The cost of senior housing is an important consideration when deciding to move yourself or a loved one into a senior living facility. Senior housing options are expected to drastically drop in price, but how long will the lower prices last?
Many senior citizens have expended their savings accounts in an effort to overcome residual losses from the economy crashing in 2008. Finding affordable senior housing options is not only a priority for many people, it is a necessity.
What type of senior housing options are available in 2021? What are the benefits of each type of senior housing? What are the reasons senior housing prices are expected to drop? Read on for information on senior living options & why prices are dropping fast.
Supply vs. Demand in Senior Housing
Senior housing options are expected to drastically drop in price for a limited time. What is causing these lower prices to take effect? During a documented fifty-five year period from 1960 through 2015, life expectancy in the U.S. increased by ten years. While this increase spans the entire U.S. population, it also includes the 55+ demographic. It is further projected for life expectancy in the U.S. to increase by another 6.1 years through 2060. The average life expectancy by 2060 will grow to be 85.6 years.
The number of senior citizens living in the U.S. is anticipated to reach approximately twice the amount living in the country in 2021. Senior housing developers are getting ahead of the statistics by building new housing facilities in advance of the growth in senior demographics. There are 28,000+ U.S. senior housing facilities currently accommodating an average of thirty-six seniors each. The construction of new facilities is meant to accommodate the eventual increase in the senior population. This creates a temporary surplus in supply and reduction in demand. It is a buyer’s market for people looking to relocate themselves or their loved ones to new affordable senior housing. What different types of senior housing options are available?
Seniors Have a Variety of Beneficial Housing Options
Shopping for senior housing is a bittersweet experience for many Americans. It is a time of coming to terms with your age or the age of your loved one(s). It is also a moment where people leave the homes where many memories were created over perhaps multiple decades of time. Fortunately there are perfect new homes for seniors who still have full independence as well as those who need nursing-type assistance or help with daily finances and/or medications. There are a variety of beneficial housing options to consider including 55+ communities, nursing care facilities, senior apartments, assisted living and more.
Senior Apartments
One primary benefit of living in a senior apartment facility is the close proximity to other seniors with similar interests and needs. This is a common theme for most types of senior housing options. Senior apartments provide such proximity, while also providing the additional benefit of maintaining one’s independence. Neighbor’s are close by, but still in their own apartments/homes. Senior apartments are also commonly built on or near public transit lines. This makes traveling to doctor’s offices, shopping areas and grocery stores safe and convenient. Some senior apartments are built as cooperative complexes. The benefits of a cooperative housing facility include the reduction of individual maintenance and financial responsibilities. Each senior resident is also a part owner in a cooperative senior apartment building, which eliminates the need to answer to a landlord.
55+ Senior Living Communities
While senior apartments offer a large amount of independence, 55+ senior living communities offer full independence in single-family residences fitted perfectly for senior needs. Moving to a senior living community feels quite similar to moving to another home in a new neighborhood. The amenities in senior living communities replicate those in normal life. The benefit is these amenities are centrally focused and designated for use only by community residents and their approved family/guests. For example, most 55+ senior living communities have their own golf course. There are dining halls, shopping areas, game rooms, game halls, horseback riding and other activities all within community limits. Most 55+ communities also have their own 24/7 security teams and noise restrictions to keep the community peaceful and safe.
Some popular U.S. retirement cities such as Scottsdale, AZ, Huntington Beach, CA and Colorado Springs, CO are rapidly expanding their senior housing options in advance of the expected population growth. The states of Alaska and Mississippi are also reducing or eliminating taxes on accrued savings funds as a way to entice seniors to moving into their states. 55+ senior living communities are potentially expensive, especially in popular retirement regions. Taking advantage of lower buyer’s-market prices now saves money in the end.
Additional Types of Senior Housing Options
There are senior housing options for those who lost some or all of their independence. Assisted living housing for seniors helps those with medical, mental, physical or other issues on a daily basis. The benefits of assisted living options include 24/7 staff on duty and peace of mind knowing your needs are being taken care of every moment of each day. Additional benefits include group activities, group dining, on-premises pharmacies and physical fitness/therapy.
Nursing homes are another senior housing option. Nursing homes are designed to help take care of seniors who need more care and assistance than those residing in assisted living facilities. The 24/7 staff in a nursing home is highly trained and medically certified. A nursing home is in-fact much like a hospital but designed to feel more like a home for its residents.
Respite care facilities offer temporary residence for seniors needing a short amount of time in a senior housing facility. Some seniors use respite care facilities as trials, gauging if a permanent move to senior housing is the right decision for them. Other seniors need respite care as place to recover from serious illnesses or surgeries. Benefits include the ability to experience a temporary stay while still having all your needs cared for.
