How Much Do Senior Living Communities Near Me Cost?

When I decided to move to one of the senior living communities near me, I was concerned about the cost. So, I understand that you will also be naturally concerned about the cost. You do not want to spend your entire retirement benefits towards moving to this community. You will, of course, need some money as savings for your future. I was on the same page as you then. So, I started searching for cost details. So, I would like to share some information regarding the cost here.

Cost of Senior Living Apartments

I should start by saying that the cost of senior living apartments relies on different factors. Examples include the kind of housing and the geographical location of the community.

In case, you are planning to hire a senior living apartment for rent, it can cost you somewhere between $1000 and $10,000 per month. You can expect the most common range between $2500 and $3500 per month. The average rental cost will be around $2900.

When you compare this cost with the cost of an assisted living facility that specializes in providing housing and care for elders with Dementia and Alzheimer’s, the cost can range from $3400 and $5000 per month. The idea is that the cost of assisted living facilities will be more compared to senior living communities that do not provide care.

Apartments for people of more than 55 years may include access to amenities, meal plans, and extra services that you can get by paying more.

There will always be a one-time entry/buying fee when it comes to 55-plus senior citizen apartments. This rule will apply particularly when they are part of continuing care retirement communities. This can typically range between $100 thousand and $500 thousand or more. The cost will be based on the luxury level of the community.

Know About Low-Income Senior Housing

According to the US Department of Housing and Urban Development, 31% of all public housing properties are elderly seniors. The report further says that many of them are on social security. As the age group of seniors continues to grow, this percentage qualifying as a very low-income or low-income group is presumed to increase. So, it is believed that there will be an increase in the demand for low-income senior apartments for rent. So, finding an affordable housing option is going to be a concern in the future.

Here, you might wonder what affordable Housing for senior’s means. It should be affordable if the cost is less than 30% of your monthly gross income.

For seniors with a fixed monthly income looking for low-income communities, this 30% calculation might still be more than what they can afford. Thankfully, the Department of Housing and Urban Development has programs available to help very low-income and low-income seniors with the rental value reduced by the department. So, if you fall under this category, you can look for the appropriate information online.