There are many things you need to consider as you get ready for retirement. For instance, how much does it cost to live in your preferred destination? You are in luck if your preferred retirement city is Sarasota.
According to the latest statistics from Sperling’s Best Places, the cost of living in Sarasota is four percent lower than the nationwide average. But, how does Circus City compare to the rest of the nation when it comes to the expenses that matter most to older adults?
Home prices have shown a large jump in appreciation recently in Sarasota, while rents have actually gone down. Both will likely go up in the future as the city continues to grow. Currently, the median home cost in Sarasota is $151,400 according to Sperling’s Best Places. If you prefer to rent, you can expect to pay $970 per month for a one-bedroom apartment in Sarasota. Two-bedroom units are $1,552 as of June 2016.
Food is one of the few expenses in Sarasota that is higher than the national average. Sarasota residents spend an average of 3.1 percent more for groceries than the rest of the United States. What does that mean when it comes to purchases at the grocery store? As of July 2016, the average costs of some common items are $4.02 for a gallon of milk, $2.69 for a dozen eggs, and $3.73 for a pound of boneless, skinless chicken breasts.
According to Sperling’s Best Places, the overall cost for transportation in Sarasota is the same as the national average. Of course, if you are retired and do not have a workday commute, you are likely to spend even less on transportation. Based on statistics obtained in July 2016, the price for a gallon of gas in Sarasota ranges from $1.80 to $2.23. Auto insurance is higher than the US average in Sarasota. On average, drivers spend $1,240 per year for car insurance in the city versus $1,099 nationally. You can generally get a better rate if you have a clean driving history.
For the most part, senior care is less expensive in Florida. The main exception is nursing home care. The costs for private rooms and semi-private rooms in nursing homes in Florida are $100,375 and $89,060 per year respectively. This compares to the national medians of $92,378 and $82,125. Home health care is over $2,000 per year less expensive in Florida than in the rest of the country. Adult day health care is $16,380 per year in Florida versus $17,680 nationally. And, a private room in an assisted living facility will cost you $36,540 in Florida. This is compared to the national median of $43,539.
Take the time to comparison shop for housing in Sarasota based on walkability, the availability of affordable transportation options, and pricing to get the most out of your retirement funds.
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