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How Much Does Independent Senior Living Cost?

How Much Does Independent Senior Living Cost

The cost of independent living varies by location, region, and provider.  Below you’ll find average costs for independent living.

On average, independent living costs about $3,750 per year with average prices ranging from $1,500 to $6,000 per year in 2020 according to whereyoulivematters.com.

Elmcroft agrees by stating, “Depending upon the area of the country you live in and what type of services and amenities are included, the price range for independent living is generally between $1,500 and $6,000 a month.”

  1. The basic ‘Service Rate’ per month runs between $1,000 and $10,000, with the average being $2,900.
  2. Most apartments run between $2,300 and $3,500.
  3. The one-time fee charges which include the admission and apartment preparations run between $500 and $1,500.

The prices listed are for information purposes only, for educating those interested in senior housing’s typical cost. A community’s specific price range could vary and may differ to the typical costs listed above.

Independent Living Value

Finances are usually the first thing that comes to mind in those that are considering independent living. The rate of seniors who are worried about their retirement benefit lasting throughout their retirement is 15%. With another third of seniors worrying about what long term care is going to cost. Reading this will help in letting you know what to expect when it comes to the price tag, as well as what you’re going to get and/or save.

Independent living is closely related to investment purchases, whereas, to a person that does not fully understand the value in it would think of it as being too high of an investment, so don’t let the initial sticker price of independent living comes as a shock to you, research and be prepared.

Independent living is not the same as assisted living, whereas there is continuous nursing care available. You pay for the apartment you live in, among other amenities, which includes peace of mind.

However, all independent living communities may offer a little something different, that is why it’s important to be prepared with many different questions before deciding anything.

Independent living communities, what to expect:

  • An engaging lifestyle that’s active. The things that is needed close by and at hand, which include social engagements and opportunities, and transportation. You can leave your worries behind regarding having to drive for long distances or asking a loved one if they will drive you, or about scheduling activities.
  • It will give you a chance to grow and to learn about new things. Communities for an independent living offers a broad range of activities and even classes. Many of them will offer access to their local events, as well as other opportunities that help to keep your mind alive and active.
  • Its set-up to give you a worry-free life that’s amenity-rich. You deserve to live your golden years without the worries of dirty dishes, laundry that seems to always needs to be done, and/or leaky roofs. Communities for independent living are willing to handle most of those tasks you have for you. Also, most of them will be offering on-site assistance with other things, such as nutritional planning, cooking, and even self-care.
  • It’s an opportunity to give something back. Communities for independent living that are considered good quality will also offer different volunteer opportunities that are matched to an individual’s interests, ability levels, and of different ages.
  • You want to have to concern yourself with juggling the utility bills or any other bill for that matter, it will be worry-free of finances. Most expenses will be covered by the fees you pay in an independent living community.
  • If you are one of those people who enjoy cooking, independent living will let you continue doing what you love. However, when you feel you are ready for a break you will find that communities for independent living offer a wide range of delicious foods. Arbor offers expert chefs that serve crafty and healthy meals each and every day.
  • At any time, you begin experiencing issues with your health, independent living communities are able to transition you into the comfort that offer more assistance. There is no need for you to worry about what to do should there be an emergency for an independent living community makes sure that there are always others invested in your wellbeing, with people standing by anytime you need them. Which means that you will never have to worry about being alone and falling or if you are having problems with your health.

There is option for apartments

All new residents at the time of joining in an independent living community has the option of choosing a floor plan of their choice from those offered, which includes studios, one bedrooms, two bedrooms, and yes, even three-bedroom apartments. Including how big their apartment will be and what features it will offer, even in the location of the apartment in terms of its outside views and the proximity to the elevators, and the public areas that are offered.

Generally, independent living communities either offer one-year leases and/or month-to-month leases, which may be renewable.

Amenities and service fees

Monthly rent will usually include numerous services, such as the following:

  • All utilities except telephone services or expanded cable.
  • They keep a full calendar of different activities, scheduled transportation for things like medical appointments, activities that are off site, and shopping, among others.
  • Housekeeping comes on a regular weekly basis, which includes washing up bed linens and towels.
  • They provide 1 to 3 meals per day that are prepared by a chef and served in a dining area restaurant-style.
  • They provide maintenance for different incidentals, such as filter changes repairs on appliances, and more.
  • Emergency systems in place and the provide several security features.

Any additional charges will generally be the entrance and/or community fees (which are non-refundable), and may range between $750.00 – $1,500.00 on the average, which covers the administrative expenses and apartment renovation expenses. A fee for a second person, if there is going to be someone else living there, this fee is generally between $500.00 – $1,000.00 per month, which can be assessed for couples.

Other fees can be charged for the following:

  • Concierge services
  • Usage of guest apartments
  • Unscheduled transportation
  • Any activities that require tickets, and expenses for other things
  • Meals for guests

It would be beneficial to compare the costs that are associated with both, living in a home as a single family and moving to a community for independent living, search out the financial implications of each before making any decisions. Remember the post that our blogger Joan came across during her recent posting, “Small Expenses do make an Impact on Seniors Lifestyles.” So, don’t take for granted or under estimate expenses that is spent on dining out, and also the expenses put towards the purchase of discretionary items.

Below are some examples of household costs:

  • Entertainment
  • Groceries and eating out
  • Utilities, such as sewer, water, electric, garbage, etc.
  • Mortgage or rent
  • Cable and Internet
  • Property taxes, which does not apply to independent living
  • Automobile expenses, whereas independent living provides scheduled transportation
  • Home security features and other safety measures
  • Maintenance of yard/landscape
  • Maintenance of home

Anytime you find that you need help searching for the perfect community for you, contact us, we are the Family Advisers, and we can help you in your search for a community located within your area.

SLS Independent Living Communities

If you’re looking for the highest quality independent living community for yourself or for a loved one SLS Senior Living Services can help!  We proudly operate 4 locations for independent senior living the in state of Arizona in the Phoenix valley and Sedona.  You can schedule a tour of our facilities and choose the location that works best for you.  To schedule a tour or find out the cost for you to join one of our independent living communities please call 480-348-0300.