The cost of living in a retirement community will depend on the level of care provided and your geographic location. Monthly costs can range from $1,000-$6,000 or more, and many facilities also require you to pay a one-time entrance fee, move-in fee, community fee, or reservation deposit.
One type of retirement community is a continuing care retirement community, or CCRC. These communities offer everything from independent living facilities to nursing home care, and they typically charge a steep entrance fee that can total $100,000 or more. Many seniors cover this fee by selling their homes. With continuing care retirement communities, you'll also have a pay a monthly fee that can cost $1,000-$5,000 or more.
Some types of retirement communities focus solely on assisted living. On average, it costs $3,500 per month for a one-bedroom unit in an assisted-living facility. These facilities often require you to pay a one-time reservation deposit or community fee that is roughly equal to the monthly rate charged.
The least expensive type of retirement communities are those focused solely on independent living. These communities charge monthly rates that are comparable to the cost of renting an apartment in your area. They sometimes charge a move-in fee that's roughly equal to the monthly rate.