Are Senior Apartments Cheaper

Senior Apartment Building

What Are Senior apartments or Congregate Care Housing?

You need to be aged 55 at the least, or 62 and older to qualify for a senior apartment complex. The rent for a senior living community may include community services such as recreational programs, transportation services, and meals served in a common dining area.

Senior apartment buildings are independent living communities and they do not allow tenants that are under the age of 55 to reside in this independent living community.

This does not mean that your grandkids or young kids cannot visit you for a while. Also, exceptions can be made if a resident over the age of 55 has a spouse who has not turned 55 but, for the most part, senior apartments are meant for seniors.

For many seniors, the prospect of moving out of the home they’ve lived in for most of their lives and moving into a senior living community instead may be daunting.

ā€¨However, there is definitely a bright side to this arrangement.

What you might not realize is that moving into a senior apartment building may help you save a good deal of both time and money. And in your retirement years, each and every penny counts as you face unexpected situations along the way, and you need to take stock of your financial situation ever so often.

This is where an affordable senior housing arrangement comes into the picture.

senior apartments

A good deal of retirees may find that senior apartments are cheaper than other living options because they do not require upkeep and they minimize living expenses. As well, they can be cheaper than retirement homes and assisted-living facilities that offer in-home care while still providing some easy and convenient access to care should an emergency arise.

If you’re curious about why senior apartments oftentimes turn out to be cheaper living options for seniors than living either alone or in an assisted-care facility, read on to find out why.

Senior apartments allow you to live independently within your means, downsizing your responsibilities while also not being anywhere near as intrusive or expensive as senior living options that offer more personalized assistance.

The aim of senior apartments and other independent living communities is to provide seniors a more independent option for when their house becomes more of a burden than it does a symbol of freedom.

Maintaining Your Own House Can Be Expensive

Owning a property may be seen as a symbol of pride for many, but the truth is that as we get older, regular maintenance and inspection of the property is not always going to be feasible.

Senior Housing

Many seniors have regretted the decision of staying at a large private party after having to spend a load of money on hired help to do all necessary household chores for them, from cleaning the inside of their house to gardening.

It just does not stop at household chores. On top of the cleaning and maintenance expenses, you might need the support of a nurse, even if it is part-time. This is yet another expense that you have to take care of with your retirement savings.

The crux is that even though you’ve paid off your mortgage, the property is always going to be in need of constant maintenance and is never going to be totally free.

Property Taxes Does Not Cease and Often Increases

Even if you own the property you are currently occupying, you are still being forced to pay property taxes which could keep steadily increasing.

In essence, you never stop paying for the property you are currently occupying, regardless of how much of that property you are actually using.

You Can Get Apartments That Provide Maintenance and Amenities for a Standard Fee

Sure, apartments do require a monthly living fee, but this monthly fee is inclusive of all upkeep and maintenance that the apartment will require.

This means that you might be paying less to maintain an apartment than you would be to maintain a house even if the house was your own and you don’t have to pay any mortgage on it.

Considering these reasons and many more, apartment living is often seen as ideal for seniors who can still live independently but wish to downsize, either for monetary or personal reasons.

Reduced Medical Costs

On top of all the advantages that we talked about, you also get the benefit of easier and cheaper access to part-time nurses in a retirement home.

If you’re healthy enough to live independently yet still need a small amount of assistance, you may be able to get it for cheaper by using a part-time nurse that has a working relationship with your senior apartment complex.

Also, the easier and more relaxed living in a senior apartment when compared to a nursing home or assisted living community can provide many added benefits for your health. This could mean you might not need to pay as much for medical assistance in the long run.

Senior Apartments Offer Handicap Accessibility Features At No Additional Fees

Many seniors who can still live independently have lost the ability to transport themselves easily. Without the assistance of a wheelchair or a walker in order, they cannot get around, even in their own house.

Senior apartments offer this feature while traditional residences may not.

Now, on the other hand, seniors who choose to stay at home typically have to pay construction fees to have handicap-accessible ramps and entrances added to their current place of residence.

Senior Apartment Handicap Accessibility Features

Imagine the kind of money and time you will need to put in to set up such an arrangement. And after this tedious task, the truth is that, for many seniors, they are not sure how much longer they are going to be around to use them.

Senior apartments will have all of these amenities included in their buildings, meaning you will have all the access you need without having to pay extra for it or to have it installed.

Availability of Transportation Facilities

Senior apartments mostly offer transportation for recreational activities. The management has an on-property handicap-accessible vehicle for the purpose which residents in the senior living can use. They can get out without having to rely on a family member for lifting them in and out of a wheelchair.

In case transportation is not offered, it is highly likely that they are at least closer to a bus with a wheelchair lift than your old house was.

These are just some of the many small things that come together to make senior living a cheaper living option than an assisted living facility or nursing home care for many seniors.

Senior Apartments Can Offer Free Recreational and Community Features

A lot of senior apartments also offer activities and other community features that could save you a good deal of money on both recreation and travel.

Many seniors who are living at home feel trapped and wish to get outside and see the world.

Low income seniors will simply find it hard to indulge in these, and many others who can afford it will still have to pay great sums of money just to be in a place where people are around, such as splurging on a cruise ticket or a luxury retreat.

Instead of splurging to go on a cruise, you can save your money and utilize the community features of your senior apartment building. At senior apartments, you will always be a good deal closer to many like-minded people with similar interests and similar needs.

Senior Apartments May Be a Better Deal Than Retirement Homes

Not only are senior apartments cheaper than living independently in a traditional residence for most seniors, but they are also a good deal cheaper than retirement homes and other assisted-living communities. 

For seniors who would like to find a better option than their current independent residence yet don’t want to commit fully to retirement home living, senior apartments offer a great middle-of-the-road option that is also a great deal cheaper.

If you don’t need constant medical care, paying for a retirement home or assisted-living facility is a waste of money. While some seniors may be duped into it just so that they can be around people their own age, senior apartments provide a much better option.

Cost of Retirement Homes and Assisted-Living Facilities Can Be High

With retirement homes and assisted-living facilities, you are paying more for medical care and amenities than you are for your actual personal space.

Elderly holding her bills to pay

Healthcare can get expensive and there is a massive overhead for retirement homes and assisted-living facilities. Unless you intend to utilize all the amenities that retirement homes and assisted-living facilities offer, your money would be better spent in a senior apartment.

You Don’t Have to Pay for What You Don’t Need

On top of providing medical care, most retirement homes assisted living facility, or other senior housing options will provide you all of your meals, take care of all of your non-medical needs, and also maintain your living quarters, similar to a maid at a hotel. This, however, comes at a price.

For many seniors, this level of care may be totally unnecessary. It is also heavy on the wallet.

Senior apartments offer a network of support in their communities, from neighbors to staff. However, the greatly reduced impact of said support means a far more reasonable price in comparison to retirement homes and assisted-living facilities.

To sum it up, choosing to live in a senior apartment might be cheaper, but it has its cons as well.

It is up to you to evaluate both pros and cons and make an informed decision.

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About Aswathy Suresh