Weighing Costs: Your House Versus a Senior Living Community

When you compare the cost of living at home to the cost of a senior living community, making the switch may be more affordable than you think. As you consider your choices for senior living and compare costs, remember you have options with a selection of communities that fit different budgets and personal preferences.

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Compare Your Home Costs to Senior Living

When you want to compare your current budget with costs for a senior living community, consider what goes into the bottom line.

Price Considerations

Location, Location, Location — Just like your current home, pricing for senior living depends on supply and demand, and the local cost of living.

Size up the square footage — Residence size will also influence costs no matter where you are. Rent for a 500 square-foot studio apartment will usually be less expensive than rent for a 1,100 square-foot two-bedroom residence.

More services mean higher costs — Whether you have in-home help or assistance with daily life activities at a senior living community, more care will increase costs.

Reduce Your Monthly Expenses 

Here's how you can save money when you make a move to senior living:

  • Say goodbye to home repairs, utility bills or lawn maintenance fees. Most living expenses are included in the monthly fee for senior living accommodations.
  • Current homeowners will also do away with property tax, property insurance and expensive home repairs.
  • You’ll save on food costs. Two or three meals per day are often included in your monthly fee.
  • For seniors who may have cut their entertainment budget in their current home, a move is often a welcome change. Senior living communities bring back the fun with classes, outings and social gatherings.
  • Safety and security are important. At a senior living community, you'll have help available, if you ever need it. There's no price tag on peace of mind.

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