Senior Housing Options Expected to Be Much More Affordable, and Here’s Why

By 10 months ago

Planning senior living accommodations for yourself, your parents, or a loved one, can take a hard hit on your budget. Things like location, accommodations, level of care, added amenities, and service fees, can all add up very fast depending on which housing option you choose.

On a positive note, however, developers have been over-building senior housing to prepare for a near doubling of seniors in America in the next ten years. The over-building has resulted in a surplus in the senior housing market, and these senior communities are trying to fill vacancies by offering some first-rate deals right now.

Typical Cost of Senior Housing

The 2016 Cost of Care Survey [1] reported that the national median rate for a one-bedroom semi-private room in a senior living facility was $3,628 per month, while a private room costs over $7,500 per month—a 5% increase in the past five years. At this steep rate, senior living will soon be a luxury only the wealthy can afford.

However, with the rapid increase in new senior living options, such as multigenerational communities and urban senior communities, prices are temporarily down. If you know where to look, deals on senior living are the best they’ve been in years.

The Statistics They Don’t Want You to Know

Currently, according to the National Center for Assisted Living [2], there are more than 28,000 assisted living facilities in the country. These facilities house over one million people. By 2035, however, that number will nearly double. This is why the number of residences will double or triple as communities and developers prepare for the influx of senior citizens looking for housing accommodations.

Because it will take around ten years to reach that increase, though, there’s a gap where the number of facilities will far outnumber the number of seniors needing housing, making it a buyer’s market. Prices will drop in an effort to fill rooms in the homes and developers are already cutting deals with seniors ready to make the move now.

In Colorado Springs, Scottsdale, and Huntington Beach, are already experiencing this increase in senior housing facilities in the last two years. If you choose to retire in Alaska, Mississippi, Malaysia, or Thailand, you can do so without taxation on savings.

Right now is the time to save big on senior living expenses for you or your loved ones.

How to Find the Best Senior Housing Deals

While we know the deals exist, they have not been advertised just anywhere. Residences are trying to find the balance between losing money in less demanding times while still keeping their businesses afloat. Instead, sponsored listings will help you find deals that aren’t being overtly advertised at the moment.

Right now, before demand increases, is the best time to find great deals and low pricing on senior living accommodations. Beating the rush is key to saving tens of thousands of dollars in the years to come.

To get started, do your research. Look for cities and areas that appeal to you and find out what facilities in the area are available to you. If you get started now, you’ll be leaps and bounds ahead of the game before the senior population skyrockets. Now is the time to secure the best deal possible for your wallet and your happiness.

Sources:
https://newsroom.genworth.com/2016-05-10-Genworth-2016-Annual-Cost-of-Care-Study-Costs-Continue-to-Rise-Particularly-for-Services-in-Home
https://www.ahcancal.org/ncal/facts/Pages/Communities.aspx

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