10 Cities Retirees Should Avoid Due to High Transportation Costs
Are you among the growing number of Americans who are delaying retirement — or making changes to your retirement plans — as the United States struggles with persistent inflation and a turbulent economy?
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If so, according to a recent Fox Business report, you aren’t alone: “More than six in 10 investors said their expectations for retirement have changed ‘significantly’ in the last five years, while about 50% said their dreams for retirement have been delayed, altered or canceled as a result of the economic conditions seen in the last five years.”
There are a lot of financial factors to consider when looking for a time and place to retire. For instance, there’s the cost of essential things like healthcare and groceries. In addition, transportation costs can vary widely among various cities in the U.S.
Which Cities Have the Highest Transportation Costs?
GOBankingRates analyzed 100 cities — the top 50 most populated cities and the top 50 cities with the highest senior population. Here is a look at five cities retirees should avoid due to high transportation costs. The numbers provided were derived from an itemized cost of living index.
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New York City
Annual transportation costs: $8,952
It probably doesn’t surprise anyone that New York City made the list for high transportation costs. The cost of living in the city is known to be comparatively significant.
Detroit, Michigan
Annual transportation costs: $8,813
You may be surprised to see the soaring cost of transportation in Detroit. It’s nearly the same as in New York City.
Los Angeles, California
Annual transportation costs: $8,171
Here’s another major city on the list. Not only do Los Angeles drivers deal with lots of traffic, they also pay steep annual transportation costs.
San Francisco, California
Annual transportation costs: $7,820
San Francisco has long been known as one of the most expensive cities in the U.S. Transportation costs are also pricey here.
Long Beach, California
Annual transportation costs: $7,805
Several California cities make the list for high transportation costs. Expect to pay nearly $8,000 a year in Long Beach.
San Jose, California
Annual transportation costs: $7,464
San Jose might be a bit better than San Francisco, but you should still expect to pay quite a bit for transportation.
Miami, Florida
Annual transportation costs: $7,143
Florida is quite popular for retirees. It’s known for high costs of living, and you can expect to see rising transportation costs in cities like Miami.
Philadelphia, Pennsylvania
Annual transportation costs: $7,014
New York City is not alone when it comes to Eastern cities bearing higher transportation costs. The annual transportation cost in Philly is more than $7,000. Big cities across the U.S. tend to have higher costs of living compared to smaller cities. Sometimes it can make sense to find a suburb or a smaller metro area in the state you’re looking at for retirement.
Chicago, Illinois
Annual transportation costs: $6,846
The Midwest has Chicago on the list for higher transportation costs. While the Midwest is generally more affordable than other parts of the country, bigger cities like Chicago can exhibit steeper costs of living.
Seattle, Washington
Annual transportation costs: $6,797
Seattle rounds out the list. The city is known for being an expensive place to live.
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This article originally appeared on GOBankingRates.com: 10 Cities Retirees Should Avoid Due to High Transportation Costs
