How much does it cost to retire in Cape Cod?

Taylor Swift, Meg Ryan, Harry Connick Jr., Dan Aykroyd, Tommy Hilfiger and JFK have all at one time or one other known as Cape Cod dwelling. Patti Web page sang about it, and he or she has her personal cocktail—in case you’ve ever ordered a cranberry vodka, you have received a Cape Cod.

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The Hook Peninsula off Massachusetts stretches 40 miles into the Atlantic Ocean and accommodates 62 miles of a number of the nation’s most fascinating shoreline. Plenty of folks flock there for trip – Cape Cod’s Nationwide Seaside attracted 4.1 million guests even throughout pandemic yr 2020. However solely the choose few reside out the dream of retiring in a seashore neighborhood that was as soon as the Kennedy household’s playground.

However earlier than writing off the concept as a far-fetched dream, needless to say dwelling your golden years on Cape Cod could turn out to be useful.

To seek out out what it takes, GOBankingRates used information from HUD, Bureau of Labor Statistics, Sperling’s Finest, and AreaVibes.

Since Cape Cod is positioned completely in Barnstable County, there have been many overlapping information factors amongst all eight cities that made the checklist. The median 2022 hire for a one-bedroom house is $1,428 and the healthcare price is $4,364 per yr or $364 per thirty days throughout the board. That is not dangerous, provided that the nationwide well being care common is $5,177 per yr, or $431 per thirty days. This makes the price of groceries, dwelling requirements (larger is best), and mixed month-to-month bills the one differentiating elements.

Learn how a lot it prices to reside in Cape Cod. Bourne_Mass_iStock-1249841580

porn

  • Month-to-month bills: USD 2232
  • Dwelling Class: 72

The common Bourne resident’s grocery invoice runs $441 per thirty days, or $5,288 per yr. Whereas that is the bottom on the checklist, it’s nonetheless 7% larger than the nationwide common, which is $4,942 per yr or $412 per thirty days.

Take our survey: Do you assume you’ll retire at 65? Yarmouth _ iStock-880305630

Yarmouth

  • Month-to-month bills: USD 2,233
  • Dwelling Class: 78

In Yarmouth, groceries price a little bit greater than Bourne, however solely about $10 a yr. The annual whole is $5,298, or $441 per thirty days, which is about 7% larger than the nationwide common.

istock sandwich -1082098068

sandwich

  • Month-to-month bills: $2,237
  • Dwelling Class: 72

In a sandwich, the common grocery store invoice is 8.1% larger than the nationwide common — $5,342 per yr. That involves $445 per thirty days. Dennis_Mass_iStock-861482922

Dennis

  • Month-to-month bills: $2,237
  • Dwelling Class: 67

Dennis residents pay simply over the groceries of their sandwich neighbors — $5,347 a yr. That is 8.2% larger than the nationwide common. Barnstable_iStock-1264371911

Barnstable

  • Month-to-month bills: $2,239
  • Dwelling Class: 66

In Barnstable, the price of groceries jumps to eight.5% above the nationwide common. The annual whole is $5,362, or $447 per thirty days. Brewster_mass_istock-517305306

Brewster

  • Month-to-month bills: $2,241
  • Dwelling Class: 68

The common grocery invoice at Brewster is $5,392 per yr. That is $449 a month, which is 9.1% larger than the nationwide common. Falmouth_mas_istock -1264527387

Falmouth

  • Month-to-month bills: $2,243
  • Dwelling Class: 71

Grocery prices 9.5% extra in Falmouth than it does within the nation as an entire. The common price is $451 per thirty days or $5,411 per yr. Chatham _ istock-869367464

Chatham

  • Month-to-month bills: $2,260
  • Dwelling Class: 67

Throughout Cape Cod, groceries are the costliest in Chatham, with a mean annual invoice of $5,614 ($468 per thirty days). That is 13.6% above the nationwide common.

METHODOLOGY: To seek out the price of Cape Cod retirement, GOBankingRates first used Housing and City Growth information to seek out (1) FY 2022 Florida Truthful Market Hire for a one-bedroom house, as obtained from the US Division of Housing and City Growth. I then used GOBankingRates Sperling’s Finest to seek out the cost-of-living index for every particular area, given (2) grocery and (3) healthcare index scores. Subsequent, GOBankingRates used information from the Bureau of Labor Statistics’ 2020 Shopper Spending Survey to seek out the quantity of annual spending for each groceries (“meals at dwelling”) and well being care prices for folks 65 and older to find out how a lot a retiree would possibly spend on groceries and care. well being care cape cod month-to-month. GOBankingRates then added month-to-month housing, groceries, and well being care prices collectively to seek out the price of Cape Cod retirement. To ensure that a spot to be eligible to check, (4) it should have a livable rating of 65 or larger, as obtained from AreaVibes. All information was collected on September 9, 2022 and has been up to date.

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This text initially appeared on GOBankingRates.com: How A lot Does Retirement Value in Cape Cod?

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