It’s not easy getting older, and now, to make matters worse, it’s not cheap either! McKnight’s recently published an article relaying the fact that senior living prices continue to increase, and this includes property prices which have hit a record high. This seems to be a funny fact because all we have heard is that the real estate market is fumbling causing low prices, great incentives and a variety of options. Unfortunately, this buyer’s market does not transcend to the senior citizen community, as they have their own real estate market that caters to their activity needs, health needs and social needs. And these fifty plus communities aren’t cheap, nor will they ever be. There are different levels of residences for seniors: fifty plus active-adult community-in which the seniors own their own home in a community made specifically for seniors, assisted living, independent living and nursing home – at these three places, the senior rents a room in the facility and is provided with medical care by the staff members. Seniors spent on average $55,200 for one bed (that is not even a private room) in a nursing facility that provides round-the-clock medical care. Even homes that do not have 24-hour skilled nursing assistance available have hit record highs: $159,1000 for a unit in an assisted living facility and $174,500 for an independent living unit. With increasing medical care costs, it is getting even more expensive every year to be a senior citizen. Hopefully this encourages adults to take action and develop a plan to ensure financial security when they become a senior citizen.
