There are several factors you need to take into consideration as you prepare to retire. Perhaps the most important one is how you are going to cover your expenses. One of the main determinants of your retirement costs is the city you choose to live in. Washington, DC is one of the more expensive places to live, but many seniors are willing to pay the extra sum to live in a city rich in arts and culture, historic interest, and that has a unique attractive core. Plus, it is still more affordable than cities like New York City, San Jose, and Boston.
However, how does Washington compare to the rest of the country when it comes to the more expensive items? We will explore this question below.
Living in your own house is great, but some people prefer to live in an assisted living facility. If this route sounds appealing to you, you will pay an average of $42,000 per year in DC. This price includes housing, some utilities, meals, and housekeeping.
According to the latest figures found on Sperling’s Best Places, the median home value in Washington is $434,300, and prices are slowly appreciating. DC has several suburbs that may offer more affordable housing. Movoto and other financial and real estate websites rank many Washington suburbs highly on lists of the best places to retire. Based on housing costs, amenities, quality of life, and more, the best DC suburbs are Kensington, Chevy Chase, Mount Airy, Frederick, Annapolis, and Bethesda. All of these suburbs are in Maryland.
If you are more interested in renting, one-bedroom apartments in Washington go for about $2,148 per month, and two-bedroom apartments are $2,959.
Compared to the national average of $9,501, the per capita spending for Medicare beneficiaries in the District of Columbia is high. The annual per capita Medicare costs are $11,379 in Washington.
With these kinds of expenses, you need to budget carefully for your health care, including out-of-pocket expenses, like deductibles and coinsurance. If your preferred doctor does not accept the Medicare fee-for-service rates, this is particularly important. You will be expected to pay for any difference between the Medicare reimbursement rate and the allowed amount.
Transportation expenses, such as gas and insurance, are higher in DC than the rest of the country. Depending on where you live in the city, car owners can expect to pay between $933 and $2,824 per year for car insurance in Washington. The average rate is $1,611.
If you prefer public transportation, Metro offers reduced fares for seniors aged 65 and older.
There are endless attractions in Washington DC, and the best part is that many of them are free. Perhaps the biggest attraction in the District is the many Smithsonian museums. Admission to the museums is free. DC has nineteen public pools that you can swim in for free. Also, throughout the summer, you can enjoy free concerts at Yards Park on Friday evenings.
Find assisted living in Washington DC near you.