Senior apartments, independent living communities, and continuing care retirement communities (CCRCs) are the most common types of retirement communities and all offer different experiences. Costs of these retirement communities can vary considerably depending on location, floor plan, and on-site services and amenities. As the baseline retirement community, senior apartments (55+ or 65+) tend to come in at the cheapest, with a median cost of around $1,400 a month. Independent living communities — about $3,100 a month — usually offer more services and amenities. Some 55+ communities even offer single-family style homes or townhouses for about $2,300 per month.
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Senior apartments are similar to standard apartments, but they have a minimum age requirement, often 55 or 62. Senior apartments also tend to have senior-specific design features for added accessibility, like low-threshold showers, ramps, and other safety considerations. Residents are not responsible for landscaping and maintenance services.
The national median cost of renting a senior apartment is approximately $1,400 per month, according to A Place for Mom’s internal data.[01] Senior apartments are typically the least expensive retirement community option, but depending on where you live, the cost of monthly rent can vary significantly. Please also note that this number doesn’t reflect any community or maintenance fees.
Some 55+ communities are more than just apartments and include the chance to rent or buy condominiums, townhomes, or freestanding houses in an exclusive senior (55+) neighborhood. Depending on the community design, some neighborhoods may have extensive grounds with an array of exclusive resident amenities such as clubhouses for parties and gyms with pools. Residents in these neighborhoods can also sometimes opt for extra services like housekeeping or meal delivery for an additional cost.
The cost of purchasing a home in a 55+ community is usually about the same as purchasing a home in any planned community. You’ll typically have to secure a mortgage and provide a down payment to own a home in this type of community. For context, the average monthly payment for a new mortgage in the U.S. is around $2,300.[02]
Of course, pricing greatly varies depending on the number of bedrooms and included features. Many seniors see a home in a 55+ community as an investment opportunity, or they may use the money from the sale of their former house as a down payment. Homeowner’s association (HOA) or entry fees typically apply, but they may cover lawn care, snow removal, and senior-specific amenities.
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Independent living communities are designed for older adults who want a maintenance-free lifestyle but don’t need full-time medical or personal care. Most stand-alone independent living communities don’t provide assistance with activities of daily living (ADLs) or the individualized care that assisted living and memory care facilities offer. However, residents can take advantage of communal amenities and individual services such as housekeeping, linen, and meal services.
A Place for Mom partners with over 3,000 independent living communities. About 64% of them share a campus with different combinations of assisted living and memory care facilities, and 11% provide on-site skilled nursing services.[01] Keep this in mind if you’d like to choose an independent living community that can accommodate your needs as you age.
The median cost of independent living in the U.S. is approximately $3,100 per month, according to A Place for Mom’s 2024 report on the cost of long-term care. That’s more than twice the monthly cost of renting a senior apartment and nearly $1,900 less per month than the median cost of assisted living.[03]
Independent living communities usually cost more than senior apartments and 55+ communities because of the abundant amenities and the all-inclusive, maintenance-free lifestyle. However, independent living costs vary by supply and demand, geographic location, floor plan, services, and amenities.
Continuing care retirement communities (or CCRCs) offer the entire spectrum of senior care: independent living, assisted living, and skilled nursing — all on a single campus. They vary in the type of housing they offer, including apartments, suites, and houses, so you can find an option that fits your lifestyle. Because these communities can provide for the entire retirement experience, including senior care services, these communities can easily be upwards of $3,600 per month.[04]
CCRCs, also known as life plan communities, are geared towards seniors who want an all-in-one option that allows them to age in place. As your care needs increase, the services you need are readily available. Assisted living care provides help with activities of daily living (ADLs), while skilled nursing care typically focuses more on significant medical needs. Advanced care services usually include skilled nursing care, 24-hour supervision, assistance with ADLs, and rehabilitation services.
CCRCs are typically the most expensive option for seniors looking for a retirement community. The average cost is almost $3,600 per month.[04] However, monthly costs can vary dramatically by location and available services and amenities. Additionally, some CCRCs offer a payment model without an upfront fee. This model gives seniors the option to pay a higher monthly fee for their future care services instead of paying for future care up front.
Many CCRCs also charge an entry fee, which is essentially a health insurance package that allows you to live in your home within the community while having access to skilled nursing care whenever it’s needed. Entry fees can vary greatly by age and circumstances, but they’re typically high due to the skilled nursing care services. The average initial payment was around $402,000 in 2022.[04]
Depending on the contract, a substantial part of the entry fee may be refunded to you or your beneficiaries when you leave the community. For instance, if a senior passes away without using their community’s nursing care services, their family may receive a portion of the CCRC entry fee. The senior themselves may be partially refunded if they move out of the community without using nursing services. However, we recommend checking with your prospective community about their entry fee refund policy before signing your contract.
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In addition to differing costs, retirement community pay structures often vary by care type. From monthly rent to fee-for-service contracts, consider which option is best for you or your loved one.
Homes in 55+ communities are purchased like any other house. Residents may have to secure a mortgage and provide a down payment. Some 55+ communities require buy-in fees to cover amenities such as pools, parks, and senior centers, along with landscaping and maintenance. Communities may have a list of recommended vendors that provide additional on-site services for a fee, like housekeeping or meal delivery.
Senior apartments generally have standard, long-term leases with rent due each month and little to no upfront entrance fee other than a deposit, like traditional rentals. Rent typically includes senior-accessible amenities and services such as fitness centers and pools in higher-end buildings, planned activities, on-site security, and maintenance. Optional services such as housekeeping and dry cleaning may be offered by third-party companies for an additional fee.
Independent living communities are usually all-inclusive, unlike a 55+ community or senior apartments. Utilities, landscaping, maintenance, housekeeping, security, and sometimes even meal services are typically bundled into rent payments. Independent living services, such as light housekeeping, transportation, and senior-oriented activities, may also be included in monthly costs.
The higher cost associated with CCRCs covers more benefits, mainly peace of mind for seniors who wish to remain in place as their health and needs change. When aging adults move into the independent living neighborhood of a CCRC, they begin paying for future care as well as current amenities. Thankfully, there are several ways to cover these additional assisted living costs — Medicare, bridge loans, and reverse mortgages are a few examples.
Understanding your local retirement community options and costs is crucial to finding one that fits your lifestyle and budget. Let our Senior Living Advisors make your retirement community search easier. At no cost to you, they’ll provide local options that fit your unique budget and preferences.
Yes, most of the time there are entrance fees to move in to a retirement community. It’s important to check the contract to see if this fee is refundable if you decide to move out of the community.
Get on a community’s waitlist as soon as you’re sure you want to move there. Don’t wait, as some communities have extensive waiting lists. Plan ahead so when a spot opens up, you’ll be ready to move.
Sometimes there may be a small fee for a community’s waitlist, but this is not always the case. If so, the fee will typically go towards your deposit or entrance fee when your time comes to move in.
A Place for Mom. (2024). A Place for Mom proprietary data.
LendingTree. (2023, April 24). Average monthly payment on new mortgage in US tops $2,300 — see how your state compares.
A Place for Mom. (2024). Cost of long-term care and senior living.
AARP. (2022, January 27). How continuing care retirement communities work.
The information contained on this page is for informational purposes only and is not intended to constitute medical, legal or financial advice or create a professional relationship between A Place for Mom and the reader. Always seek the advice of your health care provider, attorney or financial advisor with respect to any particular matter, and do not act or refrain from acting on the basis of anything you have read on this site. Links to third-party websites are only for the convenience of the reader; A Place for Mom does not endorse the contents of the third-party sites.
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