Spending your retirement days on a senior apartment comes with its own pros and cons. For some, senior apartments are a great way to enjoy their retirement days, while for some, it’s not desirable.
Retirement communities such as apartments may work best for retirees as it also has a handful of community activities suited for them.
But how much do senior apartments cost? Today, we will share with you how much it will cost you to have a senior apartment.
How Much Do Senior Apartments Cost?
How much it will cost you to live in a senior apartment will vary depending on a lot of different factors.
So while we can’t give you an exact number, we can provide you with the average costs of living in a senior apartment. Then we can share the main factors that will affect how much apartments go for.
Some rough estimates are that, on average, senior apartments usually have a rent somewhere in the $1,500 to $3,500 a month range.
Factors That Affect The Costs Of Senior Apartments
The biggest factor that will determine how much staying in a retirement home costs is the type of senior apartment itself. How many bedrooms it has, what type of building/facility the apartment is located in, the amenities of the apartment itself, etc.
When it comes to the different types of senior apartments you can find, there are a few different options. The main ones are:
- Townhouses or condos
- High-rise apartments specifically for seniors
- Continued Care Retirement Communities or CCRCs
Another factor that will affect costs will be fees like Homeowner Association’s fees, activities fees, housekeeping or other assistance.
Renting vs Buying
While most people usually rent their senior apartments, some will decide to buy instead. Usually you will find senior apartments you can buy in continuing care retirement communities (or CCRCs for short).
The advantage is that CCRCs have a number of different living options besides apartments. These include assisted living facilities, nursing homes and even hospice care centers. Basically any type of housing you may need in your senior years. By buying in a CCRC, you’ll be able to transition to whatever type of living arrangement you’ll need.
Low Income Senior Apartments
You can search for low income senior housing apartments through the Department of Housing and Urban Development, or HUD. You can find a number of resources about their programs here – https://www.hud.gov/topics/rental_assistance
These HUD options may be either public housing or privately owned apartment buildings. Depending on income levels, you may even qualify for vouchers to help with part, or all, of your rent.
What Is a Senior Apartment?
The two main things that set senior apartments apart from “regular” apartments are the accessibility options in them and the community. They are usually only available for those who are 55 years or older.
These apartments and buildings they are in usually have few, if any, stairs and handicapped features to help with mobility and for those in wheelchairs. They also often have communal areas and activities specifically designed for seniors.