Here’s Why Senior Housing Options Are Getting Cheaper
Searching for an affordable senior living community for you or someone you love requires essential research, especially when it comes to finding ones within the right budget. The price range of facilities may vary depending on the location, the amenities available, the type of care provided, the number of extra services the facility may offer, as well as the particular care a patient may needs.
In recent years, contractors have built a number of retirement communities and senior housing developments due to the expected rise of the American senior population needing living facilities in the coming decade or two. But due to the current lack of demand, there is now an excess of senior living accommodations that have landlords concerned about all their vacancies.
How Much Does Senior Housing Actually Cost?
Recent reports have shown a 5% increase in the national median rate for senior living facility prices per year. That said, the average price for a semi-private room is $3,628 per month, while a private room is above $7,500 per month.
If the cost trend continues at 5% per year, these facilities will become too costly, making it almost impossible for most seniors to afford them, leaving them without any options for comfortable living.
But because of the rise of new senior living alternatives like the multigenerational communities and urban senior communities, the prices of senior housing facilities have been forced to remain controlled. What this means is that for the first time in many years, finding a good price for a senior living facility is easy, as long as you know where to look.
The Statistics You Should Know That They’re Not Telling You
According to the National Centre for Assisted Living (NCAL), there are currently more than 28,000 assisted living facilities within the US that have the combined capacity to accommodate over one million seniors. Meanwhile, the senior citizens population in the United States is also expected to possibly double by the year 2035.
Because of these figures, the NCAL is working to at least double – if not triple – the amount of assisted living facilities within the next decade. As a matter of fact, housing developments have already began construction of a number of facilities and communities to address the growing population of seniors that will eventually need somewhere to live.
But considering the numbers of seniors requiring living facilities have not reached the peak amount, there will be a period of time when there will be more nursing home centers and assisted living communities than there are seniors needing to live there.
This is when the demand will be low and the supply of homes will be high, which will cause the prices of these facilities to relatively decrease in order to get them filled. At that time, developers will be offering major incentives, deals and discounts to those seniors searching for assisted living options. This will also make these types of facilities much more affordable due to the lack of demand.
Most seniors prefer moving to states that offer warmer climates and beautiful views when possible. A number of cities like Huntington Beach, Colorado Springs and Scottsdale have already increased their senior living developments by an impressive 20% within the last two years alone.
Meanwhile, some families prefer moving their senior loved ones to places that offer zero taxation on savings to save on senior living costs like in Mississippi and Alaska, or even abroad to countries in Southeast Asia like Malaysia and Thailand. There are even some communities in the southern portion of the United States that offer deals of less than $500 per month.
Here’s How You Can Find the Best Deals on Senior Housing
While there are a number of deals to be found, discovering them isn’t always easy. That’s because many of these facilities don’t want to advertise that their prices are actually decreasing.
In order for the senior community to avail of the best prices and deals available, they should make a move now before the prices increase once again. This will also help ensure bigger savings for them or their families in the long run.
To find the right senior facility for you or your loved one, it would be best to begin researching communities within your city or nearby senior communities that have facilities that best suit your requirements or needs. Get a jump start now while deals are still generous so that you can find the one that’s perfect for you!