Cheap Retirement Homes And The Spectrum Of Options

Cheap retirement homes are a concern for many seniors and soon to be seniors. As the cost of living increases, many are becoming concerned with what options they will have available to them and in what price ranges.

For seniors who are able to live independently, there are several possible choices; the most common options include retirement communities, senior apartments and low-income housing.


Options for seniors living independently

Retirement Communities

A retirement community consists of a group of homes, apartments or other dwellings that are rented specifically to seniors. The age restrictions in many of these complexes start at 55, but may be as high as 62.

Benefits to retirement communities include extra resources like meal delivery, transportation options, laundry and cleaning help. These extra services determine what is meant by the term retirement community.

As mentioned, retirement communities can be formed from almost any kind of dwelling. Retirement homes of this variety are more likely to be formed from mobile homes or apartments, while options that are more expensive would be single-family homes, with other choices often falling in between.


Senior Apartments

Senior apartments are also age restricted and can often be a viable option for economical retirement homes. They generally consist of existing apartment complexes, which have been converted. Often they have had assisted devices added in order to benefit seniors more.

Senior apartments are less likely to offer additional services like recreational programs or community dining, but these are still possibilities.

Because they offer fewer services, the price is generally less than a comparable retirement community in a similar neighborhood is.


Low income housing

Among the options for cheap retirement homes, are low income housing units. These are usually apartment complexes, which are subsidized by the government’s department of housing and urban development.

The biggest asset to these apartments is the price, which is usually below the market rate for the area. Low-income housing is likely to be at the forefront for inexpensive retirement homes. However, because of this, there is often a long waiting list to get into the housing as well.


Costs framework for seniors living independently

There is such a wide variety of options for seniors in independent living situations, and such broad economic differences across the country, that it can be very difficult to define actual costs for each type of living situation across all 50 states. It is possible however to have a framework that allows the consumer to know what to expect in terms of their most costly options, or what are generally considered to be cheap retirement homes.


Lower end

The most cost effective and low cost retirement homes are the ones, which are subsidized by the government, or alternately by a private or public charity. The cost is established as a percent of the renter’s income. It is important to note that Medicare will not help subsidize this kind of living arrangement since it is not involved in the provision of any kind of health care to the occupant.


Medium range

Most rental facilities will fall into this price range, especially those that are not specifically designed as retirement communities. They will match the price for average rental units in the area, but could be more costly if additional services are rendered.


Higher end

Many retirement communities will fall into this bracket, especially if they require the investment of buying a living space as opposed to renting it. There are often addition charges that may be priced separately or included into the monthly fees that cover the extra services rendered by the facility, which can include things like taxes as well. This monetary amount can range well past the thousand dollar mark. These are not the best choice for cheap retirement homes, and will be more closely related to the price of luxury homes and rentals in a given area.


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