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