You must take the cost of living into consideration when you are searching for the perfect retirement destination. Thankfully, Tampa is quite affordable for such a big city, and seniors find that their dollar stretches far.
According to recent numbers published by Forbes, Tampa’s cost of living is 0.4 percent higher than the national average. But, how does Cigar City compare to the rest of the United States when it comes to the most common expenses for retirees?
Both rent and home prices are inexpensive in Tampa, but that is likely to change as both show a strong upward trend as the population and job growth continue to rise. Currently, according to July 2015 numbers from Forbes, the median home price in Tampa is $146,700. If you are interested in renting, you can expect to pay an average of $1,004 per month for a one-bedroom apartment in Tampa as of July 2016 or $1,228 for a two-bedroom unit.
Tampanians spend about the same amount for groceries as the rest of the US according to Sperling’s Best Places. On average, groceries cost a mere one percent less than the national average in Tampa. To give you an idea of the price for common items, milk costs an average of $3.92 per gallon, eggs are $3.12 per dozen, and you can expect to pay an average of $3.26 per pound of boneless, skinless chicken breasts in Tampa.
Transportation is one of the few expenses in Tampa that is more than the national average, and even that is not drastically higher. Tampanians have to spend an average of four percent more for transportation than the rest of the country according to Sperling’s Best Places. As of July 2016, gas prices range anywhere from $1.78 to $2.29. Tampa is one of the most expensive cities in the country for car insurance. The average rate in the city is $2,663 per year. Of course, you may be able to find better rates depending on your driving history, type of vehicle, driving habits, and where in the city you live.
For the most part, senior care in Tampa is less expensive than the national medians. Home health care is about $1,500 less in Tampa than the national average. Adult day health care is $14,820 per year on average in Tampa versus $17,680 nationally. A room in an assisted living facility will cost you about $43,539 nationwide, but in Tampa, you can get one for $40,200 on average. Nursing home care is a different story. For a private and semi-private room in a nursing home, you will pay an average of $107,675 and $90,885 respectively in Tampa. The national averages are $92,378 and $82,125.
To make sure you are getting the most out of your retirement savings, it is a good idea to comparison shop for housing based on inexpensive transportation options, walkability, and pricing.
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