Living In A 55+ Community: Pros, Cons And What They Cost

As you approach retirement, it’s normal for your needs and your lifestyle to change. Some people may decide that moving to a dedicated 55+ community would be a better fit for them. Before you make the big move, though, you should understand what these communities are and what they can offer for active seniors.

What Are 55+ Communities?

A 55+ community, also known as a senior living or active adult community, is a residential neighborhood designed for the comfort and convenience of homeowners at or over the age of 55. These retirement communities often include amenities and are near stores, restaurants and other attractions.

The types of homes in 55+ communities are typically smaller, and you’ll often see them in areas with apartments, condos and townhouses. These smaller-sized units can be convenient for homeowners looking to downsize their living space or who want a lower-maintenance household.

Can You Live In A 55+ Community If You’re Under 55?

Yes, someone under 55 may buy in a 55+ community. However, most communities require that at least one of the residents living in the home be over the age of 55.

Each 55+ community may have different allowances when it comes to age requirements. If you’re under the age of 55 and want to buy in one of these communities, research the rules and regulations of the specific community beforehand.

Average Cost Of A 55+ Community

The monthly cost of a senior living community will depend on the state you reside in, but on average residents may pay $1,500 – $4,000 per month. Most 55+ communities are part of a homeowners association (HOA), so some of your monthly costs will likely account for HOA fees. Comparatively, the average cost of an assisted living facility is $3,500 – $10,500 per month.

Buying a retirement home in a 55+ community may be a cheaper option if you still want to live independently but with the benefit of added amenities. Certain communities may require a one-time move-in fee as well. For more information on the actual cost of living, connect with the community’s sales counselor.

The Pros And Cons Of 55+ Communities

Moving into an age-restricted community offers active adults many benefits that may be hard to come by in other neighborhoods. These communities also aren’t without their drawbacks, though. Here are a few of the pros and cons of moving into a 55+ community[AC1] .

Pros

• Multiple locations: You can find a 55+ community almost anywhere in the United States. This makes finding a great home easier. You can choose to move to one of the warmer states like Arizona or Florida, or stay in your current city close to the people, doctors and local events you know and love.
• Enhanced safety and security: These active retirement communities are typically gated and located in areas with lower crime rates. Guests of residents usually will need to be approved by those living in the communities. Some 55+ communities also have on-site security teams for additional safety.
• Amenities: Perhaps the best perk of living in 55+ communities is that they provide far more amenities than most traditional neighborhoods. Amenities that may be provided include golf courses, fitness centers and social events.
• Minimal maintenance: Common areas, landscaping and shared amenities are typically all cared for by the community’s HOA. Some communities also take care of the landscaping in front of your house and may even maintain your home’s exterior. You’ll still have to maintain the interior of your home and your backyard, but the bulk of your exterior maintenance will be taken care of.
• Community living: 55+ communities are able to offer residents a sense of belonging and community. You’re able to connect with neighbors of similar ages and continue to enjoy your retirement years in a safe and peaceful environment. These communities are also typically quieter compared to residential neighborhoods with families that have younger children.

Cons

• HOA fees: Most 55+ communities have some form of a homeowners association, which collects monthly fees from community members that are then used to pay for amenities and large community expenses. However, HOA fees can add up to over $800 a month, and some communities may charge membership fees on top of those for certain other amenities like local clubs.
• Lack of age diversity: Usually, at least one person in each residence has to be 55 or older in a 55+ community. However, most people who live in these communities are above that age minimum. If you’re looking to be among varied age groups over one consistent age bracket, you may want to consider if you’d prefer living in a neighborhood.
• No medical care on-site: Health care services or assisted living care aren’t typically offered as part of a monthly HOA fee. You can arrange for home care assistance through a third party if you require it, and some 55+ communities may work with third party home care professional services.
• Strict rules and regulations: HOAs can enforce regulations and community bylaws that residents must abide by. If a resident violates a rule, the HOA may impose a fine. These regulations can be quite extensive, so it’s best practice to read the rules thoroughly before joining a retirement community.
• Smaller homes: There are typically smaller units in 55+ communities, like an apartment or condo, and designed for two people to live in. You may be downsizing from a large home to a smaller space, so plan to organize belongings for storage or sort through it all with your family before moving.

Types of 55+ Communities

There are several different types of 55+ communities to choose from. Your choice will depend on what you want from joining one community over another.

• Luxury communities: You’ll find larger homes with more amenities and luxury-level features available to residents in this type of community.
• Golf and resort communities: Just like the name suggests, these communities offer a resort-like environment with quality amenities.
• Active senior communities: These 55+ communities are for those who live a more active lifestyle. They offer plenty of recreational activities like golfing, swimming and biking.
• Singles only communities: These communities are designed for unmarried individuals. The communities will typically offer events and opportunities for residents to meet and connect.
• Gated communities: This type of community has all the premiums of a 55+ community with added security and heightened privacy. 

Should You Move To A 55+ Community?

If you’re looking to enjoy your retirement in a safe and peaceful community with others who are in the same stage of life, a 55+ community may be the right match for you. These communities can offer a gradual transition into a new chapter of your life, which you can still enjoy to the fullest by actively using provided amenities and getting to know your neighbors.

However, if you aren’t ready for a quieter lifestyle and would prefer to interact with a mix of age groups on a more regular basis, you might want to consider a neighborhood without age restrictions in place.

Some REALTORS® and real estate agents specialize in senior housing, you should consider consulting with them to figure out your best options.

The Bottom Line

Making the decision to move into a 55+ community can be a great choice if you’re looking for a quieter lifestyle in a neighborhood full of people who are close to your age. The homes are designed with aging in mind and you’ll find many amenities to help you stay active. These communities aren’t right for everyone, though, so make sure you know what you want and research certain areas ahead of time.

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