Retiring to Arizona is a dream for many people, but how do you know if you’ve saved enough to afford to make the move? When you consider anywhere to retire, you want to understand how many important things like housing, health care, and transportation will cost you. This will help you to create a budget to determine if you can realistically retire to the city of your dreams.
Here is a breakdown of some serious costs in Tucson, Arizona.
When it comes to finding housing you can afford, you have a number of options in Tucson. For a senior looking to purchase a new home, the median price in Tucson is just below $152,000. While purchasing a home can be the most expensive option for retirees, it can be great if you plan to have friends and family visit you during retirement.
A more affordable option for living in Tucson is in renting an apartment. With a city average of just under $690 a month for an apartment, renting in Tucson can be incredibly affordable compared to other major cities. If you’re looking to rent a one-bedroom apartment, you can expect to pay about $585 a month. Two-bedroom apartments are just a little bit more, coming in at an average of $740.
If you plan to live in a senior living community long-term, you may end up paying even more for your stay than to purchase a home in the area. The cost for senior communities can range and will depend on the level of care or attention that you’re looking for. On the lower end of the spectrum, you can live in a senior community for about $1,500 a month. For more upscale or attentive communities, you may need to pay close to $5,000 a month.
For health care in Tucson, you are in better shape than other areas of the country. For the 183,450 beneficiaries of Medicare, the total cost is only $734 million. This means that on average, Medicare costs per beneficiary are only $7,796. While this is close to getting into the median range for cost, it is still low enough to be in the green.
This means that you may need to pay fewer out-of-pocket expenses for health care in Tucson. However, you will still want to be attentive about the treatment and care you receive and the medical professionals you receive it from. Double check that they accept Medicare insurance to prevent unexpected medical bills or payments you can’t afford.
Individuals who choose to retire to Tucson can enjoy the benefits of cheaper public transportation and gas. To purchase a one-way ticket on a public bus, you will need to pay around $1.50. A gallon of gas is just a bit more expensive in the area, coming in at just under $2.
Tucson is home to various parks and museums that you can visit free of charge. Popular options in the area include the Pima Air & Space Museum, Arizona-Sonora Desert Museum, Saguaro National Park, and the Reid Park Zoo.
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