When it comes to senior living apartment complexities, to say that the options are plentiful would be an understatement. These days, seniors have a variety of options to choose from, but it is important to keep in mind that they are not all the same. In addition to location and style, senior apartments also vary by cost. Learn more about these different cost levels to ensure you look in the right direction.
The average senior is on a fixed income. As such, the government initiated a program many years ago that essentially reserves a certain number of complexes to accommodate people with income restrictions.
To become a resident in one of these communities, all applicants must have a household income below a certain threshold. The complex then charges a rate that is equitable for the income level. Keep in mind that income from all sources for everyone living in the unit must be included. So, if you are married, you and your spouse would need to provide this documentation.
Market Rate Complexes
The market rate option is the most common type of senior apartment complex offering. In short, the market rate is the equivalent of standard pricing. Essentially, these complexes are assigned a price in line with other apartments in the area with similar amenities.
These apartments do not have income limits when it comes to income maximums, but they will require that you make a certain amount of money to verify that you are able to pay the rent amount. A unit in one of these communities is the most common option for the average senior renter.
On the higher end of the price spectrum are luxury senior living communities. As you might imagine, these communities come at a much higher price point and will have the same income minimums as market-rate communities, but it is not without reason.
Senior luxury communities spare little when it comes to the amenities they offer. Residents in these communities often have on-site security and amenities, such as fitness centers. Some of these communities also have shuttle services that residents can use for transportation within the local area. In terms of safety and convenience, luxury apartments bring a level of ease to the senior living experience.
If you have specific questions about the cost of a senior living apartment, be sure to speak with a community agent or representative to discuss your questions.Share