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This is just as true of residential real estate as it is of groceries.
And while costs sometimes dip, they generally end up going up eventually.
According to the data, it costs roughly $125,000 a year to live there.
In a decade, assuming thesame inflation ratesas before, youd need roughly $160,000.
Assuming the same inflation rates, youd need about $116,000 a year to live comfortably in retirement.
On average, the annual cost of living there is a little over $74,000.
In a decade, that number could rise to about $95,000 a year.
Heres the current average annual cost of living in some of these locations, based on the GOBankingRates study.
Still, it helps to have a baseline.
Its tricky, but possible.
However, we can make educated estimates based on current trends.
He used New York, San Francisco and Los Angeles to illustrate this point.
Shirshikov gave a few ways to prepare for a comfortable retirement starting now.
For this study, GOBankingRates assumes a person retires at 65 years old.
All data was collected and is up to date as of February 7, 2024.
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