As they grow older, many seniors benefit from the services provided by a well-designed retirement community. In fact, for some older adults, these services are essential to maintaining their quality of life. However, when thinking about entering a retirement community, seniors often encounter a major potential obstacle: cost. What is the average cost of a retirement community? And how can you estimate those expenses as accurately as possible? To learn more about the average cost of a retirement community, call Parkway Place at 281.305.1846. We’ll be happy to answer your questions about the cost of retirement communities. Our Houston, TX senior community is here to make you or your loved one as comfortable as possible.
Factors That Affect the Cost of Retirement Communities
In today’s world, the cost of most things seems to be on the rise. That’s just as true for seniors as it is for younger Americans. In fact, in some ways, seniors face more financial pressures than their counterparts in other age groups. With this in mind, what are the economic factors that affect the cost of retirement homes? The list of those factors includes:
- A general increase in the cost of living
- The need to cover various healthcare expenses
- Local and nationwide trends in housing markets
When it comes to a retirement community, there are also other factors to consider. One big influence is the quality of the services you receive. Simply put, some facilities provide a higher standard of care than others.
The guiding philosophy of a given facility is also important. Some retirement communities follow a for-profit operating model. However, others follow a nonprofit model. Generally speaking, a nonprofit approach may offer a better cost-to-quality ratio than a for-profit approach.
The Average Cost of a Retirement Community
How much do retirement communities cost? With all these things in mind, what do retirement communities cost in today’s world? The answer to this question depends to a large degree on the types of services you require. Nationwide averages range from:
- $1,500 to $4,000 a month for independent living programs
- $3,500 to $10,000 a month for assisted living programs
- $9,000 to $10,000 a month for long-term skilled nursing care programs
- $3,000 to $12,000 a month for memory care programs
What accounts for the varying costs for the same kind of senior living program? Location is a major contributor. Some parts of the country are simply more expensive than others. Your specific level of need may also matter. That’s true because not all seniors in a given type of program require the same amount of support and care.
Estimating Your Retirement Living Cost With the Parkway Place Cost Calculator
At Parkway Place, we strive to make estimating the cost of a retirement community as straightforward as possible. That’s why we feature a five-step online affordability calculator. This calculator serves two purposes. First, it helps you get a clear idea of how much you’ll spend on any of our programs. It also allows you to compare that cost to your current monthly expenses.
This kind of comparison is essential. It not only details the cost of a retirement community. It also shows you how a senior living program can help you eliminate or reduce some of your current expenditures.
Benefits of Retirement Community Living
Although cost is an important consideration, it’s far from the only factor to consider when you’re thinking about entering a retirement community:
- Retirement communities can provide social and recreational opportunities that simply aren’t available in other settings. That’s especially true when you require medical or personal care services.
- Retirement communities can provide a sense of fellowship and community that many seniors miss in their daily lives. They also often feature professional staff that can help you get the most out of your day.
- Retirement communities can be a major step forward in terms of safety and security. That’s true because they usually feature around-the-clock monitoring and assistance if you need it.
Everyone is different, and the cost of a retirement community is important. But it’s just as important to think about the other benefits that come with senior living at a retirement community. When you factor in the cost, quality of care, and social opportunities available, you’ll get a much clearer picture of the value of a retirement community.
Learn More About the Cost of Retirement Community Living at Parkway Place
Want more information on the cost of living in a retirement community? Talk to the senior living experts at Parkway Place. With our help, you can get a true estimate of your retirement living cost. You can also compare that expense to your current financial obligations.
Parkway Place is committed to maximizing the affordability of high-quality senior living. In line with this commitment, we follow a nonprofit model that helps keep your costs down. Call us today at 281.305.1846 to learn more. You can also reach us through our online contact form.