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What Is the Average Cost of a Retirement Community?

a senior woman uses the parkway place cost calculator to calculate the average cost of a retirement community

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. How much will you have to spend to get the services you need? And how can you estimate those expenses as accurately as possible? With help from the Parkway Place cost calculator, you can get answers to these vital questions. Feel free to reach out to us at 833.539.1363 with any additional questions.

Factors That Affect the Cost of Retirement Homes

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 Typical Cost of a Retirement Community

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.

Learn More About the Cost of Retirement Community Living at Parkway Place

Want more information on how much retirement communities cost? 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 833.539.1363 to learn more. You can also reach us through our online contact form.