Could Selling Your Home Unlock a Brighter Future?

How many of your friends say they want to live in their homes for as long as possible? Maybe you’ve even said it yourself. But when does staying in your current residence stop being the best option—and should you sell your home to move to a senior living community? If you’re considering funding your retirement with your home’s equity, you may be wondering: Is senior living worth it?

To help you decide, let’s look at the average cost of staying in your home—costs that go beyond your mortgage payment. While these averages may vary depending on where you live, the size of your house, and factors like utility rates and taxes, they offer a helpful starting point.

The Average Cost of Staying in Your Home

Aging in place means either handling everything yourself or finding someone you trust to do it for you. Even if you’re healthy and capable of living alone, yard work, cleaning, laundry, and home maintenance can become a burden. Plus, these tasks take up time, money, and energy you could spend doing what you love.

Here’s a look at average basic monthly costs to factor into your financial planning for retirement living.

Monthly Expenses

Mortgage or rent: According to the National Association of REALTORS® (NAR), the median monthly mortgage payment in the U.S. is $2,209. Apartment List reports that the average monthly rent for a one-bedroom apartment is $1,713.

Even if your home is paid off, you’ll still face monthly expenses like:

• Home or renter’s insurance: Average of $198/month for homeowners insurance (Matic) or $14/month for renter’s insurance (Insurance Information Institute).
• Electricity: $137
• Gas: $80
• Trash and recycling: $70
• Water and sewer: $86
• Internet and cable: $121
• Phone: $96

These basic costs alone can total between $604 and $788 per month, even without a mortgage.

Monthly Essentials

Groceries: According to the U.S. Department of Agriculture, the average monthly grocery bill for a senior ranges from $258 to $431.20.

Transportation: Yahoo Finance estimates that Americans spend about $12,295 per year—or roughly $1,024 per month—on transportation, including car payments, fuel, insurance, public transportation, and travel.

Lawn care: According to Forbes, basic services can range from $50 to $200 per month, depending on your property.

Housekeeping: The average cost for housekeeping ranges from $120 to $280 per month, according to HomeGuide, depending on the size and condition of your home.

These services add $1,452 to $1,935 per month, on top of your basic home costs.

Optional or Unexpected Costs

In addition to these common expenses, you may also want or need:

• Security system monitoring
• Laundry or dry cleaning services
• Health and wellness services
• Emergency call systems
• Fitness club memberships

Adding these services could increase your monthly living expenses by well over $3,000.

Home Maintenance and Modifications

Other common homeowner costs include:

• Gutter cleaning
• Appliance repairs or replacements
• HVAC maintenance and upgrades

While these aren’t monthly expenses, they add up over time—and weather-related repairs can be sudden and costly.

If you plan to age safely at home, you may also need home modifications. Updating stairs, bathrooms, and doorways to prevent falls or improve mobility can require expensive renovations.

Value of Senior Living Community

Senior living communities — like Vista Point at Fairview — are thoughtfully designed for aging in place, with built-in safety features and services that offer peace of mind. If you’re wondering whether you can afford a Life Plan Community like Vista Point, here are some key costs to consider:

• Entrance fee: This fee is based on your residence size and contract type. It covers your home and guarantees access to future care at below-market rates.
• Monthly fee: This fee covers property taxes, utilities, home maintenance, a dining plan, fitness membership, and dozens of services and amenities.

Included Services and Amenities:

• Housekeeping, linen service, and maintenance
• Transportation services
• Recreational, fitness, and leisure programming
• Professional staff and security
• Lifelong learning and experiences
• Group and personal fitness classes
• Yoga, meditation, and spirituality
• Performing arts, music, and dance
• A variety of dining venues
• River view decks
• Fitness center
• Golf simulator
• Game room
• Salon
• Art and pottery
• Performing arts auditorium
• Aquatic center
• And so much more!

Benefits of a Life Plan Community

Life Plan Communities offer a continuum of care on-site, but not all provide contract options that guarantee access to higher levels of care at below-market rates. Advantages to picking a Life Plan Community like Vista Point at Fairview include:

• Savings: Noticeable cost savings compared to paying for private assisted living or memory care on your own.
• Asset preservation: Lower lifetime care costs help protect your savings and investments.
• Tax savings: A portion of your entrance and monthly fees may be tax-deductible as prepaid medical expenses. (Consult your financial advisor.)
• Peace of mind: If your health changes, you have a plan in place. Pre-planning gives you control over your future decisions.

Discover the Value of Vista Point at Fairview

As the only nonprofit Life Plan senior living community in Southeastern Connecticut that combines a vibrant lifestyle with breathtaking waterfront views, Vista Point helps you enjoy retirement to the fullest — while making the most of your financial investment.

To learn more, call (860) 968-VIEW (8439) or contact us here.