What Is a 55+ Community?
A 55+ community is a type of
location designed to accommodate people that are at least 55 years of age or
older. In general, the atmosphere, layout, and amenities are meant to provide
for the needs of this age group, rather than, for example, young families. The
area may have very specific stipulations on who can live within the community
with the goal of keeping the residents in this upper age limit.
The Appeal of 55+ Communities
So why do people choose a 55+
community? The well-designed communities have all of the residents' needs in
mind. You should be close to hospitals, shopping, dining, and local
attractions. Some like the physical security that a community provides whether
it's a gated neighborhood or on-site security patrols. Others like to live with
their peers without children in the neighborhood. Many communities have
conveniences (the amenities mentioned below) that seniors find irresistible.
Another convenience is that all of your expenses — taxes, insurance,
utilities, etc – are wrapped up in one fee. The maintenance and care of your property is basically eliminated: no more mowing the grass, raking leaves or
replacing a leaky gutter.
Types of 55+ Communities
In general, 55+ communities are
for active adults desiring to live with their peers. And while many
communities offer general amenities in a suburban setting, others are more
focused on a particular lifestyle or location. Here are a few examples:
- Luxury communities
- College town and university communities
- RV retirement parks
- Golf and resort communities
- Religious specific communities
- Active senior communities
- Single only communities
- Gated communities
Luxury Senior Living Communities
A luxury 55+ community is
just that. Generally, the homes will be larger with more amenities and
features. They tend to be significantly higher priced as well. Luxury
communities may offer more services to residents including more onsite
amenities. Most importantly, the higher price ensures that
more affluent individuals live within the community.
University Retirement Community
One of the fastest growing
sectors in this type of retirement community is the university 55+ community.
Here, the community generally will have direct ties with local
universities and colleges. They help to make it possible for individuals to
work or participate in learning activities at these locations while providing
for the individual's needs at home.
Senior RV Parks and Retirement Communities
Some individuals prefer to be
less set in stone when it comes to their living area. They want to travel.
An RV retirement park, geared towards those who are over the age of 55 is
a solution to this. Here, the individuals are able to live for as long as they
like with others who share the similar interests and ages.
Resort and Golf Retirement Communities
Golf and resort communities offer
a resort-like experience for those who are older. While they are not open to
the public, in terms of renting for a vacation, these locations allow
individuals over the age of 55 to enjoy all of the vacation like amenities the
area has to offer. Golf communities are often on or near some of the
most prestigious golf courses in the area.
Faith Based Retirement Communities
Many people prefer to live around
those who share the same beliefs as they do. There are a variety of religious
55+ communities that can provide that type of safe haven for those who
live there. Those who live in the community share the same viewpoints and
beliefs.
Active Retirement Communities
Active communities are just what
they sound like – they are designed to encourage an active lifestyle. Some
offer accessible golf while others offer more access to hiking, biking,
and swimming. The goal here is to keep everyone active and enjoying sports,
recreation, and a busy lifestyle as they age.
Single Retirement Communities
Singles 55+ communities allow
individuals who are unmarried to come together in the same area. They may
(but not always) offer opportunities for meeting others. In many situations,
though, the goal is to provide individuals with an opportunity to enjoy the
company of others who are single.
Gated Communities for Seniors
Gated communities offer a bit
more security, but still off the benefits and specializations of a 55+
community. In short, the area does not allow just anyone to visit. Individuals
who want more privacy, less bothersome visitors and limited sales people will
enjoy this type of community.
Amenities in 55+ Communities
The kinds of amenities you'll
find vary greatly from community to community. But in general, most will have a
clubhouse and exercise facilities, indoor/outdoor pools, hobby and craft
clubs, security and maintenance. Others offer golf courses, marinas, tennis
courts, on-site health care, restaurants, professional entertainment, walking
trails, billiards rooms, card rooms, library/media center, bocce courts, lakes
for fishing, and many other lifestyle related options. For seniors needing some
assistance with living, there are communities with this option.
The Law and Age-Restricted Communities
You'll find many variations of
age-restricted communities such as 55+, 62+, and 65+. The U.S. Department of
Housing & Urban Development (HUD) and the Housing for Older Persons
Act, which says that housing must include at least one person who is 55 or
older in at least 80 percent of the occupied units, regulates these
communities. This means one spouse can be under the required age. Also, those
under 19 cannot be permanent residents. These communities are usually noted as
“age-qualified in their marketing brochures. Then there are those communities
that are marketed to a certain age group — “age-targeted” — but are not
age-restrictive. This means that younger couples with kids are permitted to
live there. And for many seniors, that's just fine.
Questions and Important Considerations
As you research locations and
community amenities, also consider other aspects that won't be mentioned in the
glossy brochures.
- What are your neighbors like? Talk to them. Do they live there all year or part-time? Are they the kind of people you'd want to have over for dinner? Do you share the same interests?
- Is the developer on solid financial ground? If there are structural issues, do they have the resources to resolve those issues? What if homeowners start to default? Can they weather that kind of storm? Ask to see a copy of their budget and profit and loss statement. This should be readily available from the homeowner's association (HOA).
- Is there a reserve fund for maintenance? This is often called a “sinking fund” and is money set aside for things like roof replacement, air conditioning replacement, etc. This is usually a line item on the HOA's budget.
- Find out who owns the land adjacent to the community. What are the plans for the land? You don't want an airport being built next door.
- What rules will you have to follow? Some communities don’t allow residents to display flags of any kind, including the American flag. You can't park an RV in the street or in your driveway. You might not be able to paint your front door a different color. You may not be able to have a jungle gym in your backyard for the grandchildren. Make sure to check out the detail buy asking to see a copy of the HOA's bylaws.
How Much Do 55+ Communities Cost?
There is no limit to what they
can cost. The type of community, the size of the accommodations, and the
location all play a role in this. Generally speaking, some of the higher end
locations can be just as expensive, if not more so, than owning a home.
55+ House Community
Some 55+ communities are neighborhoods with
walkable streets and single-family homes. This is ideal for the active, healthy
individual who still wants to have the freedom of living in a home.
Buying a House in a 55+ Community
It is possible to buy a home in
this type of community. Buying a house in a 55+ community allows the homeowner
to maintain ownership of the property and land. While individuals still need to
meet the homeowners association requirements, they still have most of their
freedoms here.
Renting a House in a 55+ Community
Some of these communities offer
renting options. Here, you would not own the home – a third party generally
does – but you can live in it and enjoy the community’s amenities. For those
who may not be ready to buy or those who do not want a long-term commitment,
this is a good option.
55+ Apartment Community
Not everyone wants a lot of land
or space to live in, which is where 55+ apartment communities come into play.
In these locations, individuals have a smaller space, often in a shared
building with others.
Buying an Apartment in a 55+ Community
Buying an apartment or a condo in
a 55+ community allows you to own that space. You do not own the land or the
building’s shared features, but you do have an ownership stake in the property
itself. This is excellent for those who want to maintain ownership and plan to
live in the area long term.
Renting an Apartment in a 55+ Community
For others, renting an apartment
in this community is better. It allows for those who live there to be able to
live along their own goals. And, it can provide an opportunity for seniors to
move into a 55+ community without having to make a formal purchase. Paying on a
monthly or annual basis can be more affordable in rentals.
How Do I Pay for 55+ Senior Living?
Purchasing or renting a home in
55+ senior living really comes down to your own personal finances. Most
seniors can still obtain a mortgage to purchase any type of home in
this area. In other cases, it may be best to use cash reserves or investment
income to make these purchases. There is no outright financial support for
living in these communities. Medicare and Medicaid do not, in most
cases, provide for these services. If the location is a 55+ community
with assisted living services (which some communities are now
offering at an increased rate) then there may be some allowance for additional
financial support for just those services. However, they generally will not pay
for housing expenses in this type of community.
How Can I Find 55+ Communities Near Me?
Most areas offer one or more
communities like this. Finding them may seem like a challenge, but more so than
ever, 55+ communities are marketing themselves. This means it is getting easier
to locate these locations. For those who may need them and be unable to find
one easily, consider during to senior centers, religious organizations, and
even medical providers for additional advice on locating these fantastic
communities.
It is also important to note that
each location is very different. Do not assume that any one location is going
to offer all of the services desired. It is also worthwhile to visit and see
these locations first hand before making the buying decision.
If you would like assistance in
considering your options or finding a community that meets your specific needs,
please use our search directory or call us. We would be happy to
help you with any questions you may have.
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