It is important that you know what the cost of living is in your preferred destination before you retire. This will help you figure out how much you will need to save. Thankfully, St. Louis is one of the most affordable big cities in the United States, and many of the items and services golden agers spend their money on are quite inexpensive in the city.
According to Forbes, the cost of living in St. Louis is 5.1 percent below the national average. But, when it comes to major budgetary categories, how does the “Gateway to the West” compare to the rest of the country?
Both rent and housing costs have displayed an upward trend in recent years in St. Louis. It is unlikely this will continue, though, since both job and population growth have stalled. The median home price in St. Louis according to the July 2015 figures is $144,000. Rent for a one-bedroom apartment or house in St. Louis costs an average of $927 per month. For a two-bedroom unit, it costs $1,268. These costs vary quite a bit as you move into the suburbs.
According to the Bureau of Labor Statistics, food prices rose 1.3 percent in the last year. This had a lot to do with the cost of eating out increasing by about 2.8 percent. However, groceries also increased half a percent. Overall, though, grocery prices in St. Louis are about 4.4 percent less than the US average. To get an idea of prices for common items, a gallon of milk is $2.85 on average, a dozen eggs costs $2.59, and a pound of boneless, skinless chicken breasts is $2.90.
The cost of transportation in St. Louis is about four percent less than the nationwide average, and your spending on transportation is sure to be even less if you do not have a daily commute. Gas prices are pretty low ranging from $1.58 to $2.19 per gallon. Unfortunately, the car insurance rates are among the highest in the US. The average cost for car insurance in St. Louis is $2,272 per year. Of course, you can likely get better rates depending on your driving history, driving habits, type of vehicle, and where in the city you live.
The senior care costs in Saint Louis are all over the place when compared to the national median. Nursing home care in semi-private and private rooms is $62,050 and $67,890 per year respectively in St. Louis. This is well under the national averages of $82,125 and $92,378. On the other hand, adult day health care (at $19,630 per year) and a room in an assisted living facility ($47,640) are both more expensive than the national averages of $17,680 and $43,539 respectively. Home health care in St. Louis does not vary significantly from the national average.
Since the prices vary dramatically in St. Louis, it is well worth doing your research before you decide on housing.
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