Retirement home
Encyclopedia
A retirement home is a multi-residence housing facility intended for senior citizens
. Typically each person or couple in the home has an apartment
-style room or suite of rooms. Additional facilities are provided within the building, including facilities for meals, gathering, recreation, and some form of health
or hospice care. The level of facilities varies between facilities. A place in a retirement home can be paid for on a rental
basis, like an apartment, or can be bought in perpetuity on the same basis as a condominium.
A retirement home differs from a nursing home
primarily in the level of medical care given. Retirement villages and retirement communities
, unlike retirement homes, offer separate and autonomous homes for residents.
The number of retirement homes has been increasing in the United States, from almost 11,000 in 2005 to 12,000 in 2010. The market size for retirement homes has had a much greater growth rate, from $13.5 billion in 2005 to $17 billion in 2010, with California being the American state with the largest market size.
Old age
Old age consists of ages nearing or surpassing the average life span of human beings, and thus the end of the human life cycle...
. Typically each person or couple in the home has an apartment
Apartment
An apartment or flat is a self-contained housing unit that occupies only part of a building...
-style room or suite of rooms. Additional facilities are provided within the building, including facilities for meals, gathering, recreation, and some form of health
Health care
Health care is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, allied health, and other care providers...
or hospice care. The level of facilities varies between facilities. A place in a retirement home can be paid for on a rental
Renting
Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from landowners...
basis, like an apartment, or can be bought in perpetuity on the same basis as a condominium.
A retirement home differs from a nursing home
Nursing home
A nursing home, convalescent home, skilled nursing unit , care home, rest home, or old people's home provides a type of care of residents: it is a place of residence for people who require constant nursing care and have significant deficiencies with activities of daily living...
primarily in the level of medical care given. Retirement villages and retirement communities
Retirement community
A retirement community, or active adult community, is a very broad, generic term that covers many varieties of housing for retirees and seniors - especially designed or geared for people who no longer work, or restricted to those over a certain age . It differs from a retirement home which is a...
, unlike retirement homes, offer separate and autonomous homes for residents.
The number of retirement homes has been increasing in the United States, from almost 11,000 in 2005 to 12,000 in 2010. The market size for retirement homes has had a much greater growth rate, from $13.5 billion in 2005 to $17 billion in 2010, with California being the American state with the largest market size.