A 2017 statistic from the US Census Bureau reveals that 15.8% of New Jersey's population (about 1.3 million residents) are over 65, and by 2034, the number is estimated to grow increase by 32%. On the other hand, over 30% of seniors rely on social security as their sole source of income, making it impossible for seniors to afford a good and rent an apartment. However, living doesn’t have to be expensive for seniors considering senior housing options in North New Jersey. Wonder why? Let's find out.
Senior Housing is the Cheapest Way for Seniors to Live
Living expenses for seniors in New Jersey can be higher compared to most regions. New Jersey has a relatively high housing cost, whether it involves rental or homeownership options. On the other hand, the fact that the state borders major cities like New York City and Philadelphia contributes to the higher housing costs. More than this, New Jersey has one of the highest property tax rates in the United States at 2.21%, and these property taxes can significantly impact living expenses for seniors. That’s not all.
New Jersey has a higher state income tax rate compared to states like Tennessee, Alaska, Florida, and Wyoming. Hence, seniors that depend on their retirement income, from their pensions and Social Security benefits may not be able to afford this tax as it can affect their disposable income and living expenses. That’s not including the high cost of healthcare that comes with living in New Jersey. With an average annual healthcare spending per capita at $8,869, which is $843 higher than the national average of $8,026, affording the cost of healthcare can also be challenging for many seniors, even without transportation costs. However, senior housing in North New Jersey limits these challenges.
Senior housing communities in New Jersey often have a monthly fee structure that covers various services and amenities. Depending on the community and level of care, these fees can vary. Still, they typically cover essential expenses such as utilities, maintenance, security, and sometimes meals, making it easy for seniors to budget and avoid unexpected expenses. Importantly, many senior housing communities provided readily available healthcare access to their residents. Transitioning to a senior housing facility also eliminates the cost of property taxes, home insurance, and maintenance since the facility providers will take charge of these processes.
The Bottom Line
Senior housing facilities offer several benefits a traditional residence won't. From cost advantage to living an expense-free daily life with access to healthcare, living in a senior housing facility may just be the right move for older people with financial constraints. Luckily, North New Jersey offers a diverse range of senior housing options that cater to various needs. If you are looking for HUD-subsidized senior housing in North New Jersey, visit the First Montclair House today to find a residence that can meet your budget.
First Montclair House – your trusted Senior Housing in North NJ