Q:

How much does it cost to live in a 55 or older community?

A:

Quick Answer

The cost of living in a 55+ retirement community depends on the state and community's location, type of community and its amenities. Other factors to consider are one's budget and for what services one would like to pay.

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Full Answer

For 55+ communities, residents typically buy their homes and pay a membership fee as well as ongoing monthly dues for the community's upkeep, recreational amenities and services. Accommodations can range from simple mobile homes and no-frills apartments to high-rise condos and customizable, fancy vacation-style homes. Retirement homes are also investments and can appreciate in value over time if they are in good locations.

As compiled by SeniorHomes.com, the lowest median monthly independent living costs for independent living retirement communities for 2015 are found in the states of South Dakota, Minnesota, Louisiana, Utah and Illinois, which range from $1,399 to $1,859. On the other hand, the most expensive states are Massachusetts, Maryland, New York, New Hampshire and Connecticut, with monthly fees ranging from $4,002 to $3,490.

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