How Much Assisted Living Costs? A Quick Overview

by | Jun 10, 2022 | Business & Aging, Caregiving

During a child’s developing years, parents will take care of the child well into adulthood. In the past many of these children would in turn help their parents as they entered their twilight years. This is still considered the norm in many countries and cultures, but what if the child doesn’t have the means to help support an elderly parent? What happens if the child can barely maintain their lifestyle and take care of their household? With the changes in the job and housing markets less and less children are able to help their parents financially as they might have once be able to. Regardless seniors will need this support and care to stay healthy and must be aware of assisted living cost as it might be their only viable option.

Where can they go?

Not all families have the space or money to help support seniors, and assisted living can be a perfect option for seniors with fewer people to provide the support or care they may need at home. Assisted living costs vary depending on the type of facility in question. Assisted living communities are designed to aid residents in their daily activities such as dressing, bathing, grooming, using the restroom and more. This can be achieved through the work of home aide assistance that is made available in the residence. Occasionally, basic medication assistance is rendered to the residents but note that it’s totally different from a nursing home. An assisted living community may be a continuous care retirement community or a stand-alone residence but always offer homelike atmosphere.

What are assisted living costs?

Just going off the name assisted living, it’s possible to think it will require a huge amount of money but the biggest surprise is just how affordable it can be when compared with living at home. Just like real estate or goods and services, assisted living costs varies from location to location following the law of supply and demand. There is no direct answer, but according to Genworth Cost of Care Survey 2017, the national median for assisted living cost is estimated to be $3,750 per month equivalent to $45,000 annually.

Research has shown that assisted cost of living varies from state to state, below is the averaged monthly median of assisted living costs in some different states:

  • Alaska – $6,000
  • Georgia – $2,703
  • New Jersey – $5,994
  • Alabama – $2,600
  • Delaware – $5,533
  • Kentucky – $2,720
  • Connecticut – $5,000
  • Massachusetts – $4,950
  • Missouri – $2,288
  • Michigan – $2,850

It isn’t just the location that determines the assisted living cost though, other determining factors include facilities present in the apartment and community at large, size of the apartment, level of care required and additional fees charged by the assisted living communities upon move-in. Be sure to be diligent and find a facility or program that is right for you in your area. (Read about Living alone or with family)