If you are considering options for senior assisted living, you’re in luck. Developers looking to capitalize on the aging baby boomer population have been building new facilities at an alarmingly high rate. They are desperate to fill any unsold vacancies, and many are offering great discounts and price drops to entice new occupants. These are outstanding luxury facilities – not the dreaded obsolete nursing homes of the past. Have a look in your local area and you might just be surprised by the great senior living opportunities available.
It’s Not What it Used To Be (And That’s a Good Thing!)
Let’s be honest. Many people envision senior assisted living facilities to be dreaded places with mean staff, grumpy peers, poor facilities, and bad food.¹
Modern senior living facilities have tried to improve on these old stereotypes. In fact, many of today’s facilities more closely resemble a luxury hotel resort. Many seniors appreciate the structure, convenience, and social options afforded to them in these facilities. It’s common for facilities to offer frequent social events and getaways, educational programs, exercise opportunities, and more.
In addition to fun opportunities for learning, socializing, and exercise, these facilities tend to be great places to be when in need of support. Many offer a wide range of assistance depending on your level of needs – from providing barbers and doctors on-call to offering assistance with daily living tasks and meals.¹
What Does It Cost?
The median cost of senior assisted living sits at around $3,600 a month.² The median cost of senior independent living comes in a bit lower at around $2,500 a month.³
However, the price you pay depends on many factors, from the size and grandeur of the property to the level of assistance required. It also depends on what kind of deal you can get. And it just so happens that now may be a good time to find bargains.
Why Are Senior Living Options Now More Affordable?
Today’s aging population is growing rapidly. By 2050, the 60+ population is expected to double from today’s levels – and the over 80+ is expected to triple.⁴
This means more and more senior facilities are being developed to accommodate the growing demand. However, in many cases this has led to an overproduction of new senior living facilities. This results in there being many more senior living facilities than there is current demand. While it is clear the aging population is growing, it doesn’t all happen overnight.
For today’s seniors, this is great news. Developers still need to fill up their unsold rooms, and this can cause prices to drop dramatically. It’s common for seniors to snag great deals and discounts on incredible senior living facilities in such a favorable market.
How To Find The Best Deals
While it’s clear that great deals are out there, they aren’t always easy to find. You’re unlikely to see a billboard or watch a commercial for senior living properties.
Instead, it makes sense to do some online research to find the best senior assisted or independent living opportunities in your area. Do your research thoroughly. Not only will you want to make sure you’re finding a good deal, but you’ll also want to make sure the staff are friendly, the community is good, and the facilities are top-notch.
It is also very wise to compare multiple options. It’s hard to know whether you’ve found the best choice without at least considering others first. It makes sense to compare pricing and also compare the friendliness of staff and the different levels of care provided.
Remember, now is a great time to take advantage of deals on senior housing. The right deal now could save you thousands in the future. It’s very easy to find some great opportunities available in your local area by looking online.
[1] https://medium.com/thrive-global/how-stereotypes-about-nursing-homes-can-make-aging-harder-for-everyone-51ff2d53fefd
[2] https://www.msn.com/en-us/money/retirement/the-average-cost-of-senior-care-in-every-state/ss-BBBrCEH
[3] https://eu.usatoday.com/story/news/nation/2019/04/23/senior-living-costs-new-data-favorable-market-2019/3492894002/
[4] https://www.un.org/en/development/desa/population/publications/pdf/ageing/WPA2017_Highlights.pdf
