By the time a person has the pleasure of calling themselves a senior, they are basking in the life of retirement, or it is just around the corner. As you know firsthand, retirement and a fixed income often go hand in hand. For this reason, it is important that you understand the pricing models that many senior apartment complexes typically follow to ensure any property you choose meets your budget guidelines.
For seniors that want to keep their budget at the helm of their decision-making process, it does not hurt to learn more about income-restricted apartments. Income-restricted units, sometimes referred to as affordable housing units, limit the renter's total housing cost to a certain percentage of their income, such as 25 to 30 percent.
To accomplish this goal, these properties limit the amount of income each renter can earn. Typically, these income structures are formulated based on the number of occupants. So, a married couple would have a different income guideline than a single person.
One of the more common pricing guidelines these communities rely on is market rates. As the name might suggest, market rate prices are based solely on current real estate trends. Some of these trends include the per square footage cost for the area and current and future planning and development trends, just to name a couple.
As such, two identical senior apartment communities that are in different areas could have vastly different rental costs, solely based on their location. Yet, at the same time, remember that an awesome location is often well worth the investment. Be sure to do your research to consider your budget and proximity needs.
A love for luxury does not decline with age, and as a result, senior apartment communities are also available at the luxury level. As you might imagine, luxury communities do come with a greater investment than the other two pricing points, but it is important to keep in mind that this increase does come with various advantages.
For example, some of these high-end communities offer on-site amenities like movie theaters, personal shoppers, and housekeeping services. Remember, what is most important is that you are comfortable, so if you want luxury, there is absolutely nothing wrong with that.
As always, do not hesitate to reach out to the property directly if you have additional questions about the pricing structure that the senior apartment community uses to ensure you have an understanding.