There are so many families today who have an aging senior loved one in their family who requires some type of care. This is very common for countless families and is a big decision for everyone involved. When it comes to discussing senior care, especially nursing home and assisted living services, one of the biggest questions that tends to arise is “how much is this going to cost?”
Many families who are considering nursing homes and assisted living communities have never had any experience with these types of care facilities before and may not know how much they should or could cost. Even if you have had to consider nursing home care in the past, this market is rapidly changing and costs are likely much different today than they were even a few years ago. With this in mind, here are some facts about what you can expect with senior nursing home and assisted living care trends in 2017.
Important Trends to Understand About Senior Cost of Living
The senior living market is changing rapidly, which means if you are consider care for a parent or loved one, you need to be abreast of these changes, even if you aren’t sure if you will need care or not. Here are a few important facts to understand about the senior care market in the year 2017.
- The consumer cost of senior living is growing rapidly—faster than inflation.
- Although senior care is growing fast, it is slower than health care costs and home sale prices.
- In 2016, the cost growth rate of senior care actually slowed in the southern U.S., but it grew everywhere else. Just because costs are growing or slowing in one area of the country, it doesn’t mean the same is true of your area of the country.
- Cities with high cost of living can expect higher senior care costs—this shouldn’t come as a surprise to most consumers.
- The cost of senior living is changing at a rate similar to the housing rental markets.
- The average median growth rate for senior care from 2012-2016 was about $62 per year.
What are the Average National Monthly Costs for Care?
The nursing home and assisted living market is changing rapidly, and has been for the past few years. As this market continues to expand and change so has the pricing of care. According to Genworth Financial, the current average monthly costs for senior care in 2017 is as follows:
- Homemaker services- $3,994 per month
- Home Health Aide- $4,099 per month
- Adult Day Health Care- $1,517 per month
- Assisted Living Facilities- $3,750 per month
- Semi-Private Room Nursing Home- $7,148 per month
- Private room Nursing Home- $8,121 per month
Of course, this number can change depending on the individual community and the area you are looking in, but in 2017 these are the average prices that consumers should expect to pay for their care.