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The Cost Of Seniors Housing Will Likely Drop And Here’s Why
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Some major factors that effect the cost for senior housing are similar to any kind of housing: location, size of the home, physical amenities and included services. Housing of any kind in New York or San Francisco will be more expensive than in Kansas or Arizona. The bigger the living space, the higher the price. Having a nice pool and gym on site will increase the price.
Some major factors that effect the cost for senior housing are similar to any kind of housing: location, size of the home, physical amenities and included services. Housing of any kind in New York or San Francisco will be more expensive than in Kansas or Arizona. The bigger the living space, the higher the price. Having a nice pool and gym on site will increase the price.
The Impact Of COVID On Senior Housing
The COVID epidemic has greatly impacted the senior housing market. Senior citizens and their families are now shying away from facilities that are crowded and where rooms are shared. This has created a demand for more senior housing communities that cater to seniors who want independent and active living arrangements. This in turn has caused a huge increase by builders and real estate companies constructing these types of communities, especially in more suburban and even rural areas.
This growing increase in supply, plus the lower real estate costs away from big cities, is resulting in lower prices – at least for the near term.
The Migration Of People From Large Urban Areas To More Rural Areas
COVID has caused many people to move away from large urban areas to more suburban and rural areas. This migration has caused development companies to greatly increase construction in these areas, including senior citizen housing communities. The competitive nature of all these projects to get tenants or buyers, combined with the lower land and construction costs in these areas, provides tenants and buyers with a favorable pricing situation.
Special Amenities And Services In Senior Housing Communities
While a senior housing community is very similar to many ‘regular’ ones, there are some special differences. In most senior communities, all the ‘property management’ issues are included in the price: all utilities and taxes, upkeep and maintenance and security.
Then are often special amenities and services, such as: specially equipped and staffed pools, gyms and other recreational facilities, on-site markets and stores, on-site dining, organized activities and trips and transportation services.
The Cost Of Senior Housing
As mentioned before; location, size, services and amenities are key factors that determine price. The better these are, the higher the price. Recent data shows that the AVERAGE monthly rent being $3,239. The MEDIAN monthly cost of senior independent living in the U.S. came to $2,552.
Location is a very key factor in cost. The most affordable locations are:
Florida ranks as the least expensive state, at an average of $2,300 per month.
Arizona is the second most affordable, with an average at $2,400 a month.
Ohio is the third most affordable state, with an average of around $2,500 a month.
