You need to know about what costs you will face as you prepare to retire. Wichita is one of the least expensive places you can retire to in the United States. Overall, the cost of living is about thirteen percent lower than the national average. Plus, there are several other benefits to living in the Air Capital of the World, including the attractive downtown and the arts and cultural attractions. For the price, Wichita sure beats more expensive cities like New York, San Francisco, and Sacramento.
However, how does Wichita compare to the rest of the country when it comes to the bigger expenses one has? We will examine this below.
Living in your own house is great, but sometimes, a senior living community that provides an assisted living option is better. If you decide to go that route, expect to pay about $42,540. This includes some utilities, weekly housekeeping, meals, and housing.
Based on the most recent figures, the median price for a home in Wichita is just $118,700 according to Sperling’s Best Places. Home costs in south-central Kansas are remaining steady, so it would appear that now is a good time to buy. Personal finance and real estate sites, like Movoto and Niche, ranked Wichita among the best places to retire in Kansas and give especially high marks to the Derby, Hesston, Andover, Goddard, Bruno, and Emma suburbs based on factors like quality of life, crime rates, and housing costs.
For seniors who prefer to rent, the average monthly rent for a one-bedroom apartment in Wichita is about $568 per month, and two-bedroom apartments are $683 according to June 2016 numbers.
The Medicare spending per person in Sedgwick County, where Wichita is located, is lower than that for the rest of the country. Medicare paid $8,420 per Sedgwick County beneficiary in 2014. The average nationally was $9,501.
Even though the health care costs may be lower in Wichita, you still need to be careful with budgeting for deductibles and coinsurance you will need to pay out-of-pocket. If you choose providers who do not accept Medicare at the fee-for-service rate, this is especially true. You will have to pay the difference between the Medicare reimbursement amount and the allowed charge in this case.
On average, you can expect to pay about four percent less than the national average for gas, insurance, and other transportation expenses. For car insurance, car owners can expect to pay between $848 and $1,758 per month with an average of $1,226 based on where in Wichita you live.
If you prefer public transit, Wichita Transit offers discounted fares for special citizens aged 65 years and older with proper ID. Monthly passes are available for $27.50.
There is a lot to do in Wichita without ever spending a cent. In fact, there is a whole website dedicated to enjoying the city inexpensively. You can go for a stroll through the Great Plains Nature Center, visit the Riverside Park Zoo and Fountain, or take part in the Final Friday Art Crawl while riding around on the free trolley.
Find assisted living in Wichita near you.