Senior Housing Options Are Getting Cheaper
Prices on new senior living apartments, houses and condos are falling thanks to an increase in supply. See below for some of the best deals available.
While looking for a senior living community for yourself or the ones you love, it is essential to know how much its costs so you can budget accordingly. The price might vary significantly depending on various factors such as neighborhood, amenities, level of care and any extra services that are required.
Fortunately, contractors have built too many senior housing and retirement communities as they are expecting the number of American seniors to double in the next ten to twenty years. This means there is a surplus of senior housing currently available, and communities are worried about filling their vacancies.
How Much Does Senior Housing Cost?
Reports suggest that the national median rate for a senior living facility is increasing at a rate of 5% per year. The same report shows that a semi-private room costs $3,628 per month on average, whereas a private room costs more than $7,500 per month.
If senior living facilities continue to increase at 5% per year they will soon become so expensive that many seniors will not be able to afford a comfortable place to live.
Fortunately, a significant rise in the number of new senior living options like urban senior communities and multigenerational communities means that prices are temporarily under control. For the first time in years, deals on senior living are everywhere if you are looking in the right places.
The Statistics They’re Not Telling You
There are currently over 28,000 assisted living residences in the US that accommodate over one million seniors, according to the National Centre for Assisted Living. Also, the number of senior citizens in the US is expected to almost double by 2035.
As a response, they are finding ways to double or triple the number of residences within ten years. In fact, construction has already begun as communities and housing developers are prepared to tackle the increasing number of seniors who need a place to live.
That leaves a period of time where there will be more assisted living and nursing home centers than the number of seniors living there.
Due to this increased supply, the prices will drop significantly in order to fill the senior housing communities. Developers are offering discounts, incentives, and deals to entire seniors to move into new housing options. Since there is too much supply and not enough demand right now, the prices are becoming more affordable.
Several cities including Colorado Springs, Huntington Beach, and Scottsdale have already anticipated an increase in senior living communities and have grown their available room by 20% in the previous two years.
Some jurisdictions like Mississippi, Alaska, Thailand, and Malaysia allow you to retire with little to no taxation on savings. There is a once-in-a-lifetime opportunity for you and your loved ones to save big on the costs of senior living. There are also a number of deals under the $500 per month price point scattered across the United States.
How to Find the Best Deals on Senior Housing
The deals are realistic, but you won’t find it widely advertised everywhere. This is because residences don’t like to promote the fact that prices are going down.
It’s time for seniors to act now before demand increases in order to secure the best deals with the lowest prices. It is advisable to move into senior housing now if you want to save a lot of money in the coming years.
You should also research your city or local area to look for which senior housing options best suit your needs. It’s best to get started with research now so that when you see a deal that you like you are able to jump on it right away.