Are you thinking about living in a senior living community or are you searching for a senior house for your parents or relatives? If so, first of all, you want to know how much it will cost.
The good news is that prices have been decreasing over the last few years and now are more affordable than ever.
Constructors have been building so many senior houses recently. Why? Because they have calculated that the number of potential seniors in America for the next years will be doubled. Basically, this implies that there is an excess of senior housing that has to be filled. That’s why it’s easy to find good deals at this moment.¹
The truth is that the price can differ significantly. Why? Because it depends on many determinants that are considered in pricing. For example, you should take into account the accommodations, the location, what kind of service and care you want and the supplementary facilities.
What is senior housing?
The senior house is a structure of houses where elderly people who are self-sufficient, or at least with minor age-related health problems, who do not require specialized health personnel, can live. It is always equipped with basic elderly health services, outpatient assistance and the socio-health staff provides assistance to guests who need it for dressing, hygiene and all those daily activities that can be facilitated with a little help. It can be a good solution for lonely elderly people, who in these structures can share their days with other people in the same situation and therefore feel less alone. The rooms are normally double or single, with attached bathroom, more or less luxurious according to the type of structure. Common spaces are always made available for gathering, socializing and where recreational activities are carried out, as well as a canteen where meals are served.² There are public and private rest homes, public ones are accessed by submitting a request to the Municipal Social Services office, and payment is calculated based on the citizen’s annual income.³
How Much Does Senior Housing Cost?
Before choosing the most suitable structure, it is important to inquire about the costs to be incurred, which often turn out to be quite large: here is all you need to know before making this decision.
Senior housing prices: which one to choose
With the increase in average age, more and more seniors need to be cared for in a structure suited to their needs. When the support of relatives is no longer sufficient, due to the increasingly insistent work commitments, people of the third age must be placed inside a nursing home, which can also be a day center for the elderly, able to guarantee their high-quality standards. There are structures that offer different types of assistance and the fees for the rest home largely depend on this. Different institutions fall into the nursing home category and the differences concern two important aspects: the type of care and the division of expenses. The elderly who are not self-sufficient are continually increasing and the old nursing homes are increasingly being transformed into health care residences. It is not a case of full-fledged hospitals, but those who need specific treatment find important medical assistance in these institutions. The partially self-sufficient elderly, however, can also find assistance in a classic rest home.
The criteria for determining the rates of the nursing home are mainly two: it is the same for everyone in 48% of cases, while in 36% the difference is determined by the self-sufficiency or otherwise of the guest. The average monthly cost of the nursing home, which in most cases includes food, electricity consumption, and general practitioner consultations, is between $3,628 and $7,500. It stands up for the elderly who are most in need of assistance, so specialists are needed. It depends on the size of the room and if the elderly want to live alone or not. For example, a semi-private room costs $3,628 per month while a private room’s price can be double.
Before choosing the structure that best suits your needs, it is therefore very important to consider the prices of the rest home to be sure of facing a sustainable investment. In fact, each structure offers the opportunity to make the first visit together with the elderly, in which the spaces and activities will be shown: this is the right opportunity to define which institution will be suitable for welcoming your loved one.
However, with an instantaneous increase of new senior living choices such as urban senior communities, multigenerational communities, and others, prices are momentarily lower. All you need to do is searching for the right solution and making a good deal.⁴
References
[1] “Here’s Why Senior Housing Options are Expected to Drastically Drop in Price,” Nation, accessed April 2020. https://www.nation.com/heres-why-senior-housing-options-are-expected-to-drastically-drop-in-price/
[2] Roussel, Thomas. “What is Senior Housing and Care?” 1031 Crowdfunding, December 16, 2019. https://www.1031crowdfunding.com/education-center/blog/124-investing-in-senior-housing-what-is-senior-housing-care
[3] Robinson, Lawrense, Joanna Saisan, and Monika White. “Senior Housing Options.” HelpGuide, November 2019. https://www.helpguide.org/articles/alzheimers-dementia-aging/senior-housing.htm
[4] “Average Cost of Senior Living,” Brookedale: Senior Living, accessed April 2020. https://www.brookdale.com/en/where-to-begin/financial-planning/average-cost-of-senior-living.html