According to Business Insider, Flower Mound, TX, is one of the best places to live in the US. The population is under 100,000, so it's not too crowded, and it's got affordable housing too.
But you may have hit a time in your life where living on your own won't suffice anymore. You want more company, and you may just get it in an independent living community.
However, you want to plan ahead and do research so you know whether you can afford this move. So what is the average cost of senior independent living in Flower Mound, TX? We'll give you the answer and more in this article.
The general price range for Flower Mound is $2,500 to $5,500 per month, with the average being under $5,000 per month. The Texas senior housing costs are a little lower, so you'd be paying more in this town.
In addition, the Federal Long-Term Care Insurance Program states that the national average is around $3,000 per month. Therefore, the prices in Flower Mound are a little higher than elsewhere in the country.
Independent living communities aren't all one and the same, which means that certain factors will affect how much they charge their residents.
By definition, independent living doesn't include any medical assistance, as the residents are still able to care for themselves. However, these communities may still offer:
If you or your loved one needs personal care or medical help, then you may need to add home care services. The other option is to move to assisted living, which can cost $1,500 more per month.
In general, the bigger your apartment, the more you'll pay. For example, a cozy studio apartment may cost you just $2,500 per month, while a 2-bedroom apartment or cottage may cost nearly $6,000 per month.
The larger units typically come with things like balconies, views, or ground-floor access, which contribute to the higher price tags.
Each community will have its own set of amenities and services. For instance, they may have:
These offerings will make a community cost significantly more than basic retirement homes.
Because Flower Mound is an affluent area, you'll generally pay more than you would in rural or less upscale suburbs. Not only that, but if you pick a community that's in a convenient location (such as near shops, parks, or healthcare hubs), then they'll likely charge premiums.
The numbers we've quoted above are solely for "rent," as well as included amenities. However, there are other fees you need to factor in. That way, you have a grand picture of what independent living will cost you.
Examples here include:
Maybe you're not quite ready to open this new chapter in life, and that's okay. But you want to be prepared, so you want to start budgeting.
We already have some great tips for paying for independent living, but here are some quick ones.
It can be difficult to think about, but we all pass away at some point. According to the Bloomberg School of Public Health, the average life expectancy in the US is 78.6 years, but it's very possible to live well beyond 80. Because of this, you need to factor in how many more years you possibly have.
From there, you should consider the compounding effect if rent increases over time. Here's an example using a 4.5% annual increase for a 70-year-old who could potentially live another 20 years:
Again, the numbers we've quoted earlier in this article are only for the base "rent." There are many other costs involved in old age, so you need to be clear on your senior living expenses in Flower Mound.
They include:
You don't have to use only your savings to pay for independent living. You can use a diverse mix of income sources, such as:
Are the above methods not enough to cover rent and fees required of the community you want to live in? Then there are a few ways to save.
First, you should currently downsize to something smaller so you have fewer expenses. Choose fewer amenities if you don't need them, and negotiate entrance fees or request move-in credits. In addition, ask about bundled pricing.
Otherwise, look into tax credits for long-term care costs. You never know if you'll get some.
If finances aren't your strong suit, then work with a financial advisor. Someone who specializes in elder financial planning can help you:
So what is the average cost of senior independent living in Flower Mound? It can be anywhere between $2,500 and $5,500, depending on which community you choose, as well as what apartment you live in. The level of care and amenities you receive will matter too.
Now that you know approximately how much living in a senior living community will cost, you should research your options and go tour them. That way, you can see for yourself if they're a good fit for you, and you can even speak with the current residents and staff members if you have any questions.
Contact us today to find out more about senior living in Flower Mound, TX, and Pinewood Hills rates. Pinewood Hills Senior Living provides made-from-scratch meals daily, made from fresh ingredients.