One of the most significant decisions we face as we age is where and how to live during retirement. In recent years, the economic and financial aspects of this decision have become much more involved and the two most common options are continuing to stay at home or moving into an independent living community.
From a top-level perspective, the average cost of independent living in Park Ridge, IL can range from around $2,000 to $5,000 per month, depending on the community and the level of care provided. Before you compare that general range to living at home, It’s important to note that this price range typically includes rent for a private apartment or living space and access to community features such as meals, housekeeping, transportation and social activities as well as many additional services.
Here’s a further breakdown and comparison of what to expect from living at home versus in a Park Ridge, IL independent living community.
Homeownership Expenses
- Staying home: Owning a home comes with continuing costs, including mortgage or rent, property taxes, homeowner’s insurance and utilities. These expenses can vary greatly depending on your location and the size of your home. Additionally, keep in mind that home maintenance, repairs and modifications for senior use are additional costs that can become significant as the property ages.
- Independent living community: Independent living communities typically offer a monthly fee that packages most housing-related expenses together, such as rent and maintenance fees, property taxes and utilities. This predictable monthly cost can simplify budgeting for your loved ones.
Meals and Dining
- Staying home: When it comes to grocery shopping, meal preparation and dining out,
expenses tend to add up, especially when you have to consider dietary restrictions or the required assistance with cooking and cleaning up. - Independent living community: Most independent living communities, including The Arbor Company’s Summit of Uptown located in Park Ridge, IL offer dining services within the overall monthly fee. This means senior residents can enjoy well-balanced meals without the hassle of cooking or cleanup as well as rest assured that special dietary needs are accommodated .
Healthcare and Assistance
- Staying home: As we age, the need for healthcare and emergency services tends to
increase and these are often the most unplanned-for expenses. Home healthcare, assisted services or hiring caregivers can be costly depending on your healthcare requirements and general needs. Not having easy access to medical and emergency services can pose a great risk and can even become a matter of life or death to seniors living at home. - Independent living community: With provided on-site healthcare services and partnerships with local healthcare providers, independent living communities are an ideal choice when looking at both the financial and quality of life perspective. While healthcare costs are typically separate from monthly fees, communities such as Summit of Uptown offer easier access to medical care and assistance when needed.
Social and Recreational Activities
- Staying home: Engaging in social and recreational activities locally often involves
additional expenses to families such as membership fees for clubs, transportation costs as well as the cost of entertainment or events. It’s important for you and the aging relatives in your family to keep track of current entertainment costs so they can better plan down the road. - Independent living community: Many independent living communities in Park Ridge, IL offer a wide range of social, recreational and wellness activities as included in the overall monthly package. Be sure to check with the community you have in mind to ensure included activities are ones that you already enjoy currently. This not only enhances the quality of life for residents but can also reduce the need for additional spending on entertainment.
Safety and Security
- Staying home: Similar to what we mentioned previously, home security systems and modifications for aging in place can incur significant upfront costs as well as unexpected costs over time. Concerns about home safety may require ongoing investments as a senior ages and without proper preparation, could pose health-related risks in the long term. As always, price should never get in the way of seniors receiving the high quality care and attention they require.
- Independent living community: Another reason why independent communities are so popular is their dedication to prioritizing safety and security. Communities often include 24/7 security personnel, specialized modifications, advanced emergency response systems and easily accessible facilities, reducing the need for additional safety-related expenses.
At the Summit of Uptown Park Ridge, we take the quality of senior life without compromise very seriously. To further help you and your loved ones navigate the decision of staying at home versus independent living, we've created a free cost comparison tool . This tool takes every expense into consideration and will serve as the guide towards planning a future seniors can enjoy free from hassle or stress.
