One of the biggest complaints about senior housing is that it’s just too expensive. On average, senior housing can cost $6,000 per month. That amount is a huge burden to aging Americans with fixed post-retirement incomes and their families with their own bills to pay.
Why is senior housing so expensive? Are there any ways to cut costs without sacrificing quality or safety?
According to the US Bureau of Labor and Statistics, an average family in Philadelphia spends about $3,245 a month on housing, entertainment, food and transportation, while the average senior housing facility costs $3,462 a month. Why is there such a huge difference in price? The senior housing facilities do more than house; they also offer staff for household maintenance and medical issue, medical equipment, and more. That’s one of the main reasons senior housing is so expensive.
If you want to cut costs of senior housing without missing out on quality, the key is to figure out what services are most important to you and your aging loved one. This way, you can find a facility that has what you want, but skips what you don’t. You can also cut costs on senior housing by:
- Shop by Sector – There are many different kinds of senior housing, from the more expensive full time care to cheaper apartments and co-ops. You can save money by choosing a housing sector that meets your needs but doesn’t overcharge you for what you don’t need.
- Read the Fine Print – A lot of senior housing options charge a flat monthly fee, but then tack on additional fees for extra services. Read the fine print to know what’s included in the monthly flat rate, and then opt out of any unnecessary services.
- Focus On The Big Stuff – While an onsite salon or fancy restaurant are nice, they aren’t necessary. If you want to save money, focus on what’s most important to you and your aging loved one. As long as physical and emotional health needs are met, he or she will be OK.
- Go Outside the Center of Town – Just like apartments in the center of town have higher rents, senior facilities in urban and central locations are more expensive. Consider options in the suburbs or further away from public hotspots to save money on monthly fees.
- Find a Roommate – Shared senior housing is a great way to not only save money but also to foster social connection. You can help your aging loved one age in place by finding a roommate for him or her, or save money on a more expensive senior facility by choosing double occupancy.
Start your search for senior housing on sites like:
Any of these tips can help you and your aging loved one find quality senior housing that doesn’t break the bank.
What aspects of senior housing are you willing to spend on? What parts can you skip to save money? Tell us below in the comment section, and check back for more helpful articles coming soon.