“Retiring With Dignity”

Oh yes! She did say it! I heard her with my own ears. Kamala Harris used that phrase in a speech to her supporters only two days before I wrote this, the day after Joe Biden dropped his candidacy on July 22, 2024.

But what does that mean? “Retiring with dignity.” I used to think it beneath my dignity to retire to a “trailer park” anywhere, and especially in Florida! Well, guess what? Here I am, on the east coast of Florida, living in a 55+ community that is more expensive than some but less expensive than most.

You will find that modular and mobile home communities come in all shapes and sizes, especially here in Florida. Take, for example, The Villages in central Florida, where I saw homes selling from $217,000 to well over a million dollars.

In his article titled “Should you avoid living in a 55-plus community? Here are 5 big problems with adult retirement communities in America,” writer Lou Carlozo said,

According to a study conducted by caregiver resource company A Place for Mom, the national median monthly cost for independent living in a retirement community is $3,000.

Although this isn’t as high as monthly fees for assisted living — which can cost upwards of $4,800 a month — it’s still enough to give many people pause.

Well, from what we recently learned, A Place For Mom is giving us a very conservative view in its estimates, of course, rates do vary dramatically depending on the area you wish to live.

Here is why I say that: we live in a community called Aberdeen (See images), here in Ormond Beach, and like all mobile/modular communities, besides having to purchase our home, we must also pay lot-rent on the piece of dirt that it occupies. In our case, the rent for dirt and grass is approaching $1000/month, with an average increase slated to be of 5%/year. Others within our community pay a much higher rent. When you buy the home, you will assume the current rental rate until the expiration of the term, after which the rent will change to the current market rate, and depending on the size of the home, location. For our home and its location, your rent would be $1150 per month (currently).

Trailer Estates – Bradenton, FL. (Courtesy of Wikipedia)

A GREAT BIG CAVEAT! Should we decide to relocate, our home has to be sold, which means you have to find or wait for someone willing to pay what “we think” it is worth and who is also willing to pay the lot rent over and above the price of the home. Of course, you have to take into consideration that apartments rent from $1800-$2500 per month in this area. Still, if we get a fair market price for it, and the payment is, let’s say, $1500 per month, the total cost of living in this property is $1500 plus the rental fee of $1150 per month, so $2650 per month.

The resale homes in the communities are currently selling for an average cost of about $80,000 to $150,000 if you want something decent. Of course, there are those that you can purchase for $30,000 – 50,000, but get ready for some rustic living.

New mobile and modular homes (check your local modular/mobile home catalog) are very near the cost of a newly constructed home when you consider the cost of land, septic, electric, foundation, setup, etc. The only advantage is you don’t have to wait a year for it to be built.

Like everything else, the more you want, the more it costs. So then, in a community like Aberdeen, here in Ormond Beach, you end up with a thousand+ in lot rent, and you have a home you will most likely die in because you cannot afford to leave it unless you sell it for substantially less than it’s worth. In fact, in today’s market, you may have to give it away.

So, then, retiring with dignity is a quest, not a dream or a promise; it is elusive unless you truly plan for it, and like the lady said, you want to “retire with dignity.”