Senior Housing in Florida
Florida has second highest percentage population in U.S. of those aged 65 to 84. The U.S. Census Bureau released data that showed 14.9 percent of the national population was ages 65 to 84 in 2020. Florida had one of the highest percentages.
The majority of seniors will need to make a decision on “aging in place” or selling their property to downsize, moving to a retirement community or into assisted living. There are many resources to aid in this decision and to help our senior community make the decision that best fits their needs.
Before or after retirement, seniors will have to consider whether they will continue to live in their current home. Some retirees downsize from a house once full of kids. Others want to stay in the home they have lived in for years. Both options have financial implications.
Considerations:
- Before considering whether to sell your home, consider what your home is worth, how the housing market is performing, and whether your home is ready to be sold.
- Retirees thinking of selling their home may receive a large influx of funds and will no longer be required to pay property taxes, homeowners’ insurance, or repairs and maintenance costs.
- There are also capital gains tax breaks for qualified taxpayers to exclude tax liability on a portion of capital gains.
- Other retirees may be better off keeping their home if they’ve paid down their mortgage, have all their accessibility needs met, and may be interested in leaving their home in their will.
- By keeping their home, retirees can secure a reverse mortgage to obtain cash to cover their monthly expenses or unforeseen costs.
**I will note that one of my last clients was 92 years old, had his home in a trust and also had a reverse mortgage. I sold his property (in contract in 6 days), closed the sale on his chosen date and there were absolutely no issues along the way. Sellers need to have an experienced and dedicated team to streamline the process, including a knowledgeable agent, closing agent, attorney and/or title and escrow company. Selling a home, at any age, does not have to be stressful or intimidating. I am here to help!
Mary Williams, Community Outreach and Senior Advocate with Caring.com, connected with me and has provided valuable information and resources. She stated,
“I’m inspired to introduce a resource aimed at supporting seniors who wish to age in place.
AARP has stated that 77% of individuals over 50 prefer to age in their own homes. Yet, the inevitable challenges of aging, including diminished sensory faculties and mobility restrictions, can complicate their desire to stay in their current residences. As a result, finding a home better suited to their changing needs becomes an urgent concern.
In light of this, we’ve developed a thorough, easy-to-navigate guide to assist seniors in their home-buying journey. This resource addresses crucial topics such as identifying the ideal location, essential home features, professional assistance, home-buying options, and effective financing strategies.
You can delve into our guide here: https://www.caring.com/caregivers/buying-a-home-to-age-in-place/
We’re confident that this guide will be a valuable asset to seniors and their families within your community.”
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As I provide real estate services in SE Florida, I am including the link from Caring.com that is specific to Florida:
Click the link: https://www.caring.com/senior-living/assisted-living/florida
I found this to be an excellent resource providing information on the costs associated with assisted living, Medicaid coverages, long-term managed care programs, financial assistance programs, free and low-cost resources for seniors and assisted living laws and regulations in Florida.
Again, seniors choosing to stay in their homes or downsize into another home will find this resource from Caring.com full of helpful information:
Click the link: https://www.caring.com/caregivers/buying-a-home-to-age-in-place/
“A livable community is one that has affordable and appropriate housing, supportive community features and services, and adequate mobility options, which together facilitate personal independence and the engagement of residents in civic and social life.”
AARP® offers an insightful and comprehensive guide, A Report to the Nation on Livable Communities: Creating Environments for Successful Aging. You can find the pdf for this guide online:
https://assets.aarp.org/rgcenter/il/beyond_50_communities.pdf
Another valuable resource is from the U.S. Department of Housing and Urban Development. Here is a link to their site providing Housing Resources for Seniors:
https://www.hud.gov/states/florida/homeownership/seniors
Supporting our seniors should be a top priority. Seniors contribute so much to their communities. They shop, they use services (which employ people), and they pay taxes. They also volunteer; in fact, many organizations would be hard pressed to function without their older volunteers. Seniors also give generously: they make more charitable donations per capita than any other age group.
Please reach out to me or any of the resources listed in this article. We are here to guide you, provide referrals and help you through senior living decisions, wherever you decide to live comfortably.
Annette Dammeyer, REALTOR®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
Annette.Dammeyer@cbrealty.com
www.AnnetteDammeyer.com
SL 3535792
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