Thinking of retiring in Biloxi, MS? Understanding the cost of living in this charming Gulf Coast city will help you make a well-informed decision and enjoy the best that life has to offer in this alluring retirement destination. Here, we break down the various financial considerations to help you plan your retirement in this vibrant community.
Housing Costs
When retiring in this city, housing will likely be your largest expense. Fortunately, Biloxi offers a range of housing options that can accommodate various budgets. Whether you’re interested in a cozy beachfront condo, a spacious single-family home or a convenient apartment near amenities, the city has something to suit your style and financial needs.
Buying a Home
The real estate market here is generally more affordable than the national average. The median home price hovers around $170,000, making it an attractive option for retirees looking to maximize their savings. The city’s diverse neighborhoods offer a variety of living styles, from quiet, tree-lined streets to bustling beachfront communities.
Renting
For those not looking to purchase property, renting is a viable option. The average rent for an apartment ranges from $700 for a one-bedroom to about $1,000 for a three-bedroom, depending on the location and amenities offered.
This flexibility in housing allows you to choose a living arrangement that fits your budget and lifestyle without the commitment of homeownership.
Utility Costs
Utilities are another important budget consideration. The temperate climate means you will spend less on heating during the mild winters, though air conditioning costs can rise in the humid summers. On average, utility bills for a standard home – covering electricity, heating, cooling, water and garbage – range from $150 to $200 per month.
Many homes have energy-efficient appliances and systems, thanks to recent building trends and environmental awareness. Choosing a home with these features can help manage your utility costs effectively, leaving more room in your budget for enjoying what the city has to offer.
Transportation Costs
Biloxi is served by a network of public transportation options, including buses that cover most areas of the city, making it feasible to get around without a personal vehicle. The cost of a bus pass is reasonable, and many retirees find this to be an adequate solution for their transportation needs.
If you prefer driving, it is important to factor in the cost of car ownership, including maintenance, insurance and fuel. Mississippi’s car insurance rates are on par with the national average, and fuel costs tend to be lower here compared to other states.
Groceries and Dining Out
The cost of groceries is slightly below the national average, which can positively impact your overall cost of living. Shopping at local markets and choosing regional produce can help keep grocery bills low while allowing you to enjoy fresh, local foods.
Dining Options
Biloxi’s culinary scene offers everything from casual eateries to fine dining, with prices varying widely. Dining out can be a significant part of your entertainment budget, so it is wise to balance meals out with home cooking, especially if you enjoy the local seafood that the Gulf Coast is famous for.
Healthcare: Planning for Wellness
Access to quality healthcare is a top priority during retirement. In this city, you have access to several well-regarded medical facilities, including the Biloxi Regional Medical Center and the Gulfport Memorial Hospital, which are well-equipped to handle a range of healthcare needs from routine check-ups to specialized medical treatments.
Cost of Healthcare
While Mississippi generally benefits from lower healthcare costs compared to the national average, it is important to factor these expenses into your retirement budget.
Medicare is typically the primary health insurance for retirees, but you will need to consider out-of-pocket costs for things not covered, such as certain medications, dental care and vision services. It is advisable to look into supplemental insurance plans to help cover these additional costs.
Leisure and Recreation
Retirement is the time to enjoy the fruits of your years of labor. The city offers a wealth of activities that can enrich your life without draining your finances. From its beautiful beaches to numerous golf courses and parks, there are plenty of low-cost or free options for entertainment and relaxation.
Casinos and Entertainment
Biloxi is famous for its casinos, and while they are a draw for both tourists and locals, it is wise to consider how often you engage in gambling as part of your entertainment routine. However, these venues also offer shows, concerts and other types of entertainment that can provide diverse social opportunities without necessarily gambling.
Community Events
The local community often hosts various events, such as the Biloxi Seafood Festival and Mardi Gras parades, which are great for socializing and entertainment. Participating in these community events can help you feel connected to the vibrant culture without having to spend much.
Taxes: Understanding Your Liabilities
Mississippi is considered one of the more tax-friendly states for retirees. There is no tax on Social Security income, and pension income is partially taxed. Additionally, the state offers property tax exemptions for those over the age of 65, which can significantly reduce your cost of living.
Property Taxes
Understanding your potential property tax liability is important if you plan to buy a home here. With the available exemptions, you might find that property taxes are less burdensome here compared to other retirement destinations.
How We Can Help You Enjoy a Stress-Free Retirement
We offer a variety of living options in our retirement community to suit different budgets and lifestyles and make your golden years as enjoyable and stress-free as possible. Our community includes access to shared amenities that reduce the need for individual expenses on entertainment and fitness, ensuring a balanced and enriching lifestyle without overstretching your budget.
Enjoying the Best of Biloxi, MS During Retirement
Retiring in Biloxi offers a unique blend of cultural richness, recreational activities and a cost-effective lifestyle suited for a fulfilling retirement. By understanding the various aspects of living costs – from housing and healthcare to taxes and entertainment – you can better prepare for a comfortable retirement.
The city’s appeal covers a wide array of aspects including beautiful landscapes and a warm climate, as well as its community spirit and affordable living options.
As you plan your retirement, consider how it can be the perfect place to relax and enjoy your years of leisure. Whether you are looking for peace and quiet or fun and excitement, Biloxi can provide a balanced lifestyle that nurtures both your budget and your passions.
