Assisted living costs vary depending on the facility and area, but most residents pay a few thousand dollars per month for care.
The costs of assisted living can be surprising for some people. It is significantly more expensive than simply renting an apartment—which makes sense, since you’re getting a lot more in terms of services than you would in a simple apartment. There are also additional benefits to assisted living that can make it worthwhile.
How Much Does Elder Care Cost?
The median cost of assisted living in the United States in 2016 was $3,628 per month, according to research by Genworth Financial.1 These numbers are expected to continue rising over time due to inflation and increasing demand.
Here are the states with the highest median monthly costs:
District of Columbia—$6,700
The lowest median monthly costs belong to these states:
What’s Included in the Cost?
These monthly expenses might seem like quite a bit at first glance, but you have to remember that it includes much more than just an apartment or living space. You’re also paying for light nursing care, social activities, meals, and daily assistance with basic activities. Providing all of this at home can quickly add up, both in terms of money and time investment.
The benefit of the more structured environment and scheduled social activities shouldn’t be overlooked, either. As people age, loneliness and social isolation become more common—28% of people 65 and older live alone, according to the 2010 US Census.2 Living in isolation can have negative impacts on mental and physical health and significantly lower quality of life, but assisted living can help moderate those issues.
To learn more about keeping your parents safe, check out the SafeWise Resources page. You’ll find expert info on a variety of home safety topics.