Retirement homes/communities

[tempesttenor]

Anyone here know anything about retirement homes/communities either as a member or via a relative? I'm talking about "active" communities, not assisted living or nursing homes. How do the costs of living in a retirement home compare with living in a regular rental apartment? Are retirement homes something that should be considered for FIRErs once we reach a certain age?

[tempesttenor]

Thanks for the info spartana and sorry for the late response. Wow those prices are very reasonable especially considering it's in the Los Angeles area.

So I guess "active" communities wouldn't provide food on-site for its residents, that's probably more of an assisted living thing. Given the built-in amenities (entertainment, transportation, etc) and relatively low purchase price of active retirement communities, I wonder if living in an active retirement community can actually be a cost-effective way of retiring (assuming the retirement community lifestyle is to your liking). How do the costs compare with living in a regular house/apartment?

[overwhelmed]

Thanks for the info spartana and sorry for the late response. Wow those prices are very reasonable especially considering it's in the Los Angeles area.

So I guess "active" communities wouldn't provide food on-site for its residents, that's probably more of an assisted living thing. Given the built-in amenities (entertainment, transportation, etc) and relatively low purchase price of active retirement communities, I wonder if living in an active retirement community can actually be a cost-effective way of retiring (assuming the retirement community lifestyle is to your liking). How do the costs compare with living in a regular house/apartment?

My dad owned a house in a 55+ community with his wife. It was in NJ & it was pretty in line with home prices. These communities do not provide food since they are single family homes. Normally that is a feature in assisted living, dining rooms and more apartment size living spaces that are rented instead of owned.

While they all differ with specifics, there was a 'clubhouse' where most of the social activities happened. Many groups and activities to choose from if interested & Large pool area.

The property taxes were not cheap (same as anyone else in the town). Not sure if they had to pay cash but they did so there was no mortgage. I wasn't aware of any renters, it's possible but only knew of people buying and selling.

The HOA did the lawn maintenance, trash pick up, plowing snow in the winter etc.
I'm sure there are a million variations depending on location and amenities.

[marion10]

I think it varies widely- The Villages in Florida looks very reasonable and has lot of activities- but I am not sure I would like living there. My mother has a duplex in an active adult community in Indina- it is in line with other newer houses in the area. She pays an assessment which takes care of all outside maintenance- such as snow removal and grass cutting. They have a small clubhouse- but that's it.

[tempesttenor]

Thanks for the replies, folks.

What about the reduced living expenses such as entertainment (organized on-site activities) and transportation (free shuttles)? How big of a factor is that?

[overwhelmed]

Thanks for the replies, folks.

What about the reduced living expenses such as entertainment (organized on-site activities) and transportation (free shuttles)? How big of a factor is that?

I would imagine depending on the community if you were interested in the clubs and activities it could be helpful in reducing expenses.
My dad loved Atlantic City so when they moved, he was closer so not sure that part of his budget was helped :)
They both had cars & I don't remember ever seeing a shuttle in their community but it is possible that there is a senior shuttle for the area. They and their friends did all normal errands on their own, shopping etc.

[FernFree]

My mother manages a retirement community in AZ that looks great to me.  At least 1 member of family has to be 55+, you have to buy a home there (no rentals, but they have a couple of apartments for rent if you want to try it out before buying), and then monthly space rent is $300 or $400.  Most of the homes are double-wide mobiles but they are quite nice with screened porches, covered driveways, desert landscaping, etc.  The homes cost from $10K to $100K and vary in age and condition.  There is a clubhouse with lots of activities, pools, putting green, dance floor, and a laundromat and arts & crafts building. 

I can't wait to FIRE and go spend a winter there.  It is so cheap and the weather is great.  Looks like it might be fun.