We can predict what your next question is if you’re thinking about independent living for yourself or a loved one: how much will it cost? Perhaps you’re unsure about your alternatives. Perhaps you just want to be around other mature adults who share your interests and history, and you’re wondering if you can afford to relocate. However, before you can begin calculating the independent living cost, you must first limit the various alternatives available.
The truth is, those seeking independent living have more alternatives than those seeking any other form of care. The cost of living will be influenced by the sort of neighborhood you pick. Below are the most frequent forms of independent living and the associated expenditures for each.
Age-Restricted Living Communities
Single-family houses, condominiums, and apartments are frequently seen in these neighborhoods, primarily marketed toward baby boomers. They frequently provide a variety of recreational attractions as well as possibilities for social interaction.
On the surface, these neighborhoods resemble other master-planned communities – until you discover that everyone is over a certain age. It’s also like moving into a master-planned community in terms of costs. Other people buy their homes or condominiums through a real estate transaction that resembles most real estate purchases, with the exception of the age limits. Renters can choose between renting from the community or renting from individual homes.
To support the community’s expenditures, anticipate paying a monthly membership fee or dues. Depending on the community’s location and amenities, this cost may be as little as $300 per month or as much as $3,000.
Apartments for Mature Adults
These apartments might be a single structure on a city block or a large retirement community with several amenities. These are active adult communities where everyone rents rather than owns a home. You should expect to pay the market rate for an apartment in your area. On the other hand, although the rents in these low-income flats vary by location, they are tightly regulated to the fair market rentals in the area.
These communities offer a range of services, including independent living, assisted living, and skilled nursing amenities. Even when their physical requirements alter, adults can remain in their broader community as they can enjoy living independently while benefiting from extra assistance through the Personal Care option.
It’s no surprise that because these retirement communities are so thorough, they’re also the most expensive independent living choice. To join a retirement community, expect to pay a hefty entrance fee ranging from $100,000 to over $1 million. However, because most people fund their move to a retirement community with the proceeds of the sale of their family home, that high charge does not necessarily confine these communities to the very affluent.
Two to four dozen residences are clustered around a shared outdoor area in these neighborhoods. They also share interior living space, which is generally in the form of a communal home with a shared kitchen, guest rooms, and other amenities like media or art rooms.
Members of a co-housing community purchase their house and a part of the common property via a traditional real estate transaction similar to that of a condo community. When compared to a private real estate purchase, buyers may anticipate saving anywhere from $70,000 to $350,000.