Senior Living Cost vs The Price of Staying in Your Home

Senior Living Cost vs The Price of Staying in Your Home

While most Americans say they want to stay in their homes as they age, the actual cost of doing so often comes as a surprise, according to a recent report by AARP. Beyond the rising expenses of home maintenance, utilities, property taxes and the cost of social activities, adding healthcare and medical expenses can quickly make aging in place more expensive – and more stressful – than expected.

A recent report by the American Seniors Housing Association (ASHA), The Surprising Price of Staying in a House, indicates how in-home support can dramatically increase the cost of aging at home, often exceeding senior living costs, where built-in support and care are provided.

The price of senior living isn’t the only factor to consider. These communities also offer added value through maintenance-free living, nutritious meals, physical activities, wellness programs and a socially connected lifestyle that supports a healthier, more fulfilling lifestyle.

ASHA Advisory Board Member, Dr. Karl Pillemer, a professor of Gerontology in Medicine at Weill Cornell Medicine and Director of the Cornell Institute for Translational Research on Aging, shares his professional views and personal experience with family members as they considered their living options as they aged.

Key Takeaways:

• Financial strain is a major concern for older adults, particularly those on fixed incomes. Many Boomers, who once expected to keep earning indefinitely, are now facing the reality of living on limited resources.
• While many older adults hope to age in place, the hidden costs go beyond finances. As maintaining a large, older home becomes more challenging, it can take a toll on both mental and physical health, turning a once-comfortable residence into a daily source of worry, stress, and safety concerns.
• Downsizing or changing living arrangements can reduce psychological burdens, as well as costs.
• A significant portion of out-of-pocket expenses for older adults often goes to healthcare. Senior living offers healthier and more socially engaging living environments, which can potentially lower healthcare costs. Living in a supportive environment may also reduce transportation and other daily living expenses.
• Bottom line: It’s critically important for seniors to understand and realistically weigh the full range of costs and benefits when considering where and how to live as they age.

Compare the price of senior living to the cost of aging in your house. Complete our House vs Community Worksheet.

Hear real stories from real residents who share the many ways community life has eased their worries, improved their health and enhanced their lives.

Where You Live Matters

Where You Live Matters is powered by the American Seniors Housing Association (ASHA), a respected voice in the senior housing industry. ASHA primarily focuses on legislative and regulatory advocacy, research, and educational opportunities and networking for senior living executives, so they can better understand the needs of older adults across the country.