Cut Car Expenses in Retirement: 5 Cities With the Best Public Transportation for Retirees
Owning a car can be expensive, especially if you’re on a fixed retirement income. According to AAA, the average yearly cost of owning a new vehicle is about $9,282, or nearly $774 a month. And while owning a used ca5r generally costs less, that’s still a hefty chunk of change to be putting toward transportation costs.
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Money, of course, isn’t the only reason why owning a car might not be the best option for retirees. Some people simply don’t want to drive after they’ve retired. Others might have impaired vision or other health issues that make it harder to drive, or to drive under certain conditions.
Whatever the case may be, there is good news. Several places in America offer excellent public transportation for people without a car. If you’re thinking about retiring and want to do without the hassle of owning a private vehicle, here are some places to check out.
Minneapolis-Saint Paul
The Minneapolis-Saint Paul area has a diverse public transportation system that makes it easy to get around without a vehicle. Along with this, the city has several programs — like the Transit Assistance Program — to help low-income individuals pay for public transit.
“Metro Transit offers bus and light rail services, connecting Minneapolis and St. Paul with their suburbs,” said John Stevenson, CFF®, and a retirement expert for Annuity. “This region often ranks favorably in terms of affordability compared to other major metropolitan areas. Housing costs can be relatively lower compared to coastal cities, and Minnesota does not tax Social Security benefits.”
Beyond the extensive public transit system, the Minneapolis-Saint Paul area also offers a lower cost of living compared to other major cities. The city also has a number of recreational activities, parks, and a strong healthcare infrastructure for retirees to enjoy.
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Portland, Oregon
When it comes to public transportation, Portland ranks as one of the top cities to live. It might not be the cheapest option in terms of overall cost of living, but you can still cut costs by getting rid of your car.
Portland also has the TriMet system, which offers buses, light rail, and commuter rail. These all connect the major parts of the city. TriMet even allows you to plan your trip and track your ride from the comfort of your phone or computer.
Besides TriMet, Portland also has several other public transportation options. One is the Aerial Tram, which people frequently use to commute around the city. The tram also provides great views of the surrounding city.
There’s also the Portland Streetcar. This service goes throughout other parts of the city, offering additional coverage to those who need it. All of these options make it easy to commute, run errands, or even just stay active without a car.
Seattle
Another city with an extensive public transit system is Seattle, Washington. Even if you live outside of the city limits, such as in areas like Kent or Everett, you can still get around fairly easily without a car. This can also help keep other costs — like housing — low since they tend to be cheaper outside the city hub.
“King County Metro Transit operates buses and the Link light rail, offering efficient transportation options within the city and to nearby suburbs,” said Stevenson. “Washington State also has no state income taxes so if you are looking for a higher net take home in retirement, consider Seattle, Washington.”
There are also other public transportation options available. For example, you can take a train or ferry to various other locations around the area and even throughout the state.
New York City
New York City consists of several boroughs, including Brooklyn, Manhattan, Queens, Staten Island, and the Bronx. Throughout the entire area, there are quite a few public transportation options. This includes the subway, buses and, of course, rideshare services. There’s even a railway service to Staten Island.
Many of the public transportation systems in NYC use OMNY, which allows you to tap your smart device or special card to pay the fare. This cuts out the hassle of having to carry around exact change whenever you want to go anywhere.
“In NYC’s epicenter, Manhattan, only 18% of households own a personal vehicle. This is a stark comparison to the rest of the country, where 92% of American households have cars,” said Michael Shapot, licensed associate real estate broker with Keller Williams.
“Everything is more expensive here, from the cost of garaging and insuring a car, to gasoline, to housing, to groceries, to income taxes,” Shapot added. “But the value of what you get in Manhattan is priceless and unmatched anywhere else.”
San Francisco
For more active retirees, San Francisco is another city with great public transportation. It’s also good for those who enjoy walking or biking everywhere.
“With its cable cars, buses, and BART system, San Francisco makes it a breeze to get around without a car,” said Cam Dowski, a real estate investor and the CEO of WeBuyHousesChicago.
For example, San Francisco’s Muni system is a network of buses, historic streetcars, cable cars, and light rail metro trains that make it easy to get around the city. Their website makes it even easier to learn about the different routes and stops, as well as plan out your trip in advance.
Other Cities To Consider
“Most of the top cities for public transportation are also some of the most highly-populated metropolitan areas, like Manhattan, San Francisco, and Boston,” said Seamus Nally, CEO of TurboTenant. Other options include Philadelphia, Chicago, and Baltimore.
These areas also happen to be more expensive than others, which could be an issue for retirees looking to save money. The good news is that there are less expensive cities with good public transportation systems as well.
“There are definitely some other cities out there that aren’t quite as expensive while still offering decent public transportation,” said Nally. “Cities like Buffalo, Milwaukee, and St. Louis all fit the bill. Being able to take advantage of public transportation can be a great cost-cutter for retirees, making it easier to live on a fixed income.”
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This article originally appeared on GOBankingRates.com: Cut Car Expenses in Retirement: 5 Cities With the Best Public Transportation for Retirees
