50+ Lifestyles

Aging and You

No Better Time Than Now

By Julie Arndt
Marketing Director at Ridgecrest Village

There has never been a better time to consider moving to a senior living community—especially if you currently own your own home. Right now, it’s a seller’s market, and summer is the prime time of year to sell.

Living in a senior community comes with many financial advantages. At Ridgecrest, for example, residents don’t pay property taxes, utilities, lawn care, snow removal, water, sewer, garbage, cable TV, or general home maintenance. Even your grocery bill is likely to go down, as one meal per day is included for those living in an Independent Living apartment.

As a marketing director of a senior living community, this may sound self-serving—but it’s true. Personally, my husband and I have lived in our house since 1998, and just in the past six months, we’ve had to replace three major appliances. I joke with him that our house knows we’re planning to move somewhere more age-appropriate—and it’s mad at us. We laugh, but the expenses have been very real.

Even if your home is paid off, the ongoing costs can add up quickly. According to OwnWell, the average property tax in Davenport, Iowa, for a $200,000 home is $3,341 annually. That alone could cover a significant portion—or even all—of the monthly rent in many independent living apartments.

At Ridgecrest, we’re governed by a volunteer Board of Directors. At a recent meeting, Board Member David Levin—Senior Broker for Hawkeye Commercial Real Estate—noted that the Quad City housing market currently has only one and a half months of residential inventory. Typically, there is a three to four month supply during this time of year, the prime selling season.

Mr. Levin has served as the Legislative Contact for several Illinois State and U.S. Senators, the Federal Political Coordinator for the 17th District of Illinois Congress for over 16 years and has served as the President for the local Quad City Area Realtor’s Association, both in 2002 and 2018. He has a firm read on real estate cycles. He said:

“Because of the high prices homes are selling for today, coupled with limited supply, it’s an excellent time for older adults who are contemplating a move to a senior community to take that step.”

While some homeowners may be hesitant to give up low mortgage interest rates, others are finding that the equity in their homes can help fund their retirement—almost like a built-in savings account. Mr. Levin added:

“Historically, it’s not uncommon for homes to sit on the market for 30 to 90 days, but today, with only one month of inventory, we’re seeing multiple offers with very few contingencies. Homes priced at $300,000 or less are selling very quickly.”

If you’re considering a move to a retirement community in the next couple of years, now is the time to do the math. The costs of homeownership can add up fast—real estate taxes, gas, water, sewer, garbage, lawn care, yard trimming, snow removal, cable, groceries, housekeeping, transportation to medical appointments, homeowners’ insurance, and ongoing maintenance like the roof, furnace, water heater, and major appliances.

Beyond the financial aspect, there are numerous soft benefits to senior community living. You’re never alone—unless you choose to be. At Ridgecrest, there are daily social activities, group outings (day and evenings), and an on-site chapel. Assisted living, long-term care and skilled nursing care are usually readily available, even for short-term recuperation after a hospital stay. Residents also have access to call pendants, offering peace of mind that help is always nearby if needed.

When you add up both the financial value and the lifestyle benefits, it’s clear that now really is a perfect time to explore your options.

Julie Arndt, is a licensed social worker and Director of Marketing at Ridgecrest Village with over 35 years’ experience working in the field of geriatrics and senior advocacy. She can be reached at jarndt@ridgecrestvillage.org.