As with any type of senior living community, independent living costs depend on a number of factors:
- Available services and amenities: Residents at luxury communities with high-end services and amenities will pay a premium.
- Residence size: Some communities offer multiple floor plans or even different types of residences within the same campus.
- Location: An independent living facility nestled in a small suburban area may cost less on a monthly basis than one in the heart of a major metropolitan area.
- Care: Not every independent living scenario includes access to medical care. For example, Continuing Care Retirement Communities (CCRCs for short) cost more because they offer seamless transitions to on-site care.
Social and wellness activities
Landscaping and property maintenance
Independent living costs vs. costs of staying at home
Staying at home may seem like an economical option compared to the average cost of independent living.
After all, you may have paid off your mortgage years ago, and because you’re remaining in your home, you don’t have to pay movers or the additional costs that come along with relocating to a senior living community.
But as you age, there are several cost considerations to make. The cost of aging in place at home largely depends on your lifestyle, but it’s never free — it’s just what you’re used to.
Independent living costs vs. assisted living costs
The comparison of independent living costs to assisted living costs is a bit more “apples to apples” than comparing independent living and aging in place.
In general, it’s less expensive to live in independent living than assisted living, simply because you don’t receive the additional assistance with activities of daily living (ADLs).
Assisted living services require nurses and other hands-on care staff, medical supplies, and additional security and accessibility features. Those things all cost facilities more to provide, and they naturally pass those costs on to residents.
Of course, as with any community, the cost of individual independent living versus assisted living facilities will vary by the services and amenities they offer, their location and more.
Senior independent living costs vs. CCRC costs
If you’re interested in independent living now but also want a plan in place for more advanced care in the future, you may want to narrow your search to Continuing Care Retirement Communities (CCRCs), sometimes referred to as Life Plan Communities.
CCRCs are a bigger upfront investment and come with higher monthly fees. That’s because in addition to the services and amenities you’ll find in standalone independent senior living, residents also have access to a full continuum of more advanced care, should they need it.
In Inclusive or Type A CCRCs, residents can move between independent living, assisted living, skilled nursing and memory care, all within the same campus, for little to no increase in their monthly fee.
So, is it worth the investment to make the move to an independent living community? That all depends on what’s important to you.
If remaining in your home is your top priority, independent living may not be for you, even if it costs less in the long run. If you’re interested in lower-maintenance living among your contemporaries, you can explore your options to find an independent living facility that fits your budget as well as your lifestyle and personality.
Consider that a move to independent living could pay non-monetary dividends, too: Regular opportunities to socialize and make new friends, as well as continue to explore new hobbies and take part in physical fitness activities, can add more life to your years.
Glad to be connected!
There’s a lot to consider when embarking on the next phase of retirement—and contacting us is a big step. (Well done!)
We’ll be in touch soon to share expert insights and resident perspectives that we hope are helpful, and one of our team members will also be reaching out to answer any questions you may have.