Comparing Costs of Aging in Place vs the Cost of Senior Living Community
You’re not alone if you think there’s no place like home as you age. In fact, a new AARP Home and Community Preferences survey shows that 77 percent of adults 50 and older want to remain in at home for the long term. If you’ve paid off your mortgage like millions of seniors, or you’re getting close to paying it off, you may feel even more strongly that aging at home is an economical solution. However, the cost of living in your own home as you age can be steep.
The reality is, even if you pay a low monthly mortgage or no mortgage at all, you’re still shelling out plenty more for everything from home maintenance to taxes and utilities. And that’s just a portion of the expenses associated with aging in place. Is there a more cost-effective living option for enjoying your retirement years? A senior living community like Atlantic Shores in Virginia Beach, Virginia, could be the solution for you. It’s not only a wise way to control your budget, it’s a resort-like atmosphere that active adults love.
Follow along as we compare the costs of aging at home versus aging in a retirement community in Virginia Beach with senior living options, and then decide for yourself.
Maintaining Your Own Home vs. Senior Living Community Costs
Aging in place: Your home isn’t getting any younger. There will always be mechanical breakdowns and replacements to contend with – and even small tasks like cleaning gutters or changing light bulbs in a high ceiling fan will likely require hiring a professional as you age. Then there’s lawn and yard care, snow removal, exterior repainting/repairing, and hiring a maid service to clean and perhaps do laundry and change bed linens for starters. The home maintenance to-do list never ends, nor do the associated costs.
Want to calculate your own cost comparison? Start here.
Senior living community: Right away, you can toss your to-do list. In a senior community like Atlantic Shores, your cost of living can drop significantly since the staff takes care of the entire list above – at no additional charge to you. All services are ongoing, and should you have an unexpected repair or replacement, simply pick up the phone to arrange to have it fixed.
Homeowner Taxes/Utilities vs. Retirement Community Costs
Aging at home: Homeowners can’t escape the onslaught of bills for property taxes, homeowner’s insurance, monthly utilities, TV/internet, security systems, etc. What’s more, some of these bill amounts are variable, so it’s often difficult to predict your expenses from month to month.
Senior living community: When you rent an independent living apartment, you’re freed from homeowner tax burdens. What’s more, in senior living communities like Atlantic Shores, your utility expenses, TV/internet bills, and other monthly costs are all included in your monthly fee – no more bills of this kind to worry about ever again. Plus, residents have the option to own, rent or arrange a different plan that fits their budget. They have flexibility to pay for services, amenities and receive levels of support according to their preferences.
Modifying Your Home for Safety vs. Senior Living Community Costs
Aging in place: It’s rare that the family home is designed to accommodate the needs of older adults. The bathroom is often the most common pain point, with its tight spaces and safety hazards. Doorways can also present issues if they aren’t wide enough for walkers or wheelchairs. Stairs are another problem. Homes can be retrofitted for safety and special needs, but that comes at a cost. In fact, Bankrate estimates you could spend as much as $50,000 to remodel your entire home or make significant structural changes for added safety, wheelchair access, etc.
Senior living community: Apartments and common areas in a senior living community are specifically designed to address the changing needs of residents. Wide doorways, safety bars, non-slip surfaces, and single-floor units are among the features you can expect, along with elevators, ramps, hallway rails and more. Residents will tell you that worry-free living is the best kind of lifestyle.
Food, Fun and Membership Costs vs. Retirement Community Costs
Aging in place: When retirees make a list of anticipated expenses, they quickly realize that groceries, entertainment, Uber rides, and fitness club memberships add up to a big chunk of change. Cuts may need to be made and social and fitness activities are often the first to be eliminated. Losing these aspects of life isn’t just disappointing, it can lead to increased health risks like depression, heart disease and more.
Senior living community: There’s hardly enough room in this article to describe the wealth of amenities and benefits offered to residents in a retirement community. Typically, there are several dining venues and options available (and included in the monthly fee), along with opportunities to socialize, enjoy entertainment, experience culture, stay active and be creative. A vital, energized lifestyle is the hallmark of the best senior living communities.
Current and Future Health Support vs. Senior Living Community Costs
Aging in place: You may be in the peak of health now, but changes happen, and your cost of living can skyrocket. If you ever need help managing a medical condition and/or handling activities of daily living like getting dressed, making meals, bathing, etc, you may need to hire part-time in-home care which can cost an average of $16 per hour to $27 per hour, depending on location, according to Genworth. For an eight-hour day of home care, that will typically total over $4,100 per month.
Senior living community: In a senior independent living community in Virginia Beach, robust health support is available to all residents. It is among the retirement communities known as a CCRC (Continuing Care Retirement Community). This is an ideal option for seniors who want to stay in one place as they age, with all of the potential support available that they may require if their health needs change. Along with independent living, CCRCs typically offer assisted living, memory care, skilled nursing and rehabilitation, as well as a 24/7 wellness clinic. That said, it’s important to ask what options are available and discuss which healthcare services are included in your monthly fees.
Want to calculate your own cost comparison? Start here.
Choose to Live Beautifully – and Worry-Free
Imagine living close to the beach in Virginia Beach on 100+ picturesque acres with everything you need to live well today and throughout your life. That’s what you can enjoy as a resident of Atlantic Shores in Virginia Beach.
To see what your life could be like, schedule a personal tour to browse our beautiful grounds. If you’d like to reach out to us directly, complete our contact form or call (757) 716-3000. We look forward to meeting you.