Whether Tulsa has been your long-time home or you’re thinking of moving there after retirement, you’re probably wondering if it’s affordable for seniors. It’s common for retirees to worry about finances now and cost of living in some places can be too high, but Tulsa’s cost of living is 15% lower than the national average. They also have different tax breaks for seniors like the homestead exemption and the senior valuation limitation. Places like New York and San Francisco can be off the charts expensive, but Tulsa has a lot to offer at a reasonable price.
Here are some of the Tulsa costs you can expect to see as big expenses during your retirement.
If you’re a senior that wants to relax during retirement and not worry about maintaining your house, you might consider assisted living. In Tulsa, you’ll pay about $39,330 per year for assisted living. Included in that cost will be meals and utilities and sometimes amenities like housekeeping.
The housing market in Tulsa is one of the reasons the cost of living is so low. You can find a single-family home for an average price of $106,600. House appreciation has also gone up 4% which is good for many homeowners. The suburbs and neighborhoods are great places to live, and areas like Owasso, Bixby, and Riverside Historic District have made real estate website Movoto’s list of best areas in Tulsa.
You can also decide to rent in Tulsa, and average rent is very affordable at $746. You can find a one-bedroom apartment around $647 and a two-bedroom apartment for $816.
Health care is another cost that concerns seniors. Per Medicare spending, Tulsa is lower than national averages. While national averages sit at $9,500 per person, Tulsa averages sit at $8,595 per person.
You will save a lot on health care here, but still, make sure to budget accordingly. You will need to pay for things like coinsurances and deductibles. A few Medicare approved providers will also not use a fee-for-service rate which leaves you to foot the bill between the reimbursement costs and the allowed charges.
Gas in Tulsa is cheap, but car insurance can run up the bill if you don’t look around first. Average costs are around $1,708, but there are rates as high as $2,190 or as low as $1,258. Look at a few different providers and ask about things such as safe driver discounts. If you don’t drive frequently, you might save more money by paying for insurance that charges per mile.
Tulsa Transit is another option for transportation. If you’re a retired military member, have a disability, use Medicare or are 62 or older, you can ride at a reduced rate. Super seniors or those that are 75 and older can ride the bus for free.
You can find plenty of entertainment for free in Tulsa. Take a drive down historic Route 66 and see all the different sites and stops along the way. You can also visit Martin Park Nature Center and explore their trails. Oklahoma City National Memorial and Museum is free, and so is state of the art Conoco Museum.
Find assisted living in Tulsa near you.