After retirement, many active older adults consider moving into an Independent Living community because of the many perks it offers. However, some retirees are worried about the cost of independent senior living.
Residents in an Independent Living community are active adults who don’t need assistance with activities of daily living. For that reason, Independent Living usually costs less than other types of senior living options because residents require fewer services. The cost of living in a retirement community varies from one community to another depending on several factors. Here are the six major factors that determine the cost of living in an Independent Living community.
Community Location
The location of a retirement community contributes to the cost of living. Just like any home purchase, the price varies depending on the state or region and the housing prices in the location. A community in a small rural area will definitely cost lower than one in a bustling city. On average, the cost of Independent Living in states like Massachusetts and New York ranges from $3500 to $4000 monthly while in states with lower costs of living like Illinois and Louisiana, it can cost between $1500 to $2000 every month.
Apartment Floor Plans
Independent Living communities usually offer residents several floor plans to choose from, including suites and one to three-bedroom apartments. The size of the apartment and amenities such as the kitchen, private balcony, or storage spaces will determine the monthly cost.
Amenities
Retirement communities offer a wide range of amenities for residents to enjoy their stay. However, the type and number of amenities offered by a community can also determine the cost of living there. For instance, the price of living in a community with a pool, fitness center and arts center will probably cost more than a community without these amenities.
Senior Living Options
Many Independent Living communities offer other senior living options to cater to residents whose needs may change with time. The other senior lifestyle options available can also influence the cost of living in the community. If a resident were to transit to Assisted Living, the monthly cost will increase due to additional care services that may include round-the-clock nursing care and physiotherapy.
Types of Services
Many communities provide concierge, transportation and housekeeping services which will add to your Independent Living expenses. Other additional costs may include a second-person fee usually paid by couples and a non-refundable entrance or community fee.
Independent Living communities may also offer chef-cooked meals to their residents along with different dining options. A community that offers fewer dining options is likely to charge less compared to one that has a more extensive menu selection. Likewise, dining styles like fine dining and restaurant-style dining may also affect the cost.
Types of Community
The type of Independent Living community you choose also influences the monthly cost. A continuing care retirement community will often charge a large sum for entrance fees aside from the monthly fee. A resort-style community is also likely to charge more because of its high-end apartments and amenities.
