The kids have grown up, and they've moved out, settling into their own homes and having their own families. Suddenly, your home feels quite empty, and it feels a bit lonely.
You're still very active though, so it's not as though you need assisted living yet. However, the idea of living somewhere with other older adults is appealing, as you'll have many social activities to look forward to.
Before you start packing and preparing for a move, you need to first budget for it. So what's the average cost of independent living in Oviedo, FL? Keep reading to find out.
The average Oviedo senior housing cost is between $2,700 and $7,200 per month, with a central average of just over $4,000 per month. According to the Federal Long-Term Care Insurance Program, the average cost in the nation is around $3,000 per month, so in general, you'll pay more in Oviedo.
Of course, there are different tiers of communities:
Those who want to save money and aren't bothered about extra things should go for the budget-friendly options, as the living spaces are typically smaller and have fewer amenities. This means that you'll probably be paying closer to $3,000 per month.
As you've seen in the previous section, there's a huge range regarding what independent living can cost you. Reasonably, there are several factors that can affect independent living prices and narrow things down.
These are the main things that will make the price you pay go up or down.
Obviously, the bigger your senior living apartment, the more you'll have to pay for it.
We mentioned earlier that the budget-friendly options can cost under $3,000 per month, but you'll probably only get a small studio. If you want something more spacious, such as a 2-bedroom apartment, then that'll probably cost you over $5,000 per month.
Larger units usually cost more, not only due to their bigger square footage, but also because they often come with:
Some senior living communities have bare-bones amenities, while others can feel like you're living in a resort. The more services that are included, the higher the price.
Some amenities that can affect cost include:
Generally speaking, communities that have full social calendars and wellness programs tend to charge more too. This is because they offer more value to active seniors.
By default, and by its very definition, independent living does not include medical care. However, some communities allow you to add optional services, such as:
If you ever find yourself needing more than that, then you may have to transition to assisted living, which costs even more.
Communities that have made a name for themselves in the local area may charge more since they've worked hard to build and maintain their reputation. If they're newer with modern amenities, then they may charge more as well.
Renovations may command higher prices too. The company has to make up the money spent on things like renovated units or updated appliances.
Some senior living communities bundle their services so they're included in a single monthly fee. But others charge separately for:
Make sure to read the fine print first before making a snap judgment. An "all-inclusive" model may seem more expensive at first, but it may just offer better overall value.
Typically, proximity to downtown or local attractions can drive up pricing. You may find more affordable communities in quieter or residential neighborhoods, but there are often fewer walkable amenities.
The "rent" you pay for independent living won't be the only money coming out of your bank account, so be sure to be thorough in your senior lifestyle planning. These are the other costs to consider.
In some cases, there's a one-time fee upon move-in. This can cost anywhere between $1,000 and $3,000. The good news is that this is rare in independent-only communities, while it's common in continuing care retirement communities (CCRCs).
It's very possible that your needs will change over time. You may have to hire home health aides or move to assisted living. The average cost of assisted living is around $4,800 per month, so you'll need to account for that possible difference in price.
Even if you live in an "all-inclusive" community, there are still extras you might like to increase your quality of life. Before you even move, you should factor in these retirement living expensesso there are no surprises when you get there.
Things to consider include:
Just like with regular rent prices, independent living price tags can increase too. In general, expect an annual rate increase of 3-6%, depending on inflation and local market conditions. For example, J.P. Morgan expects housing prices to increase by 3% in 2025.
If you've been thinking of starting a new chapter in life, then independent living may seem appealing. And now that you know what the average cost of independent living is in Oviedo, and what nuances there are to pricing, you can better plan for the future.
The next step is to take a look at which communities appeal to you, and then tour them. There's no better way to find out if a community is a good fit than to immerse yourself in it!
Get in touch with us today to hear more about senior living in Redding, CA. The Tremont has pet-friendly apartments and numerous floor plans to choose from.