Different Affordable Senior Living Options in Los Angeles

What makes nursing homes and assisted living facilities so expensive? All senior living housing requires some expense from the cost of maintaining property to the cost of food, materials and medical supplies to the cost of hiring a full staff. Group activities like games, musical or pet therapies, rehabilitative or educational programs and field trips also cost the facility a fair amount of money. All of these expenses combined can easily range into the tens of thousands, justifying monthly costs of $2,000 per resident. It doesn’t help that California is one of the most expensive states in the country, and it’s probably true that if you left the state you could find more affordable residential family living.

However, home is where the heart is, and many California residents have strong roots in the state, not to mention immediate and extended family members close by. Seniors who are just retiring from the workforce may find a total change in state scenery too drastic to comfortably live with. How can you find affordable senior living in Los Angeles?

The first consideration is to look specifically for low-income homes. There are centers for affordable senior living in Los Angeles, that is, units specially designed for lower-income families. They may be HUD sponsored homes, which is a project by the U.S. Department of Housing and Urban Development, to help families find affordable housing for seniors. Don’t immediately believe that all of these low-income retirement homes are of low quality. While it may be true that the center cannot afford the best of amenities or the finest facilities in the state, the senior home’s staff may very considerate and trained to provide the best health care possible.

Prices of Affordable Senior Living in Los Angeles

How much does affordable senior living in Los Angeles cost these days? It largely depends on what you’re looking for from a facility, as well as the type of services provided. An assisted living home does not provide any medical attention, only non-medical supervision for residents, which may include bathing, dressing, grooming and custodial work. Assisted living homes allow a degree of independence and thus are usually less expensive than nursing homes. Monthly fees start at $1,500 a month and may be as high as $6,000 a month. There is a slight discount for double occupancy, which may be $1,000 to $2,500 per month. The cost of assisted living homes are directly affected by the regularity of services provided.

Retirement communities and continuing care facilities are figured differently in comparing affordable senior living in Los Angeles. Retirement communities usually do not provide much in the way of monitoring or custodial work and may only charge a tenant $1,000 per month. Continuing care communities offer much more individual care and usually involve lifetime accommodations that change with the health of the resident. It is not unheard of for these homes to charge $20,000 to $40,000 a month or more.

Solutions to Affordable Senior Living in Los Angeles

If you are having difficulty locating an affordable senior home, then there are least two solutions that can help your search. First, look into your Medicaid plan. Medicaid may partially cover the rent of low-income seniors. If you find a board and care or assisted living facility for about a $1,500 a month, then a partial Medicaid payment along with your own income may be just enough to handle the costs.

Many current home owners having issues purchased homes with little or no down payment and interest only mortgages. This means that the payments made pay only interest and do not reduce the principal amount of the loan. While these loans made it easier for many people to purchase homes, many buyers in this situation are upside down, owing more on their homes than the current value of the home. Other considerations include the length of time you can stay in your home. If you cannot commit to remaining in the home you purchase for at least three to four years, you will unlikely be able to recoup the transaction costs of buying and selling a home not to mention allowing enough time for the market to improve, allowing appreciation in the base price of your home.

Some individuals, particularly those in their fifties and sixties are choosing to sell a current home and downsize to a smaller home with a one level floor plan. Again, when making these plans consider how your long term income will support a mortgage after you retire. For those fortunate enough, monies made from the previous sale of a home may make the transition easier. Again, in this case, consider how long you will be able to stay in the home. Consider current and potential health issues to determine if a move to an independent living community may be a better choice than downsizing to a smaller home. There are many considerations that can be reviewed with a care navigator.

Home ownership also comes with added responsibilities. You will need to budget for regular upkeep and home repairs. When buying a home, it is a good idea to purchase a home buyer warranty or request that the seller purchase this for you. The benefit of this is peace of mind that anything missed in inspection is covered by the policy. Normally for a deductible of $50 the policy will cover repair of electric, plumbing and heating systems. This type of policy can be renewed after the first year for an additional year.

In spite of the fact that many people believe they can save money by doing it on their own, an experienced realtor can guide you through the home buying process and actually save you money through negotiation and by representing you to ensure that the process goes smoothly. You also receive advice on making sure that you are purchasing a house in good condition in a neighborhood tat will be likely to increase in value. There are also many other small details like clear title, absence of liens or easements, and that any issues that come up in home inspection can be properly addressed.