As Assisted Living Cost Rises Above $5000 in Some Areas, Aging in Place Looks Like a More Necessary Option for Seniors
Staying Put at Home has long been a proponent for seniors Aging in Place as long as they are capable of doing so safely. It makes financial sense and can be achieved with a few home renovations and safety measures. Now, a new study by A Place for Mom shows that the cost of Assisted Living Facilities is steadily increasing, adding to the list of reasons why Aging in Place may be the better option. The study followed a sample of 100,000 seniors who moved into senior living communities between 2012 and 2015.
Between 2014 and 2015, the median cost for a senior community rose by $99 per month. Of course, the cost of assisted living facilities varies by region, with the Northeast having an average cost of $5045 per month while the West registers an average cost of $3957 per month. Further Senior living facilities in the South have seen a 4% climb in cost since 2012, with senior living facilities averaging $3654 per month. As the price tag associated with these organizations continues to grow, it will become less and less of a reality for seniors to live there without seriously depleting their savings.
At Staying Put at Home, we know that Aging in Place is not always an option, as many seniors will need some kind of assistance as they grow older. However, we think it’s important that our readers understand the costs of entering a senior living community. If you want to add to the conversation about the costs and benefits of senior living facilities and Aging in Place, then please share with the Staying Put at Home community in our comment section.