The cost of living in a 55 and over retirement community varies according to factors such as location, residence type, available amenities and whether or not there is an initial buy-in fee. As of 2015, the average monthly cost for residing in a senior living community ranges from $2,000 to $5,000, according to SeniorHomes.com.Continue Reading
The first factor to determining the cost of living in a retirement community is the type of accommodations available, as communities that require residents to purchase a home cost significantly more than those that allow seniors to either rent an apartment or room within a structure. The types of amenities available through the home also play a major role, with features such as daily meals, cleaning services, regular activities and transportation increasing the monthly cost. Many facilities also charge residents basic maintenance fees, which cover landscaping, repairs to the interior and exterior of the home and paying for on-site managers and security guards.
The location of the community is another important factor to consider, not just in terms of the state but the area within the state. A facility within a major city in a state with a high population is likely to cost more than one in a more rural area. However, access to natural features such as lakes, beaches, forests or hiking trails may also increase the monthly costs. Some facilities also accept state medial insurance or long-term care insurance, which may reduce the overall cost.Learn more about Real Estate