If you are in the market for good seniors housing, you might be lucky because experts anticipate a drop in housing options for seniors. This means that you might find a good option for a comfortable price point. The cost is always an important consideration, especially for those looking for a budget option. Also, prices vary depending on location.
One major reason to anticipate a drop in the cost of seniors housing is oversupply. Many developers that focus on housing for seniors have been building more homes because they expect an uptick in the number of seniors, especially within the next ten years. This oversupply means that the developers currently have more space than the number of seniors actively seeking housing options. This means that you will likely get a discounted offer.
The cost of seniors housing
The Cost of Care study conducted in 2016 revealed that the average rent rate for a one-bedroom option $3,628, which was higher than the previous average by 2%. The report also revealed that the average cost of a private room is around $7,500, while the average cost of a semi-private room is around $3,628. These prices have increased by around 5% in the last five years. However, the increasing housing options for seniors should provide a price buffer. Some of the developers have also started to provide more affordable options in line with the demand for cheaper options.
Why there will be an increased focus on more affordable options
The National Center for Assisted Living revealed that there are currently more than 28,000 assisted living spaces in the U.S. The expectations of less expensive housing options for seniors has to do with two factors. The increased developments targeting seniors are in line with the expected increase in the number of seniors and the increasing need for more affordable housing options.
The above two factors are expected to influence the development of cheaper housing options to meet the demand. Developers usually focus on where there is demand. Analysts also expect the increased development to lead to an oversupply, which should automatically force developers to lower their prices in an attempt to fill the available space.
Locations that are ideal for seniors
The cost of housing options for seniors in major cities like New York or Los Angeles will be more expensive because real estate in such areas is generally more expensive. Such locations will be off your list, especially if you are on a budget. You should instead consider more affordable locations. Also, consider living in a place where they do not charge any tax for retirees. Such locations include Thailand, Malaysia, Mississippi, and Alaska, among many others.
How to get affordable accommodation for seniors
The more affordable options rarely do mainstream advertising mainly because they usually plan to hike prices when demand increases. Advertising and then hiking prices when the demand increases would make them less desirable. This is why it is important to secure a contract with a discounted offer so that you can get the deal before the price increases in response to demand increase.
One of the best ways to find affordable housing options for seniors is to conduct thorough research in your local area. This means you should go through local listings where you are more likely to find affordable options. Make sure that you act quickly while the affordable options and discounts are still available. Or wait until there is a surplus of seniors housing options and then take advantage of the expected lower prices, especially when the demand is low.