According to a recent New York Times story, senior living communities with an emphasis on luxury are rising in popularity around the United States.
But these aren’t retirement communities for the average American. Known as Continuing Care Retirement Communities, about 2,000 around the US house some 700,000 people. According to AARP (formerly American Association of Retired Persons), they are “the most expensive of all long-term care options” — entrance fees can range from $100,000 to $1 million and monthly charges can run in the thousands.
These communities typically offer a tiered care system, which ranges from independent, single-family homes up to full-time nursing care facilities, according to AARP. The entrance fees are often refunded to the resident’s estate upon death.
At Fountaingrove Lodge, an LGBT retirement community in Sonoma, California, the largest units — two-bedroom bungalows — command an entrance fee of $1 million, plus monthly installments of more than $6,000.
Included in the cost is continental breakfast as well as 21 flexible meals, plus weekly housekeeping and wellness and fitness programs, according to the website. In addition, residents get access to a fitness centre, wine cellar, art studio, swimming pool, salon, movie theater, and even a restaurant helmed by a classically trained chef who’s worked with Wolfgang Puck. James reports that Fountaingrove Lodge has 100 residents and a 70-person wait list.
Business Insider’s Katie Warren previously reported a similar preference for hotel-like living taking hold among wealthy Americans: “More and more people are staying in luxury extended-stay hotels for months at a time, choosing the convenience and amenities over apartments and Airbnbs.”
Upscale “apartment hotels” offer wealthy families and individuals the comfort and coziness of a private home, without the commitment of a lease or the hassle of a hotel check-in process. Concierge-like services are a huge draw, even if they come with a steep price tag