Retirement in Virginia Beach: 7 Reasons It Costs You Less Than $50,000 a Year

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Retirement planning is a crucial aspect of ensuring a comfortable and worry-free life in your golden years. For many retirees, the dream is to find a place that offers both quality of life and affordability. Virginia Beach, VA, often emerges as a prime candidate due to its balanced cost of living and vibrant lifestyle. Here, we explore seven reasons why retiring in Virginia Beach can cost you less than $50,000 a year.
Affordable Housing Costs
One of the most significant expenses in retirement is housing. In Virginia Beach, the cost of housing is relatively moderate. The cost of living index for housing is 92.8, which is below the national average. This means you can find affordable housing options, whether you choose to rent or own. The average rent for a two-bedroom apartment is around $1,687 per month, while the median home price is $615,000. These prices are considerably lower than in many other metropolitan areas.
Reasonable Utility Costs
Utilities in Virginia Beach are slightly above the national average, with an index of 111.3. However, this increase is offset by lower costs in other areas such as transportation and healthcare. On average, utility bills come to about $224 per month. Retirees can manage these costs by adopting energy-saving practices and taking advantage of local utility assistance programs.
Low Transportation Expenses
Transportation costs in Virginia Beach are lower than the national average, with an index of 95.4. Public transportation is available and affordable, and for those who prefer driving, gas prices are typically around $3.22 per gallon. The city’s layout and infrastructure also make it easy to navigate, reducing the need for long commutes and excessive driving.
Accessible Healthcare
Healthcare is a critical consideration for retirees, and Virginia Beach scores well in this area. With a healthcare cost index of 95.0, the city offers high-quality medical services at a cost lower than many other parts of the country. A typical doctor visit costs about $120, and a dentist visit is around $109. This affordability extends to prescriptions and other medical services, ensuring that retirees can maintain their health without breaking the bank.
5. Cost-Effective Grocery and Dining Options
Grocery costs in Virginia Beach are slightly below the national average, with an index of 99.7. Basic grocery items like milk, bread, and chicken are competitively priced. Additionally, the city offers a variety of dining options that cater to different budgets, from affordable local eateries to more upscale dining experiences. This variety allows retirees to enjoy their meals without overspending.
Lower Miscellaneous Costs
Miscellaneous goods and services, which include things like entertainment, personal care, and household supplies, have an index of 107.9. While slightly above the national average, the cost difference is minimal and can be managed with smart budgeting. Virginia Beach offers numerous free or low-cost recreational activities such as beach access, parks, and community events, which help keep entertainment costs down.
Balanced Work-Life Environment
Virginia Beach is known for its excellent work-life balance, ranking as the second-best city for this metric according to SmartAsset. This balance is essential for retirees who might still want to work part-time or engage in volunteer activities. The cost of living in a city that supports a healthy lifestyle can lead to long-term savings in healthcare and overall well-being.
Conclusion
Retiring in Virginia Beach offers a compelling mix of affordability and quality of life. With lower-than-average housing costs, reasonable utility and transportation expenses, accessible healthcare, and a balanced work-life environment, it’s possible to enjoy a comfortable retirement for less than $50,000 a year. By planning wisely and taking advantage of the city’s resources, retirees can look forward to a fulfilling and financially sustainable life in this beautiful coastal city.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.