Deciding on the best senior living facility to move into is a matter of considering a number of different factors. The main parts of your decision will involve budget, location, style of the community and how close it will keep you to your friends and family. The good news is that an oversupply of senior housing right now means you can find some stellar deals.
The Oversupply Of Senior Housing
The share of seniors in the American population is currently around 17 percent and is steadily growing.¹ The reasons for this rests on the relatively low US birthrate and the fact that the American Baby Boomer generation is turning from middle age to older age by the millions. In fact, the US Census Bureau estimates that between 2014 to 2024 the number of seniors in the country will double.² This creates many changes in the economy and the real estate market. Because of the growing senior share of the population, developers have gone all out in building senior-focused facilities and housing communities to anticipate the demand.
Homes and apartments that are designed to make life easier and better for seniors is right in line with the market, given the growing demand. Indeed, the developers’ idea is smart. However, some of these facilities are not filling up as quickly as they are being built and this is where you can find some outstanding deals on great places to live.³
The Average Cost Of Senior Living
Independent living costs for seniors can range from less than $1,000 per month to over $10,000. It all depends on the quality and size of the apartment or house as well as the location and real estate market in that area.⁴ A number of the best deals can be found in senior-oriented communities which have been built in anticipation of the senior population boom but still have some houses and units available—often at steep discounts.
Timing The Market Right
As developers wait for seniors to fill up the spots they have built, rooms are sitting empty. This is lost profit, and even selling or renting at a deep discount is better than leaving them empty. The current situation in many areas is the definition of a buyer’s market, with incredible savings available for those on the lookout for senior-oriented housing and rentals.
The Boom Has Already Begun
Even though there is still time, it is important to note that the senior moving boom has already begun. Of the current share of the US population that is over 65, which numbers some 52 million, over 25 percent of these folks live in California, Texas and Florida. These states are seeing even more seniors move in and find the right living space for themselves as the older population keeps increasing.⁵
Finding The Top Senior Living Deals
Doing research online and asking friends or family is the best way to start uncovering the amazing deals that are out there in terms of senior living. Starting with a simple web search and narrowing down your results based on your budget, desired location, services and style and type of accommodation is a good way to begin nearing a decision about what to do. The one caveat is that it is best to begin searching sooner rather than later, as the oversupply of senior living facilities will begin to be filled and disappear in the coming months and years. By doing a search and looking in your area you can find the many options available and consider which is best for your desires.
[1] https://www.statista.com/statistics/457822/share-of-old-age-population-in-the-total-us-population/
[2] https://www.census.gov/newsroom/press-releases/2014/cb14-84.html
[3] https://seniorhousingnews.com/2019/05/18/senior-living-communities-ceo-oversupply-will-last-longer-than-many-expect/
[4] https://www.brookdale.com/en/where-to-begin/financial-considerations/what-are-average-costs-for-senior-living.html
[5] https://www.prb.org/which-us-states-are-the-oldest/
