If you’re considering a senior living community for yourself, parents or loved ones, it is important to know how much it costs so you can budget appropriately. The cost can vary greatly depending on factors like the location, accommodations, level of care required, and the additional amenities and service fees.
Luckily, developers have been drastically over-building senior housing developments because they’re anticipating the number of seniors in America to double in a decade. Essentially, this means that there is a surplus of senior housing right now and communities are desperate to fill their vacancies. So if you look in the right places, you should find incredible deals.
carballo / ShutterstockWhat Does Senior Housing Usually Cost?
As of 2016, The Cost of Care Survey 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.
The Statistics They’re Not Telling You
According to the National Center for Assisted Living, 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 amount 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, building has already begun.
That leaves a gap of time where the number of Assisted Living and Nursing homes will outnumber the amount of seniors living there.
Because of this, the prices will drop drastically in order to fill rooms in each home. In an effort to get seniors to move into these new housing options, developers are offering discounts, deals, and incentives to seniors who are ready to make the move. While demand remains low, prices for senior housing will suddenly be affordable.
Cities like Colorado Springs Colorado, Scottsdale Arizona, and Huntington Beach California, have all already seen the increase in Senior Living with up to 20% bumps in the last 2 years. And locations like Alaska, Mississippi, Malaysia, and Thailand let you retire with little to no taxation on savings.
There is an incredible opportunity for you and your loved ones to save big on the costs of senior living.
Where to Find The Best Senior Living Deals
These deals exist, but they are not being advertised everywhere. Why? Because residences don’t want to lose money during less demanding periods. For this reason, navigate sponsored listings to find discounts that aren’t advertised elsewhere.
For the best deals and lowest prices, seniors need to act now before demand increases. You’ll get savings well ahead of the rest of the senior population if you’re prepared. Make the move into senior housing now, and you’ll be able to save tens of thousands of dollars in the years to come.
You must do your research. Research your city and local area to find out what kind of senior living opportunities are available. Get started now – don’t wait until the number of seniors increases and deals disappear.
If you’re interested in affordable senior housing, start a search for offers near you today.