Posted on: 7 December 2015Share
The baby boomer generation has created a new wave of real estate adjustments. When the generation first started retiring, the real estate in warmer climates, like Florida, increased substantially. Now that baby boomers are needing more assistance for daily care and medical help, the need for facilities to treat them has also increased. With so many looking for this care, assisted living has become a top option for many individuals because of independence, cost, and ease of transition.
The two most common options for assisted care living are assisted living facilities (or retirement homes) and nursing homes. In assisted living, residents all live in a central location, but they still retain their own rooms, units, or private apartments. They are able to access medical help and personal care if they need it, so it is a safer environment than living alone. With so many people in the same season of life, it is a great place to socialize with others in similar circumstances. These communities are very active and sometimes even include scheduled activities to help get residents out to do activities. This differs from nursing homes where people are often bed ridden or require extensive medical and/or personal care. Residents are also usually limited to remaining in a building.
Since assisted living facilities require less care than a nursing home, the costs are often much less. According to the Genworth Financial 2015 Cost of Care survey, the median cost of living in a private room in an assisted living community is $43,200 while the median cost of the same private room in a nursing home is $91,250. Since many people in the baby boomer generation were counting on businesses providing retirement funds and social security, they often search for a less expensive option to help stretch out their savings accounts.
Ease of Transition
As health problems start increasing for aged individuals, their adult children begin to worry about them living alone. Most people aren't ready to make the jump to a nursing home's restrictive environment though because they can still do so many things on their own. Moving into an assisted living facility provides many options for care, from checking in on them daily to helping with medications and showering. The goal of these facilities (like Orchard Park) is to keep the highest level of independence as possible. This way, all family members can feel comfortable with the living arrangements. If the time comes that more care is required and a nursing home is a more appropriate option, it is generally an easier transition.