How Much Does Senior Living Really Cost?
As you explore the possibility of senior living, one of the first questions you’ll want to be answered is “how much will it cost?” It’s a good and fair question, but it’s also a bit more complicated than that. Several factors impact what you’ll pay.
Before we explore the costs of senior living, let’s look at the options available as one considers long-term care:
- Continue living at home
- Move in with a loved one
- Have loved one move in with you
- Hire a live-in caregiver
- Hire a part-time caregiver or home health care agency
What are the monthly costs of living at home if you don’t need extra help?
Based on a $200k home in Metro Milwaukee area:
- Maintenance – $500
- Home Owner’s Insurance – $50
- Property Taxes – $400
- Food – $250 per person
- Utilities (gas, electric, telephone) – $150
- Water/Sewer – $75
- Sanitation – $10
- Outdoor Maintenance (Lawn, Snow, Landscaping) – $75
That’s $1510 (not including mortgage). If you assume another $1000 for a mortgage, you’re up to $2510. That’s not living for free and it assumes good health.
What other unexpected or optional costs are we not considering?
- Home renovation – A wheelchair ramp, walk-in shower/bath, and raised toilet or converting stairs to an elevator.
- Caregiver or Home Health Care – Approximately $42,600/yr for 44 hours of service/week (6 hrs/day) which averages to $3,500/month. What if the weather prohibits them from coming?
- Transportation – Car (payments, insurance and/or maintenance) or senior taxi services.
- Socialization & entertainment
- Security – an alarm or pendant costs $100/mo for 24/hr
Most of these costs are included in your cost of living in a senior living community.
If you decide to stay in your home, it’s important to recognize that our homes don’t always increase or hold steady in value.
- Neighborhood is a factor
- Condition of your home is a factor
- Real estate market is a factor
Your health is your biggest asset, not your home – make your home work for you instead of against you.
What are the costs of senior living?
We’ve determined that the costs of living at home, depending on one’s health, is between $1,500 and $6,700 a month. So, what are the costs of senior living?
Utilities, security, maintenance of living at home are included! Plus at least one meal a day. Supportive living services are available and allow you to stay independent longer.
Affordable, abundant living which brings peace of mind is a reality. Dare to compare the costs yourself!