As you plan for retirement, it’s essential that you find a location that works for your budget. Virginia Beach is affordable according to Forbes since the cost of living is roughly the national average.
Let’s take a look at all the expenses of living in Virginia Beach. You can see if there are areas where you can save money.
The median home value in Virginia Beach was $255,600, which is a 1 percent increase from last year. Zillow predicts that the home prices will continue to grow another 1 percent over the next year. As of February 2017, the average apartment within the Virginia Beach city limits rents for $1,148 a month. A one-bedroom unit costs around $983 a month, while a two-bedroom apartment averages $1,157 a month.
Consumers in Virginia Beach pay about the national average for food and groceries. Shoppers pay around $4.17 for a pound of ground beef, $1.93 for a gallon of milk, and $8.00 for a pizza.
The average price of gasoline in Virginia Beach is $2.21 a gallon, which is higher than the national average. However, retirees typically pay less for gasoline since they drive less without a work commute. Some retired couples will downsize to one vehicle to help keep costs down.
You can also save on transportation costs by using public transit. You can purchase a 30-day pass for $35 with the senior rate.
If you are a good driver, the average price for auto insurance in Virginia was around $777 a year. However, these rates can vary based on your driving record, type of your vehicle, the age of your vehicle, the amount of coverage, and discounts available.
The cost of senior care is higher than the national averages. Assisted living care in Virginia Beach costs about $52,800 annually, which is higher than the national average of $46,000. The national average cost for nursing home care runs about $80,300 for a semi-private room and $91,250 for a private room. The average annual price for nursing home care in Virginia Beach is higher with average rates of $78,475 and $92,710 respectively.
Adult day care costs are slightly lower than the national average. In Virginia Beach, the average runs around $16,380 compared to $17,680 a year nationally. Home health aide costs average $42,300 in Virginia Beach, compared to the national average of $46,000.
Just like any other service, you should shop for the best rate, especially for insurance and utilities where rates may vary from company to company. Look around different stores to see if you can lower your grocery costs. Find a home where you can walk to your destinations to save you money and give you some exercise.
Find assisted living in Virginia Beach near you.