Not Affordable for the Vast Majority of Retirees, In Contrast to the Care Options Available
10 Senior Living Communities within a 5-mile radius of the Tritt Property. (click for actual map)
The East Cobb community has been diligent and proactive in creating senior care communities at reasonable prices for seniors to age in place near family and friends. Here is a map of 10 senior care communities just within a 5-mile radius of the Tritt property. The many senior facilities in East Cobb are an example of how a developer worked within existing land uses and provided a senior community that fits within the East Cobb citizens have come to know and love. The Isakson Living East Cobb CCRC as planned is too large with 835 units, and it does not taken into account the average retirees’ income.
It is true that number of elderly in our community is growing, yet a very small percentage of them could receive care from the proposed Isakson Living CCRC due to affordability issues. The entrance fee based on information provided by Isakson Living is from $200,000 to more than $500,000. Note that the entrance fee is only 90%, 50% or 0% refundable, unlike the cost of buying and then selling a house, where people generally receive more money than what they paid for it. Monthly fees, which include rent and a stipend for food, range from $3,000 to $5,000 for couples, and that amount can increase with inflation. Medical care is not included.
As an example, for an average married couple, the entrance fee would be $350,000 and it would cost $48,000 a year for monthly fees, but those costs don’t include health care, a la carte fees or other items in a typical budget. Usually 25% of a budget is spent on housing, so that would mean the average retired couple would need around $192,000 per year to retire comfortably in this CCRC; over 10 years it would cost on average about $2,227,000 including the entrance fee. Most retirees in Cobb County do not have that amount of income, and nationally the average median household income for seniors is $35,107 per year. In other words this CCRC would not be an affordable option for the overwhelming majority of seniors.
It is true that number of elderly in our community is growing, yet a very small percentage of them could receive care from the proposed Isakson Living CCRC due to affordability issues. The entrance fee based on information provided by Isakson Living is from $200,000 to more than $500,000. Note that the entrance fee is only 90%, 50% or 0% refundable, unlike the cost of buying and then selling a house, where people generally receive more money than what they paid for it. Monthly fees, which include rent and a stipend for food, range from $3,000 to $5,000 for couples, and that amount can increase with inflation. Medical care is not included.
As an example, for an average married couple, the entrance fee would be $350,000 and it would cost $48,000 a year for monthly fees, but those costs don’t include health care, a la carte fees or other items in a typical budget. Usually 25% of a budget is spent on housing, so that would mean the average retired couple would need around $192,000 per year to retire comfortably in this CCRC; over 10 years it would cost on average about $2,227,000 including the entrance fee. Most retirees in Cobb County do not have that amount of income, and nationally the average median household income for seniors is $35,107 per year. In other words this CCRC would not be an affordable option for the overwhelming majority of seniors.
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