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When given a choice between staying at home or moving to a senior living community, most adults would prefer to stay in their homes as they age. Both have advantages and disadvantages when it comes to your lifestyle.
Remaining in your beloved family home is familiar and comfortable.
Senior living communities offer a maintenance-free lifestyle with the convenience of on-site services and amenities.
Both also have financial implications that must be evaluated by seniors and their families before deciding.
This blog will compare the cost of home to senior living to help you make an informed decision, live your best life, and protect your hard-earned money.
Costs associated with living at home
In addition to being able to maintain independence surrounded by family members, many people assume aging in place is significantly less expensive than senior living.
Even if your mortgage is paid in full, aging in place can be expensive, and costs can accumulate over time depending on your health and future needs.
In-home care services
As we age, we commonly need assistance with personal care, mobility, or everyday errands.
The cost of in-home care services, such as personal care aides or nurses, can become a substantial financial commitment over time.
According to Genworth's Cost of Care Survey, the average monthly cost of a home health aide is $5,148 a month!
Fixed monthly expenses
Even if your home is paid off, you’ll still be responsible for property taxes, utility bills, and homeowners' insurance.
Home maintenance and repairs
As houses age, so does everything within them. Be prepared for repairs, upgrades, or maintenance for lawn care services, plumbing, electrical systems, flooring, and appliances.
Age-related home modifications
To ensure safety and accessibility as you age, home modifications may be necessary, including ramps, a walk-in shower or tub, grab bars, guard rails, security systems, and smart home technology.
Health and wellness
Taking care of your health is essential to living a long, active, independent life. Consider the costs of gym memberships, fitness classes, hobbies, healthy food, and social activities.
Download our free Guide to Funding Senior Care & Housing.
Costs associated with a senior living community
Senior living communities offer a range of long-term care options, from assisted living to independent living and memory care. The costs associated with these communities can vary widely based on factors such as location, services, amenities, and the level of care provided.
Genworth’s Cost of Care Survey estimates an assisted living community's average monthly cost of $4,500.
Monthly rent
Senior living communities typically charge a monthly fee that covers rent, utilities, various services, and amenities.
At first glance, monthly fees may seem expensive, but remember that services such as housekeeping, laundry, transportation, maintenance, social events, and utilities may be included in your monthly fee.
Care services
Senior living communities that offer assisted living and memory care provide help with activities of daily living such as bathing and dressing or provide access to high-quality medical professionals. Communities such as Allegro have advisors who can determine an accurate cost based on your needs. They will also partner with on-site nurses and your family physician to best evaluate your needs.
Social activities and amenities
Consider your lifestyle preferences before choosing a senior living community. Senior living communities offer a plethora of social activities and amenities such as happy hours, special interest clubs, movie theatres, pools, fitness centers, salons, spas, outdoor recreation facilities, and transportation to offsite attractions and events. These things can contribute to a higher quality of life, potentially offsetting expenses that individuals living at home incur to maintain an active social life.
Wrap-up
Deciding between living at home or in a senior living community is a significant choice that involves considering care needs, lifestyle, and financial factors. It’s essential for seniors and their families to carefully assess both options, considering the immediate costs and the long-term needs for quality of life and financial well-being.
If you have questions about the cost of any of Allegro’s senior living communities, contact us to speak with an advisor. Explore the funding options for paying for senior living, download our free Guide to Funding Senior Care & Housing.
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