Many seniors find the idea of senior living financially stressful. After all, the cost of living is rising across the board, and post-retirement, your fixed income may have your budget tighter than you are used to.
Then again, a comfortable place to live is more important than ever after retirement. As you age and your needs change, access to care and community keeps you feeling fresh and active.
How can you find affordable senior housing? First, let’s go over the types of senior housing, then look at how costs vary based on a few factors.
Types of Senior Housing
Not all senior housing is the same. Some involve high levels of care and customization, while others provide the basics while you live independently.
Assisted living communities allow seniors to maintain their independence and lifestyle while benefiting from the help they need when they need it.
This may look like support on medications, meal preparation assistance, and help with personal care tasks like bathing and getting dressed.
Assisted living communities also often feature daily and weekly activities and programming that keep seniors active and engaged.
As of 2016, the average rent for a one-person, one-bedroom assisted living apartment was just over $3,500 a month.
Independent living is an excellent choice for seniors who are mostly able to live on their own, but would like help on certain chores to increase quality of life. Examples of tasks handled by independent living communities include lawn care and snow removal, a shuttle to grocery stores, access to skilled nursing, and access to dining areas.
Independent living provides an opportunity for seniors to live among like minded adults for more social interaction and enrichment. Many adults find that living in a community that takes care of more strenuous chores leaves them with more time and energy to enjoy their retirement.
As of 2018, the median cost of senior independent living was just over $2,500 per month.
The cost of senior housing may also vary depending on the resident’s needs. One example is memory care. For adults experiencing memory loss, memory care may come with additional costs.
Many senior living communities may have a special neighborhood for seniors with memory needs. They may receive additional care, including safety monitoring, appointment scheduling, and meals or activities designed to promote memory health.
The cost of assisted living with memory care varies from community to community, but is typically more costly than assisted living without memory care.
Senior Living Costs to Consider
When you look over the costs of different senior living communities, you may notice quite a bit of variation in the monthly rents. Consider the total value by comparing the costs with the level of care and types of amenities provided by the community.
Level of Care
The difference in cost may vary greatly depending on the level of care provided by the facility. A senior villa or apartment that is considered independent living will have a much lower monthly rate than an equal villa or apartment that includes around-the-clock care.
Types of Amenities
Outside of assistance and care, what kinds of amenities does the community offer? More amenities typically means a higher cost. Perks and conveniences include activities and clubs, workout facilities, and even on-campus services like hairdressers and barbers.
It is important to weigh the level of care you need and amenities you prefer against your budget. These priorities can guide your search for affordable senior living.
Find Senior Living That Fits Your Budget
The cost of senior living is often a source of financial stress. If you or your loved ones are worried about paying for senior living, please feel free to contact us with questions and to discuss your budget. We are happy to help you find an option that fits your budget.
Plus, Copeland Oaks is committed to taking care of our residents, even if their financial situations change or they outlive their assets. Click here to learn more about Copeland Lifecare.