When you decide to trade in your single-family house for a retirement community, you won’t lack for options to chose from; there are retirement communities (which include senior apartments and 55+ retirement communities), independent living communities or continuing care communities. Yet what will likely be the deciding factors are the number of services you wish to receive and the monthly rate you wish to pay.
To help you decide which community will fit within your budget, we have gathered monthly rates for several community types.
Continuing Care Retirement Communities
Continuing care retirement communities are the priciest retirement community option available due to their offering residents healthcare services for life. These communities often require an entrance fee that can range from $40,000 to $365,000. Oftentimes the amount of the entrance fee will affect the monthly rate a resident can expect to pay. At many of these communities the entrance fee is refundable, either to your estate upon your death or when you choose to move away.
New residents may have the option of purchasing a free-standing cottage or renting an apartment, and the size of the floor plan selected affects the monthly rate. Monthly rates can range from $653 to $4,200. Included in this monthly rate are a variety of services included housekeeping, transportation and dining. Utilities are included, but cable, Internet and telephone are often the resident’s responsibility.
Independent Living Communities
Just as the cost of real estate varies by geographic area, independent living costs also vary nationwide. Unlike assisted living and nursing home costs which are published annually by Genworth Financial, there is very little published cost information available on independent living. To help you budget for joining an independent living community, SeniorHomes.com has compiled pricing* for each state.
| State | Monthly Average | Monthly Minimum | Monthly Maximum |
| Alabama | $2,303 | $1,395 | $3,455 |
| Arkansas | $2,030 | $1,149 | $3,500 |
| Arizona | $2,382 | $1,049 | $4,558 |
| California | $2,844 | $1,100 | $8,400 |
| Colorado | $2,286 | $1,145 | $4,060 |
| Connecticut | $3,490 | $1,424 | $5,200 |
| Delaware | $2,864 | $698 | $4,300 |
| Florida | $2,545 | $1,174 | $4,700 |
| Georgia | $2,463 | $1,100 | $3,995 |
| Hawaii | $2,564 | $2,195 | $3,099 |
| Iowa | $2,247 | $924 | $3,770 |
| Idaho | $1,880 | $900 | $2,700 |
| Illinois | $1,859 | $499 | $3,800 |
| Indiana | $2,135 | $899 | $5,400 |
| Kansas | $2,038 | $795 | $3,516 |
| Kentucky | $2,435 | $1,580 | $3,393 |
| Louisiana | $1,804 | $1,024 | $2,249 |
| Massachusetts | $4,002 | $1,649 | $6,375 |
| Maryland | $3,964 | $1,334 | $9,050 |
| Maine | $2,587 | $1,974 | $3,224 |
| Michigan | $2,190 | $637 | $3,844 |
| Minnesota | $1,679 | $899 | $3,050 |
| Missouri | $2,087 | $899 | $2,975 |
| Mississippi | $1,920 | $1,725 | $2,074 |
| Montana | $2,002 | $1,199 | $3,250 |
| North Carolina | $2,267 | $1,424 | $4,015 |
| North Dakota | $3,250 | $3,250 | $3,250 |
| Nebraska | $2,281 | $1,174 | $2,950 |
| New Hampshire | $3,537 | $2,599 | $5,700 |
| New Jersey | $3,371 | $2,000 | $5,355 |
| New Mexico | $2,325 | $1,249 | $4,768 |
| Nevada | $2,295 | $1,449 | $3,795 |
| New York | $3,895 | $956 | $6,605 |
| Ohio | $2,450 | $937 | $4,200 |
| Oklahoma | $1,865 | $1,149 | $2,580 |
| Oregon | $2,042 | $1,049 | $3,555 |
| Pennsylvania | $2,690 | $1,590 | $5,249 |
| Rhode Island | $3,383 | $2,500 | $4,295 |
| South Carolina | $2,180 | $1,124 | $3,380 |
| South Dakota | $1,399 | $1,399 | $1,399 |
| Tennessee | $1,972 | $999 | $3,090 |
| Texas | $2,225 | $700 | $4,745 |
| Utah | $1,806 | $969 | $2,526 |
| Virginia | $2,181 | $795 | $3,800 |
| Vermont | $2,715 | $2,400 | $2,995 |
| Washington | $2,288 | $827 | $3,500 |
| Wisconsin | $2,034 | $928 | $3,775 |
| West Virginia | $2,050 | $2,050 | $2,050 |
| Wyoming | $2,072 | $1,349 | $2,795 |
*SeniorHomes.com 2015
The states with the most expensive median monthly independent living costs are:
- Massachusetts – $4,002
- Maryland – $3,964
- New York – $3,895
- New Hampshire – $3,537
- Connecticut – $3,490
The states with the least expensive median monthly independent living costs are:
- South Dakota – $1,399
- Minnesota – $1,679
- Louisiana – $1,804
- Utah – $1,806
- Illinois – $1,859
55+ Retirement Communities
When joining these communities, new residents will purchase a free-standing home. Depending upon whether the community is still being developed or has been established for some time will determine whether customization of the home’s designer details is possible.
The purchase price of the homes varies depending upon the state and the community’s location. For example, Trilogy in Redmond, Washington, offers homes that cost $400,000 to $1,000,000. Residents can also expect to pay home owner’s association dues that will cover maintenance of the community grounds and community amenities.
