Retirement costs can sometimes be very high and if you’re trying to save enough to live a good quality of life that can be stressful. It helps to look at the cost of living in different areas so you can budget enough money for your retirement. Saint Paul is only 1% higher than national averages for the cost of living, so it makes it a very affordable place to live as a senior. There are also advantages like property tax exemption and homestead exemptions for older people in the area. While Saint Paul might be slightly higher, it is nowhere near the levels of some cities like New York or San Francisco.
Here is a breakdown of some of the average costs of large expenses during retirement in Saint Paul.
As a senior, you have a few options for where to live after retirement. If you’re ready to leave behind household chores, you might want to consider a retirement community. Assisted living facilities in the Saint Paul area can cost around $47,880 per year. Keep in mind this will usually include your meal plan, some utilities, and things like housekeeping or transportation.
If you would prefer to own your house, the average cost of a single-family home is at $170,800 which isn’t bad, but the appreciation of homes has dropped about 16%. There are a lot of good neighborhoods in Saint Paul that make it easier to retire. Websites like Niche looked at data for Saint Paul including crime rates, cost of living, and local amenities and listed Macalester-Groveland, Summit Hill, and St. Anthony Park as the top neighborhoods in Saint Paul.
Renting could save you money depending on your situation. The average rent in the area is $1,259 with one-bedrooms at $1,123 and two-bedrooms at $1,411.
Health Care costs can get costly for seniors, so it’s good to know that Saint Paul’s average Medicare spending is lower than national averages. Saint Paul’s cost per beneficiary is $8,700 while the national average is $9,500.
While there are some savings in medical expenses for Saint Paul, you still want to budget enough money for things like coinsurance payments and deductibles. There are also some Medicare approved facilities that don’t use fee-for-service rates. If you use these places, you will need to pay for the difference between medical charges and reimbursement from Medicare.
Car drivers in Saint Paul might find gas prices cheap, but insurance costs a little high. Average costs for insurance is $1,854 with some rates reaching $2,523. You should shop around for prices that fit your budget and ask for things like safe driver discounts. You might also save money by using a provider that charges per mile, especially if you don’t drive often.
Metro-Transit serves both Minneapolis and Saint Paul and could save you money and the hassle of driving. If you’re 65 or older, use Medicare, or have a disability, you can get a reduced fare.
Saint Paul and Minneapolis are so close to each other that you can take advantage of all the free things to do in both cities. You can visit the Stone Arch Bridge, explore Minnehaha Park, or see the Chain of Lakes. You don’t have to buy anything at the Mall of America but you can explore everything there is to see for free. If you want an international experience, visit the Midtown Global Market.
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