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How Much Does It Cost to Retire in Tempe, AZ?

In recent years, Tempe has become one of the most popular retirement destinations in Arizona. It’s an ideal city for active older adults, with a flourishing cultural scene and an array of outdoor entertainment. Retirees living in Tempe also enjoy a lower cost of living than the national average. Tax breaks on Social Security benefits and retirement income help seniors to pad their savings account, while affordable housing, health care, and transportation options ensure that Tempe locals are able to maintain a high standard of living.

The cost of housing in Tempe

According to personal real estate sites like NerdWallet, Tempe is one of the best cities for Arizona renters. Rates for single apartments in the city averaged under $1000 per month in October of 2016, while a double apartment cost an average of $1211 per month. A room in an assisted living facility cost a median of $3,470 per month, which was similar to prices found nationwide.

Purchasing a home in the Tempe area, on the other hand, is a relatively expensive decision for local families. Forbes figures estimate that the median cost of a Tempe area home was $230,200 as of October 2016, and prices are expected to keep rising as the city gains popularity.

The cost of health care in Tempe

The Arizona Medicare program spent $9,023 per Maricopa County beneficiary in 2014, while national spending hit $9,501 per person. Tempe area seniors can expect to pay a little less for medical services than seniors in many other cities, but Medicare beneficiaries should keep in mind that they still have to meet certain deductibles and cover the cost of coinsurance. You can visit the Maricopa County Region 1 Area Agency on Aging or call their 24-hour senior helpline at (602) 264-4357 to learn more about your Medicare benefits.

The cost of transportation in Tempe

If you’re a car owner living in Tempe, then you’re in luck. Tempe car owners pay less for auto insurance than other Arizona residents, with premiums averaging around $610 annually. Gasoline prices in Tempe and around the Phoenix metroplex area also tend to be on the low side when compared to national prices.

If you don’t drive, don’t worry. There are still plenty of affordable and easily accessible public transportation options that can get you where you need to go. Tempe FLASH and Orbit shuttle services offer free rides through different areas of the city, while Valley Metro bus and rail services transport passengers around Tempe and the surrounding area. If you are a Tempe senior over the age of 65, then you are eligible to purchase half-priced reduced rate Valley Metro tickets and passes.

Free fun for Tempe seniors

No matter what your interests might be, you can always find affordable entertainment in Tempe. You can contact the Tempe Tourism Office to learn about free outdoor activities and seasonal events held throughout the year. You can also visit a number of local museums and galleries without paying an admission fee, including the ASU Art Museum, the Tempe History Museum, and much more.

Learn more about Tempe Retirement Planning here:

What's the Cost of Living in Tempe, AZ?

Tempe Financial Advisors

Tempe Elder Law Attorneys

Tempe Senior Realtors

Tempe Senior Movers and Downsizers

Tempe Neighborhood Guide

Live Like a Local in Tempe

Tempe Demographics and Lifestyle

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