What Is Luxury Senior Living?
The baby boomer generation is retiring – and this means that the largest generation in history is beginning to look at senior living options. But today’s seniors don’t just want any senior living. They’re looking for new choices, increased flexibility, and different ways to enjoy their golden years. And that’s why luxury senior living is on the ride.
Luxury senior living offers retirees high-end services, custom amenities, and a full calendar of social activities. It’s completely different from traditional senior living. And, according to Senior Housing News¹, luxury senior living construction is also becoming far more popular. Real estate construction is working hard to meet the growing need for more luxury senior living options.
Here’s why demand for luxury senior housing and independent living communities is booming.
Luxury Senior Living Gives Seniors More Choices
Luxury senior living is presenting new choices and entirely different living spaces to seniors. And while luxury senior living is more expensive than traditional senior living options, more and more seniors are choosing upscale living.
Since the 1980s, Morgan Stanley² reports, baby boomers have been big spenders – with more discretionary income and a love of personal consumption, the newest generation of seniors are ready to spend a little more to live in luxury.
And fortunately, seniors’ new, increasing demand for luxury living is creating more options than ever before. There are now four common types of luxury living for seniors:
Luxury Retirement Communities
These communities include townhomes and condominiums in gated complexes. Seniors can enjoy a community that includes other of their age, along with onsite perks like gourmet kitchens, spas and salons, concierge service, and even golf courses.
Luxury Assisted Living
An excellent option for seniors who don’t want to – or can’t – live alone, luxury assisted living provides upscale amenities and assistive services. Seniors can get help with grocery shopping, participate in therapeutic activities like music and group walks, and have staff onsite to help accomplish daily activities.
Luxury Nursing Homes
Seniors in need of a nursing home environment can choose a luxury nursing home. Designed for anyone who needs round-the-clock intensive care, these housing options include both luxurious accommodations and extras like onsite therapy programs, fitness centers, and group activities like concerts and picnics.
Luxury Memory Care
Upscale memory care facilities are designed for elder patients with memory issues or conditions like dementia. And these luxury options let seniors live in luxurious apartments or home with personalized, round-the-clock care and stimulating activities right in the comfort of their home. It’s safe too, with a team of nurturing staff who help residents enjoy life as fully as possible.
Luxury Senior Living Doesn’t Have to Break the Bank
Luxury senior living offers better accommodations and far more services and perks than traditional senior living. However, those luxurious extras do come with a higher cost.
The cost of luxury senior living varies significantly. The price per month will change depending on the region, the type of home, the amenities, and whether the residence includes medical care or healthcare services.
SeniorLiving.org³ reports that the average price of a luxury senior apartment can range anywhere from $2,000 to $5,000 per month. And some luxury senior living options will include entry fees – these one-time fees can be as high as $100,000 or more.
If you’re looking for an affordable luxury living option, make sure to consider the amenities. Some luxury senior living may include extras that you simply won’t use, like high-tech in-home features like smart appliances. But other amenities might be well worth their cost.
Destination dining, for example, gives seniors meal choices within the community so you never need to worry about cooking for yourself. Onsite wellness programs could help you maintain an active lifestyle and get engaged with others your age. Luxury senior living with healthcare services means you’ll have qualified medical staff on hand whenever needed.
You can also seek out upscale senior living communities that offer shared amenities instead of individual ones. These communities often include bigger perks, like a golf course or onsite sports facilities, business centers, or weekly housekeeping service, that are split among all residents. And that can let you enjoy a million-dollar luxury lifestyle for less.
Where to Find Luxury Senior Living Options
As more and more baby boomers need senior housing, there will be increasingly more options. And, with so many new retirees seeking luxury senior living, construction is happening across the country right now to create more luxury choices for those age 65 and older.
By 2060, it’s expected that nearly 100 million Americans will be in their senior years⁴. So, right now more senior living opportunities are being planned and built. But if you’re looking for luxury senior living right now, you will find there are plenty of available options.
Today, there are more than 245,000 independent senior living facilities in the U.S., and many offer luxury amenities⁵. This means it isn’t difficult to find luxury senior living near where you currently live.
In order to find the right luxury senior living residence, it’s important to do your research. Search for what’s available right now in your area – or another area where you’d like to retire. You can compare amenities and housing options, check pricing and entry costs, and even set up tours at different communities or facilities.
The right luxury senior living is out there. But, to find it, you’ll need to consider all of the available options before making a final decision.