Senior Living Prices Are Dropping: Here’S Why
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Seniors looking to move into a senior care facility can save money and find greater value than two years ago thanks to current economic trends. There's a 'perfect storm' (of good news) for senior living costs as we head into the future. Here's why:
Rates for facilities ranging from assisted living to independent living have held steady compared to general inflation and real estate value. However, the construction of new facilities has led to lower occupancy rates and more availability in senior facilities across the USA.
As competition increases between senior housing communities, facilities have pushed to attract residents with steep deals and aggressive promotions. Plus, if you are looking to move onto one of these facilities and you are selling property, current times have given you a good of both worlds:
- You’re selling your real estate at a peak high for the market
- You’re getting into senior housing when rates are stable and discounts are high
So what does this all mean? That current times are providing a rare opportunity for seniors to save big on housing.
Why Rates Will Drop Even More
There are currently over assisted living residences in the US, housing more than one million seniors. Though this seems reasonable in theory, the number of seniors is expected to almost double by 2035.
To keep up with the demand, developers are planning to triple the amount of residences within 5-10 years. What does this mean for you? That developers are expediting the available housing options, hoping to finish before the demand arrives. Because of this, in the near future, there will be tons of senior housing options sitting empty - primed for you to score a great deal.
How to Find a good Senior Living Deals
1. Know Where to Look
First off, you must know where to look. Cities like Scottsdale, Arizona, Huntington Beach, California, and Pittsburgh, Pennsylvania are already seeing increased senior housing facilities. And towns on the outskirts of big cities are becoming epicenters of senior homes.
"Sometimes in major metropolitan areas, just a move 10 miles away can net you a pretty significant savings: 10, 15, sometimes 20%," Sue Johanson, senior specialist, said.
2. Search Online
Next up, you need to search for the deals online. Senior housing facilities don’t always publicize their good deals because they don’t want to lose money on people who are willing to pay higher prices. But for online shoppers who are willing to do a little research, they will reap the benefits of slashed monthly pricing, added rewards, upgraded rooms, and more.
Trust us when we say these discounts won’t last long. For the ultimate deals, seniors need to act quickly and take advantage of this “perfect storm.” Get started with your search now.
3. Ask about price flexibility and deals
You may be asking yourself, “Can I really negotiate senior living costs?” The simple answer is, “Yes.” The cost of assisted living facilities is not always set in stone, so it’s important to as if there are move-in help, if certain arrangements have discounts, or if you can waive some of the fees.
Here's where to start: (1) Select an option near you from the options (2) Review the offers and find a good one suited for you (3) Save big!
