When you are considering a senior living community for yourself, parents or loved ones, it is important to know how much it’ll cost you so you can budget appropriately.
The cost of joining can vary on factors like the geographical location, size of accommodations, level of care required, and the additional amenities and service fees.
But what many people overlook is that senior living prices are shooting up, one month at a time.
Why Does This Happen?
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.
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.
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.
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 always advertised clearly. Why? Because these residences don’t want to lose money during less-demanding periods by offering deals when unnecessary. So you must do your research to find the top deal available to you. Otherwise, you could end up paying much more than needed.
Do you know what the best senior living options are? Start your search today to learn more.