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How Much Does It Cost to Retire in San Jose, CA?

There are many things you need to be ready for as you prepare for retirement. For instance, you need to consider how much it will cost you to live in your desired area. The cost of living in San Jose is not cheap, but most San Joseans think it is worth the additional price tag to live in the “Capital of Silicon Valley” with gorgeous year-round climate, plenty of entertainment, and an educated population. Plus, there are some suburbs where you can find good deals.

How does San Jose compare to the rest of the United States when it comes to the bigger retirement expenses? We will answer this and more below.

Is Housing Expensive?

Living in your own house is nice, but it is not for everyone. Fortunately, there are plenty of senior living communities that offer assisted living. If you decided to go that route, you should expect to spend an average of $48,000 per year in San Jose. This includes housekeeping, meals, housing, and some utilities.

Based on the latest figures, the median price for a house in San Jose is around $646,100 according to Sperling’s Best Places. These home prices continue to rise, so you will be making an excellent investment. Based on the housing costs, crime rates, and quality of life, financial and real estate sites, such as Livability and Niche, rank the city of San Jose and many of its suburbs among the best places to live in California. Highly ranked suburbs include Palo Alto, Los Altos Hills, Loyola, Cupertino, Mountain View, and Los Altos.

If renting is more your speed, you can expect to pay an average of $2,548 per month in San Jose for a one-bedroom apartment and $3,267 for two rooms.

How Much Is Health Care?

The Medicare expenditures per capita in Santa Clara County, where San Jose is situated, are just a little over the national average. The per capita Medicare costs in Santa Clara County are $10,004. The national average is $9,501.

Since you will need to pay for deductibles and coinsurance out-of-pocket, it is important that you budget for your health care costs. Keep in mind that your doctor may not accept Medicare at the fee-for-service rates. You will be on the hook for the difference between the Medicare reimbursement rate and the allowed amount.

What Does Transportation Cost?

Gas, insurance, and other transportation costs are all greater in San Jose. For instance, car owners can expect to pay between $1,018 and $1,989 per year for car insurance depending on where you live. The average rate in the area is $1,438.

If you decide to forego driving, VTA offers reduced fares for all seniors aged 65 years and older. In fact, you can get an annual pass subscription for just $275.

Is There Anything Free?

San Jose may have a high cost of living, but that does not mean there are not plenty of ways to have some free fun. The Municipal Rose Garden is free of charge and features more than 4,000 rose shrubs. Also, the Los Gatos Creek Trail is a beautiful, natural place to go for a stroll.

Learn more about San Jose Retirement Planning here:

What's the Cost of Living in San Jose, CA?

San Jose Financial Advisors

San Jose Elder Law Attorneys

San Jose Senior Realtors

San Jose Senior Movers and Downsizers

San Jose Neighborhood Guide

Live Like a Local in San Jose

San Jose Demographics and Lifestyle

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