According to the National Council on Aging, the average cost of senior living facilities is $4,500 per month or $54,000 per year.
This might sound like a lot of money, but it’s important to remember what residents of senior living are getting in return. Not only do they enjoy apartment-style living, but they also get restaurant-style dining, personalized care, and access to a wide variety of amenities and activities.
Senior care budgeting can be difficult, but understanding the factors that affect the cost of assisted living will help you wrap your head around it. In today’s post, we’ll tell you the 7 biggest factors that affect retirement living costs.
Once you know what you’re paying for, you can start budgeting to determine what kind of care your loved one should receive. Read on and start your search for senior living communities on the right foot.
1. Location
When you start looking at assisted living communities, you’ll notice that prices tend to differ by state. Even within states, prices can differ greatly based on the municipality the community resides.
Upscale senior communities are often situated in upscale areas where real estate is more expensive. Senior communities in smaller municipalities where real estate is cheaper are often more affordable.
Location is an important factor in deciding on a particular assisted living community. If your loved one wants a more spacious community with beautiful grounds in a city with local amenities all around, it’s going to cost more to live there.
2. Activities and Events
One of the biggest senior living price factors has to do with the programming in the community. Every assisted living community provides residents with a daily activity calendar to encourage socialization, physical fitness, and mental stimulation.
The frequency and quality of these activities and events will be a major contributor to the cost of senior living. A community that holds weekly performances and talks with local musicians and experts will always cost more than a community that does this once per month.
Communities that bring in yoga or Tai Chi instructors will always cost more than ones that offer simple walking and aerobics clubs led by regular staff. If your loved one wants access to more activities and events, you’ll need to pay more for it.
That’s not to say your loved one can’t experience a healthy, vibrant lifestyle in a more affordable community. Even the cheaper options still make every effort to boost the physical and mental health of their residents.
3. Level of Care
There are various types of senior living communities to choose from. Which type your loved one enters will depend on their unique needs. This highlights the importance of sitting down with your loved one to discuss these needs before you start your search.
The level of care your loved one receives plays a big role in the total cost of senior care. Retirement homes are meant for healthy seniors who want to downsize and experience a more vibrant social life that can be more affordable.
When your loved one needs assistance with things like getting dressed, bathing, and cooking, assisted living is more appropriate. Because this involves more intensive care from highly trained and experienced staff, it’s more expensive.
Those who are dealing with cognitive decline – Alzheimer’s and dementia affect 7 million Americans – need memory care. This involves specialized care geared toward the unique symptoms these ailments come with. The community is also made more secure and comes with higher costs.
4. Room Floor Plans
Most good senior living communities will have a few different floor plans. If you’re looking to save a bit of money, you should be able to choose a smaller room with fewer amenities.
At SummerHouse Bay Cove, we have 7 different 1-bedroom floor plans to choose from in addition to a specialized memory care floor plan. You’ll be able to choose the type of room that best satisfies your loved one’s unique needs and budget.
5. Dining
Most senior living apartments are equipped with kitchens so your loved ones can make meals for themselves. Great communities will also offer in-house, restaurant-style dining to make eating more convenient.
Of course, these quality restaurants affect the cost of senior living. That said, you can’t put a price on the importance of good nutrition for seniors.
A balanced diet full of nutrients is essential for your loved one’s ability to avoid all sorts of health issues. A strong diet is shown to reduce the risk of heart disease, diabetes, arthritis, and osteoporosis. If your loved one isn’t always up for cooking, pay a bit extra for a community that offers in-house dining.
6. Maintenance and Housekeeping
An important aspect of senior living is giving residents a maintenance-free lifestyle. They’ll have weekly housekeeping in their apartments, and the community’s grounds and amenities will be regularly maintained.
All of this works to give residents a clean, safe community that they feel comfortable in. It’s a small price to pay to ensure the health and safety of a community’s residents.
7. Other Amenities
Any extra amenities that a community implements factor into how much residents pay. For example, some communities will offer an in-house salon, while others might have an exercise room that all residents have access to.
Many communities are equipped with games and entertainment rooms where residents can relax, play games, and watch films. Great communities will also have ample outdoor space complete with walking paths and gardens that residents can freely make use of.
It’s important, when searching for the perfect community, to determine which amenities are most valuable to your loved one. It’ll affect how much you pay per month, but it’ll improve your loved one’s enjoyment and quality of life.
The Average Cost of Senior Living Facilities Isn’t Everything
Senior care budgeting can be tricky. Now that you know the average cost of senior living facilities, you can figure out what works for your financial situation.
Elderly housing expenses shouldn’t put you under financial stress. There are plenty of affordable living solutions for all seniors, no matter what their needs entail.
At SummerHouse Bay Cove, we pride ourselves on offering flexible living arrangements for Biloxi’s senior population. To book a tour of our community and discuss costs with one of our dedicated staff, contact us today.
