What Is a 55+ Living Community?
When shopping for a new home, you likely came across entire communities marketed to older adults. Chances are, you may have some questions about what a 55+ living community is and whether senior apartment living is right for you.
Let us start off by sharing that contrary to popular misconceptions, people in 55+ communities live active and healthy lifestyles. They enjoy being in the company of other people in similar or the same life stage, which is why so many people choose to move into these communities.
The Main Types of 55+ Communities
It may sound otherwise, but senior apartment living comes in many different forms. After all, people have different needs and interests, regardless of their age. Because of this, many neighborhoods cater to very specific preferences. Here are a few to consider:
- University and college town communities
- Golf and resort communities
- Active senior communities
- Religious communities
- Luxury communities
- RV retirement parks
The Law Governing These Homes
Can communities really restrict younger people from living there? The simple answer is yes, but a restriction is not an outright ban. The Housing for Older Persons Act addresses this. In the document, the U.S. Department of Housing and Urban Development stipulates that in these communities, 80% of the occupied homes must have at least one individual who is 55 years or older.
This means that only one spouse may need to be over the age of 55. Similarly, parents who care for older disabled children may also continue to do so in their homes. In fact, some households may include one or two persons who are younger. However, no one under the same of 19 can remain in these neighborhoods as a permanent resident.
It is also important to note that there are two primary distinctions when it comes to 55+ communities that determine how strict the age restrictions are. Age-qualified communities stick closely to the HUD regulations. However, there are some 55+ communities that are age-targeted. Couples raising children or grandchildren may live in this second type of community.
How To Pay for Senior Apartment Living
We find that this depends on the offerings in the community and the household’s finances. Some communities provide condos, town-homes or detached homes that people can buy. In other instances, such as the apartments in Shelby township, you may only have the option of renting. It is up to you to decide which approach best suits your finances.
People who already own their homes mortgage-free often sell the home and move into 55+ communities. Homes in these communities are typically cheaper, so they are able to add the rest to their retirement funds or rainy-day money. Those who do not own their current homes outright and do not have cash in hand may consider a mortgage as with any other home.
The financial situation is not the only reason some seniors prefer to rent. We have seen several people who wanted to be close to youngsters in college or who preferred to live close to their children and grandchildren until they grew up. When renting an apartment, you may have the option to pay monthly, quarterly, bi-annually or annually.
Come Live at Shelby Park Manor
Apartments in our Shelby township are built with seniors and seniors-to-be in mind. We have multiple design options to suit your needs and invite you to tour the ones of greatest interest to you before making a selection.
All of your apartments feature a private balcony or patio so you can enjoy fresh air in fine weather. Amenities include a convenient location to shopping and services, a secured entrance, elegant designs, laundry services and convenient transportation. Contact us for more information at (248) 650-0985.