Senior living can significantly improve your life, whether you move because you need assistance with activities of daily living or no longer want to deal with the stress and responsibility of homeownership.
People who choose senior living often do so because of the incredible services and amenities available at an affordable price. When asking yourself, “How much does senior living cost?'' it's important to consider the value you are purchasing. Senior living is an investment that can improve your physical, emotional, and social health.
But how much can you expect to pay? Here’s what you need to know about senior living costs.
What is the Average Cost of Senior Living?
No single price tag will apply to everyone — even for people living in the same community or using similar services. According to Genworth, national monthly median senior living costs for 2021 were as follows:
- In-home care: $5,148
- Assisted living: $4,500
- Adult Day: $1,690
The cost of senior living can vary depending on a person's circumstances and the support they need and desire. When assessing senior living costs, consider the services and amenities included in each price and the quality of those services. A community with a higher monthly cost may include more options you would otherwise pay for out of pocket at a less expensive community.
Factors Affecting the Average Cost of Senior Living
The average cost of senior living varies greatly. Some factors that will affect the price include:
- Level of living: What do you need now? And what might you need in the future? Whether you need support for activities of daily living or just a comfortable place to lay your head after a day of adventure, consider which level of living is right for you. The more support you require, the more you can expect to pay. Learn about choosing the right level of living for your needs.
- Quality of services: More value usually means a higher price tag. Some communities focus solely on providing a safe, comfortable place to call home. Others offer robust programming, volunteer opportunities, amenities like pools and fitness centers, and lush green spaces. You’ll generally pay more for additional amenities and services.
- Location: If you’ve ever moved from a high-cost-of-living area to a low one, you know how different the same budget can look when purchasing a home. The same is true when moving to senior living. More expensive areas — California, for example — charge more for senior living.
- Long-term care insurance or benefits packages: If you’re enrolled in insurance benefits for senior living, you may pay significantly less or even nothing at all.
Cost, Value, and Funding Senior Living
If you’re living on a fixed income, it’s easy to fixate on the price tag of senior living. However, a move to a community can eliminate or reduce many other expenses, such as home maintenance and groceries. As you compare options, it’s important to consider the value you will enjoy for your money. Moreover, you may have built up value in your home that will benefit you if you choose to sell.
Some people find that senior living lends predictability to their budget or even reduces their monthly expenses. The all-in-one approach means you pay a single monthly fee for most of your basic needs.
Perhaps most importantly, in a WesleyLife Community for Healthy Living, you’re part of a community. The WesleyLife Promise, backed by a special donor-supported fund on each campus, ensures that residents whose financial resources are depleted through no fault of their own will not be asked to leave their homes with us. We’ve kept this promise since 1947, providing residents and their loved ones with invaluable peace of mind.
Calculating the Costs of Senior Living
More options are available to fund senior living than you realize. Selling a house, drawing upon your savings, and using long-term care insurance may render senior living much more affordable.
Talk to our team to learn more about costs for your specific situation and find a community.