Often one of the biggest misconceptions in deciding whether or not to stay in the home for retirement is that older adults and their families believe the costs of senior living will be too much to afford. True, senior living isn’t inexpensive, however, staying at home may not be as budget-friendly as you think either. Here’s what to expect and how to realistically compare the costs of senior living versus staying at home.
The Costs of Senior Living Compared to Care When Staying at Home
There are different levels of care both at home and in senior living. While several variables affect the amount you’ll pay, in general, the more care you need, the higher the cost. That said, here are the average monthly costs according to the most recent Genworth Cost of Care Survey.
Care When Staying at Home
Costs of Senior Living
How to Compare the Costs of Senior Living and Staying at Home
When considering the cost of senior living versus staying at home, the mistake families often make is to compare the monthly cost in a community to their mortgage or rent alone. However, the total monthly cost of staying at home also includes food, utilities, home maintenance, property taxes, insurance, entertainment, and healthcare. It’s essential to factor in these costs for a realistic comparison between the two because most are included in the monthly cost of senior living. This worksheet can help you more easily compare your specific circumstances.
Once you’ve compared, you may find that senior living actually costs less than what you pay at home per month! Particularly with higher levels of care at home as caregiving costs can quickly skyrocket the more help you need. Not to mention you may have to pay for home modifications for safety as well as accessibility.