Why Senior Housing is More Affordable Than Ever
If you’re considering a senior living community for yourself or a loved one, the cost can play an important factor.
Over the past decade, property developers have invested vast amounts of money to overbuild senior housing developments. These developments were built in response to the sharply rising senior population in America. Thanks to the overbuilding, there is a large surplus of senior housing options available right now at a great price. Let’s review 4 things to know about affordable senior housing.
Costs of Senior Housing
The overall cost of senior housing can vary widely from location to location. However, many senior living communities charge market or below-market rental rates in order to attract seniors, especially those that are on a fixed income through social security.
More affordable communities, such as Grandview Senior Housing in Tennessee, offers housing for as low as $290 per month for a 1 bedroom 1 bathroom apartment. (1) These prices come in at far below fair market value for normal apartments.
Seniors can find affordable housing options in large cities as well. Cities such as San Diego have senior housing available for as low as $736 per month for a 1-bedroom apartment. Some more luxurious multi-bedroom accommodations can rent for as much as $1,000 per month in a senior community. (2) These prices still fall far below the city’s average rental price of $2,137. (3)
Additionally, you’ll need to consider whether or not you will need additional services from the housing community. For instance, many seniors find themselves in need of memory care services or assisted living services, both of which can drive up the cost of living for seniors.
Benefits of Senior Housing
Senior housing can offer many benefits over conventional housing. For instance, all homes in a senior living community are designed with seniors in mind. Seniors that stay in the home they purchased when they were younger typically have to make a wide array of modifications to make the home safe. However, in a senior living community, these are all already taken care of.
These living communities also offer a high level of safety and security. Many of the members inside a housing community lookout after the well-being of others. Additionally, many of these housing options are gated and save security guards on staff at all times.
One of the greatest benefits of senior living is being around a social community of your peers. You will have a built-in network of peers right near your area, which can help you make friends easily. With amenities such as a pool, fitness center, and community gardens, finding activities with your new friends can be a breeze.
Types of Senior Housing
Senior housing options can present themselves in multiple forms. Some communities offer a vast array of comforts and amenities, including communal living spaces, medical services, and more.
Some of the more popular types of senior housing options include:
Active Living Communities
Are you looking for more space than a 1 bedroom apartment? An active senior living community can offer neighborhood-like homes built specifically for seniors. Typically, you can choose from a condo, townhouse, or a single-family home. Many of these communities are also gated for additional security.
As the name implies, age-restricted housing is only available to those who meet a certain age requirement. Typically the most common age minimum for these communities is 55+, however, some may also be 62+ or 65+. Most age-restricted housing communities only require that 1 person meet the age minimum.
If you’re a senior looking to have your own independence but want to be able to socialize and interact with others, senior co-housing is ideal for you. These communities allow you to have access to your own private bedroom while giving you shared access to a kitchen, living room, and much more.
Those who take part in co-housing will almost always have a wide variety of activities to choose from, especially with shared outings, meals, and movies. Co-housing gives you the option to enjoy your own privacy while allowing you to cut your costs of living drastically.
With more supply than there is demand, senior housing has become more affordable than ever. It is important for consumers to remember that as more and more seniors begin to retire, the demand for senior housing will only increase over time. Thankfully, right now, there are more than enough affordable senior living options near you. Starting your search today can help you find the house of your dreams.
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