What are retirement communities?
Retirement communities are designed for the needs and lifestyle of people aged 65 years and over. The most common form is independent living units. The appeal of retirement communities is that it is still an independent living situation, but it is a safe environment where health and home maintenance needs are catered for by the provider, and help is nearby in an emergency.
Services available in a retirement community
Most retirement communities currently offer the following services, either directly or through third party contracts:
- Medical assistance on call
- Home and garden maintenance services
- Social or recreational facilities
- What it costs to live in a retirement village
Retirement communities require that you pay an entry contribution fee or an ongoing contribution fee to live there.
There are three different models known as tenure types when it comes to retirement community fees; Loan or Licence to Occupy, Leasehold and Freehold
Some communities are made up of serviced apartments with home care services offered for a fee.
Benefits of the retirement community cost model
The retirement community model, whether you’re on a loan/license, leasehold, or freehold cost model, allows residents to continue to access home equity. This is a huge benefit during retirement, adding a substantial amount of income over a decade or more.
The Statistics They’re Not Telling You
According to the National Center for Assisted Living¹, there are currently over 28,000 assisted living residences in the U.S., housing over one million seniors. Though this seems reasonable in theory, the number of seniors is expected to almost double by 2035.
In response, they are looking to double or triple the number of residences within 10 years. As communities and housing developers prepare for the rising number of senior citizens in need of a place to live, the building has already begun.
What Does Senior Housing Usually Cost?
As of 2016, The Cost of Care Survey² reported that the national median rate for a one bedroom living facility increased 2% to the price of $3,628 per month.
The same report revealed that a semi-private room costs, on average, $3,628 a month while a private room costs over $7,500 each month. This is a total increase of 5% in the past 5 years. At this rate, senior living may soon become a luxury that only a few can even afford.
But, with an unexpected boom of new senior living options like multigenerational communities, urban senior communities, and more, prices are temporarily down. For the first time many years, deals on senior living are everywhere if you are looking in the right places.
Senior living apartments can be ideal living options for seniors looking for an inexpensive, low maintenance lifestyle. To see the best offers in your area, click the button below now and find your new Senior Apartment today.