The number of seniors in America is likely to double in the coming decade. This is according to developers whose efforts are increasing by the day to out up more senior housing units. Nonetheless, the efforts are likely to result in a surplus of senior housing. Unfortunately, there are communities still struggling to fill up what is already available.
As of today, the U.S has about 28,000 assisted living residences. Families with big house and properties are also considering putting them for senior living or nursing homes. The overall problem in the current unfolding is quickly affecting the pricing of these facilities. Historically they have been very high, but the various options are likely to bring them down.
The cost of senior living
Right now, it sounds expensive because a one-bedroom living facility stands at $3,628 per month. This was after a 2% increase in 2016 and according to The Cost of Care Survey. The same cost applied to a semi-private room while a private room costs over $7,500 monthly. This is as a result of a 5% increase in the last five years. However, as indicated earlier, these figures may not last for long, and this will only create the possibility of saving big.
Know a bit about the industry before committing a house for senior living
It is a fact of life that everyone will get old someday. Hence the need for preparations if you are considering being part of a senior living community. Every industry has cost various in whatever it offers, and so is the housing industry. The costs will vary depending on factors such as location, amenities, level of care, and accommodation.
While it can be frustrating to quote a price in a saturated market, it is equally important to know where to look for what you want. Research for the lowest deals is of importance. Remember you want to save for the future. The market has various deals even, and surprisingly, a majority of them are not advertised for fear of losing money in less demanding periods.