What's the Average Cost of Independent Living in Midland, TX?

Michigan Medicine says that 1 in 3 older adults experience loneliness and isolation, which can lead to deteriorating physical and mental health. While you may be able-bodied enough to age in place, perhaps the negative effects of isolation far outweigh the benefits you're currently getting.

No one ever said moving into a retirement home means losing your independence, though. In fact, there are senior independent communities where you can have your own private apartment while being immersed in constant social activities.

Are you now curious about the average cost of independent living in Midland, TX? Then keep reading. We'll discuss the relevant information you should know.

The Average Cost of Independent Living in Midland

The average cost of senior living in Midland, TX is $2,000 to $2,500 a month, which, according to The Federal Long-Term Care Insurance Program, is under the national average of $3,000 per month.

However, there's a huge range of prices from $1,000 to nearly $4,000 per month, depending on the type of housing you select.

What Affects Independent Living Pricing?

Senior housing costs can vary drastically depending on several factors. We'll discuss them below.

The Type of Community

There are three main types of communities available:

• Rental apartments
• Independent living communities
• Continuing care retirement communities (CCRCs)

These are listed in order from least to most expensive. You should understand what type best fits not only your financial outlook, but also your health and lifestyle.

Unit Size and Layout

The most affordable option is studio apartments, although these are typically small and have minimal amenities. Most seniors are comfortable in one-bedroom apartments, which aren't very pricy but still provide enough space.

Not only do the sizes of the units affect pricing, but also:

• Private balconies
• In-unit laundry
• Beautiful views

Included Amenities and Services

The more amenities and services you get, the more expensive the community will be. These are the common ones included with independent living:

• Housekeeping
• Meal plans
• Wellness/fitness centers
• Emergency response
• Utilities (water, electricity, internet)

You should request a detailed fee breakdown to avoid hidden costs.

Entrance Fees vs. Month-to-Month Rentals

CCRCs commonly charge entrance fees. These are one-time payments that are quite large in sum ($50,000 to over $100,000). However, after that, there are lower monthly rates.

Rental-only options have no entrance fee, and they're more flexible too. They're ideal for those who are uncertain about long-term stay.

Independent living communities will want longer contracts, but they typically won't charge entrance fees.

Location and Local Real Estate Market

Midland's housing market is tough since it's constrained by limited affordable inventory. Plus, the oil and gas industry growth has driven up general housing prices.

The city's senior population is growing as well, and the demand for independent living is rising. Unfortunately, there has been limited new senior housing construction, which makes open apartments even more in demand.

Not only does this lead to higher prices, but also waitlists, so if you're planning on moving in the next year, join the waitlists early to lock in current rates.

Smart Budgeting Strategies

Planning ahead is always a good idea, as this ensures that you're not caught off guard by things like cost increases or hidden fees. Here are our tips.

Know What's Included

Earlier, we said you should request a detailed fee breakdown. On top of that, ask about retirement community expenses, such as:

• Utilities
• Meals
• Care needs

Get their answers in writing. Also, review a sample contract and fee schedule.

Compare Multiple Communities

You might've found the perfect fit on the first try, but don't just stop there. To know the true value of senior communities, you should visit at least 3-5 options.

Compare them based on:

• Services offered
• Social environment
• Monthly costs
• Proximity to family or doctors

Make sure to take note of promotional offers, like waived move-in fees or trial stays.

Explore Financial Assistance Options

A caveat of Medicare is that it generally doesn't cover independent living costs. However, there are other programs that may assist you:

• Veterans Aid and Attendance Benefit
• Long-term care insurance
• Low-income senior housing programs

To get the big picture on your financial assistance choices, you should consult a local senior financial advisor. You can also speak to the West Texas Area Agency on Aging.

Plan for Rising Costs

Inflation is always a very real thing, and you should expect it to affect your housing prices. Many communities increase their rates by 3-6% per year to adjust for not only inflation, but also service improvements.

Here's an example of the annual cost projection for three years with a 4% increase:

• Year 1: $2,800 per month
• Year 2: $2,912 per month
• Year 3: $3,028 per month

As a general rule, you should add a 10-15% buffer to your monthly housing budget to be safe.

Downsize or Share Living

If the community you're interested in is too expensive for your budget, yet you're set on moving there, then consider downsizing from your current living situation. For instance, moving from a two-bedroom apartment to a one-bedroom unit can save you around $500 per month.

You can also opt for roommate-style living in larger units at the community. That way, you can split costs and enjoy a larger living space still.

Consider Earning Supplemental Income

Many older adults in Midland return to part-time work so they can save up for independent living or other expenses. Good jobs for seniors include:

• Tutoring
• Retail/customer service
• Remote administrative work

Even a small income stream can help you afford upgraded amenities or extra care services.

Consider Senior Independent Living

The average cost of independent living in Midland, TX, isn't very high, and the accommodations in the city are of high quality. Their blend of affordability and quality makes Midland a far better choice in comparison to larger metro areas in Texas.

Now that you know how much you can expect to pay for independent living here, it's time to find out what's available to you. Weigh your options carefully and take your time to make a well-informed final decision.

Contact us now to hear more about senior living in Midland, TX. The kitchen staff at Polo Park Estates Senior Living has over 27 years of culinary expertise.