Perhaps you’re considering a senior living facility for your loved ones, your parents, or even yourself, but you’re unsure if you can afford the cost? Deciding to live in a senior living community is a huge decision; you want a place that’s in a good location, has the accommodations and level of care you require, and the amenities to make the place feel like home – all without breaking the bank.
With the number of seniors expected to double in the next decade, developers have been over-building senior living homes, which means that there are so many empty senior living facilities that are desperate to fill up. Just by doing the research, you can find amazing deals. Here’s everything you need to know about senior living facilities.
The Cost of Living
Within the past five years, the cost of senior living has increased between 2 to 5%. The Cost of Care Survey reported that as of 2016, the average rate for a one-bedroom living facility increased by 2% to $3,628 per month. The cost of semi-private rooms has also significantly increased, but by 5%, costing over $7,500 per month. These rates are only expected to increase, which will make living in senior facilities a luxury that only a select few can afford.
Due to the sheer amount of senior living options becoming available like multigenerational communities and urban senior communities, the prices are down for now. But, there’s no telling how long this trend will last.
Today, you can find over 28,000 assisted living care centers in the United States that are home to over one million senior citizens. Although this seems like more than enough facilities, as mentioned before, the amount of seniors is expected to almost double by 2035. To accommodate this influx, facilities are looking to double or triple the number of residents by 2030. Housing developers are already building senior residences in order to accommodate this huge increase in population by 2030.
However, until that time comes, there’s a lot of empty space in senior living facilities, which means that developers will drastically drop the prices and offer discounts, deals, and incentives for seniors to move into these places. Because the demand for senior housing is low, the prices will become more affordable making it possible for you or your loved ones to move into these facilities.
Where are Seniors Moving To?
Retirees usually move to warm-climate cities such as Boca Raton and Delray Beach, Florida, Scottsdale, Arizona, or Palm Springs and Huntington Beach, California. Such places have already seen an increase of up to 20% in the senior population in just the last two years.
Some places that you probably haven’t considered moving to, but that have little to no tax are Missippi, Alaska, Malaysia, and Thailand.
Finding These Deals
Finding a deal before word gets out about this drastic drop in the cost of living is essential. However, these deals are not being advertised because facilities want to avoid losing money even though the demand is low.
The best way to find these deals is by doing your research before visiting these facilities. That way, you are able to compare prices at different senior living places without feeling rushed. But, make sure to act fast because these savings aren’t expected to last. By moving into senior facilities now, you’ll be saving over $10,000 in the next few years! With these new life hacks in mind, the world is now a senior citizen’s oyster!