, your driving history, and the type of vehicle you drive.
Across the board, senior care in Rochester is more expensive than the national median. Home health care is over $9,000 per year more than the US average. Adult day health care will cost you $22,490 per year in Rochester versus $17,680 nationally. If you want a private room in an assisted living facility, expect to pay $51,600 in Rochester. This is compared to the national median of $43,529. Private rooms and semi-private rooms in nursing homes cost $135,050 and $127,750 respectively in the Flour City. The national numbers are $92,378 and $82,125.
Make sure you get the most out of your retirement funds by comparison shopping for housing in Rochester based on price, walkability, and low-cost transportation alternatives.
Find assisted living in Rochester near you.