How much you need to buy a retirement home in 10 cities
Expensive metro areas
Retirement in a major metropolitan area often gives you access to great medical care, culture and other amenities. But the cost of housing is often much higher than what you would pay to live in a smaller city. Here's a look at the housing costs for retirees in 10 major U.S. cities, according to Census Bureau data.
To live in the New York metro area, people age 65 and older pay a median of $2,172 per month with a mortgage. However, monthly housing costs are cut in half to $958 among retirees who no longer need to make mortgage payments. The median rent among retirees is $880 per month.
It costs retirees a median of $2,134 per month to make mortgage payments on a home in the city by the bay. However, mortgage-free retirees pay just $502 monthly in other housing costs. The median rent for people age 65 and older is $983 monthly.
A retirement home in Honolulu costs seniors a median of $2,105 per month, including mortgage payments. Retirees who have paid off their mortgage have just $539 in monthly housing costs. The median rent for people age 65 and older is $960 per month.
The typical retiree renter pays $1,091 per month to live in the Washington, D.C. metro area. Older homeowners pay $1,917 per month if they are making mortgage payments, but that drops to $656 monthly if they have paid off their home.
Homeowners ages 65 and older pay a median of $1,820 with a mortgage in the Boston metro area, but that cost drops significantly to $757 if they have a paid-off home. Senior citizen renters in Boston pay a median of $708 per month.
Retirees who are still making mortgage payments pay a median of $1,710 in monthly housing costs, over twice as much as the $618 that seniors without mortgages pay for housing. Renters ages 65 and older are charged a median of $895 per month to live in Seattle.
Retiree renters pay a median of $906 per month to live in the Austin metro area. Seniors with paid-off homes have a median of $549 in monthly housing costs, but those who are still making mortgage payments are charged a median of $1,445 monthly.
Retirement in the Miami metro area, which includes Fort Lauderdale and West Palm Beach, costs sunshine-seeking retirees a median of $1,449 monthly if they have a mortgage, but just $562 if they own a paid-off house. Renters ages 65 and older pay a median of $869 per month.
Housing costs retirees a median of $1,358 per month with a mortgage, but drops significantly to $429 among residents of the Las Vegas metro area who are mortgage-free. Renters ages 65 and older pay $883 monthly to stay in Las Vegas.
Retirees with mortgages in Phoenix pay a median of $1,238 toward their homes, but mortgage-free retirees have a median of just $399 in monthly housing costs. Monthly rent costs a median of $899 among people ages 65 and older.
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