Due to an uptick in available supply, senior housing options are falling drastically in price. If you know where to look, amazing deals could be found.
If you are currently in the market for a senior living facility, either for yourself or a loved one, one of the most important things to figure out is how much of a hit it will make on your budget. Prices for senior living options vary drastically as there are many outside variables that directly affect the rates, including location, amenities and any additional care needed.
Fortunately for you, future-minded developers had the foresight to understand that because of advancements in technology and medicines, the number of seniors in America is set to rise in the coming decades, and have already built the housing necessary to facilitate the projected increase. The issue is that these senior living facilities, which include apartments, houses and condos, aren’t nearly as filled right now since there was a surplus developed. This is a very good situation for anyone such as yourself who is looking for a place right now.
What Costs Can You Expect For Housing
There are numerous studies that show the average cost of senior housing nationally has risen about 5% each year. Currently, the national average cost of a semi-private room is about $3,628 a month, which includes on-call healthcare staff. If you’re looking to go with a private room option, costs can run to $7,500 a month or up.
Unfortunately, if forecasts of the 5% increases keeps going year over year, there will eventually come a time where many seniors won’t be able to afford to live comfortably in a senior housing community. The higher ups have taken notice of this and have began to help out by creating new options for senior living including urban senior centers and multigenerational communities.
And as stated before, because of this foresight, now is one of the best times to explore your options. The surplus in housing options and supply has created a situation where senior living prices have actually gone down instead of increasing.
Eye-Opening Stats Regarding Seniors In The US
In the U.S. alone, there are currently 28,000 assisted living facilities that house over 1 million seniors. By 2035, that amount of senior citizens in the United States is expected to double in size.
These staggering numbers is why many states have already begun building new senior living communities in their largest cities to hopefully accommodate the projected rise in the senior citizen population in the next decade. There are plans in the works to double and even triple the amount of space available for seniors in certain areas.
The reason prices are so low now is that developers and contractors are offering deep discounts and incentives for seniors to move into these currently vacant living facilities. Prices are much more manageable right now and since you have the ability to sign longer term contracts, you won’t have to worry about any price increases that might come along in the next few years once things start filling up again.
Some cities have already started the expansion process, with places in Colorado, California and Phoenix already growing their available inventory by 20% in just the last 2 years alone.
There are a good number of deals to be had, depending on your needs. There are even spaces available for less than $500 a month if you’re looking in the right places.
Where to Find Senior Housing Deals
This answer is not as straightforward as it sounds. It’s become increasingly difficult to find deals or actual prices before visiting a place as these senior housing facilities don’t want the fact that housing is getting cheaper to be widely known.
Also, when the best deals do become available, they are often swooped up right away since every day, there are more seniors looking to move into an assisted living community.
This is the reason why we recommend that you start looking at your options now and get a feel for the prices so that once a great deal comes along in your area, you’re able to make an educated decision and take advantage of it instead of shopping around and missing out.