by Robert Borges on November 30, 2024
The cost of active adult living in North Carolina varies depending on several factors, such as your preferred location, available amenities, and the type of house you choose. Nevertheless, the average cost of living in an active adult community in North Carolina ranges between $2,000 and $5,000 a month.
The rising demand for active senior living in North Carolina has led to the continued development of active adult communities, causing the overall cost of this living to drop. So, you could be making a wise financial decision if you plan on moving to the North Carolina mountains after retirement.
In this article, we’ll explore the potential costs of living in an adult community in North Carolina.
Cost Breakdown of Living in an Active Adult Community in North Carolina
You’re likely to incur several costs when living in an active senior community in North Carolina, including the entrance fee, monthly expenditure, and the homeowner’s association (HOA) fee. Here’s a detailed explanation of these costs:
Housing Costs
Whether you’re renting or buying the house, most active adult communities in North Carolina require new residents to pay a one-time house entrance fee. This can range between $100,000 and $500,000, depending on the community, location, available facilities, and the type of house you’re moving into.
This fee can be higher if you are moving into a larger house or a more resident-oriented community. Another important cost you need to factor in is the total price of the house. In many North Carolina active senior communities, single-family houses cost between $300,000 and $500,000.
This is the median range, depending on the location and size of the house, as well as the amenities provided. Townhouses or condominiums cost between $200,000 and $350,000 per month, while rental houses cost between $1,500 and $3,500 a month.
Regarding housing costs, you may be required to pay property taxes. Thankfully, these taxes are fairly low here compared to other states. You’re likely to pay an average of 0.77% of the value of your home annually.
There’s also an annual homeowner’s insurance fee that typically ranges between $800 and $1,500, depending on the overall value of your property. These are important elements you should consider when choosing a 55+ community in North Carolina.
Monthly Expenses
Once you move into your new home, there are monthly expenses to think about. For instance, you’ll need electricity, water, and garbage collection services. These monthly expenditures vary by neighborhood.
In many active senior communities in North Carolina, electricity costs between $100 and $1,500 per month while water costs $30 to $70 a month. The cost of garbage collection is normally included in the HOA fee.
However, these costs can be higher depending on the number of occupants in the house and your personal usage. You might also need an internet supply in your house, setting you back between $60 and $150 a month, depending on your package.
Overall, the average monthly expense when living in an independent adult community in North Carolina is between $605 and $4,342, depending on the community and services provided.
HOA Charges
The HOA fee can be monthly or quarterly, depending on the community you’re living in. This fee covers shared facilities and services like landscaping, swimming pools, sporting activities and fields, fitness centers, clubhouses, social events, and security services.
As mentioned above, some communities include garbage collection and recycling charges in the HOA fee. So, it’s important to seek clarification from your realtor before purchasing or renting the house.
Recreation and Lifestyle Costs
HOA fees don’t cover recreational expenses like trips, excursions, music concerts, and parties. Therefore, always factor these additional costs into your budget.
However, most of these expenses are optional. Golf club membership is about $100 to $300 per month while fitness and art classes cost $10 to $50 per session.
The cost of recreational activities like group trips and parties varies by the size of the group and the location. Don’t forget the cost of your daily transport.
In Conclusion
Careful consideration of these costs before you buy or rent a house in an active adult community in North Carolina will help you make an informed decision and save you from financial stress in the future. If you need advice and assistance in estimating the cost of your house in an independent senior community, consult Private Communities today!
