There are plenty of things you need to prepare for as you get ready for retirement. For example, it is imperative that you research the cost of living in your preferred city. There is no getting around the fact that Washington, D.C. is an expensive city, but many budgetary items are affordable.
According to Forbes, the cost of living in Washington, D.C.,is 24.6 percent higher than the national average. Yet, how does our nation’s capital compare to the rest of the country when it comes to the expenses golden agers face?
Both housing and rent costs continue to rise in Washington, D.C., but these numbers will likely level off in the near future as job and population growth slow down. According to Forbes’s numbers from July of 2015, the median home price in Washington, D.C.is $388,100. If you prefer to rent, you can expect to spend an average of $2,148 per month for a one-bedroom apartment or $2,959 per month for a two-bedroom unit.
The proportion of a Washingtonian’s household budget that is spent on food is significantly lower than the United State average. Residents spend about ten percent of their expenditures on food. They also spend significantly more of their food money on going out to eat. When it comes to groceries, the costs of some common items are $4 for a gallon of milk, $3.67 for a dozen eggs, and $4.63 for a pound of chicken breasts.
There is no significant difference between how much Washingtonians spend on transportation and the national average. District of Columbia residents spend about eighteen percent of their budget on transportation. This is even less if you are retired and do not have a workday commute. The gas prices in the city range from $2.03 and $3 per gallon. Auto insurance rates are higher in the District than the US average. You can expect to pay an average of $1,630 per year for insurance versus $1,099 nationally. Rates do vary based on where you live, your driving history, and your driving habits.
Senior care is more expensive in Washington, D.C. for the most part. Home health care is the exception. In D.C., home health care is about $2,000 per year cheaper than the national median. On the other hand, adult day health care is $24,960 per year in Washington D.C. but $17,680 nationally. A room in an assisted living facility will cost you $52,800 in the District. This compares to the US average of $43,539. And, private rooms and semi-private rooms in nursing homes cost $135,780 and $116,983 respectively in Washington. Nationally, these rooms would cost you $92,378 and $82,125.
Comparison shop for housing in Washington, D.C. based on walkability, accessibility to inexpensive transportation, and affordability to make certain you are getting the most out of your retirement funds.
Find assisted living in Washington DC near you.