Here Are the 10 Best and Worst States for Nursing Home Affordability

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The aging of America is about to hit a higher gear in the coming decades. Between now and 2050, the number of Americans aged 65 and older is projected to grow by nearly 50% to 82 million, according to U.S. Census Bureau data cited by the Population Reference Bureau. This trend will likely lead to higher demand for affordable nursing homes.

The latest data from the Centers for Disease Control and Prevention shows that the U.S contains about 15,600 nursing homes with more than 1.7 million total licensed beds, The Senior List reported. As of 2022, the country’s nursing homes served about 1.16 million seniors.

Nursing homes are a type of retirement facility that provide 24/7 care — both medical and nonmedical. Such care doesn’t necessarily come cheap, but you can find better deals in some places than others.

New research provided by Tribeca Lawsuit Loans found wide differences between the states in how long you can afford to stay in a nursing home.

“Our research highlights the stark financial reality of nursing home care across the U.S.,” said Rory Donadio, business owner at Tribeca. “While retirees in states like Oklahoma and Louisiana can stretch their savings for over five years, those in high-cost states like Alaska may see their funds depleted in just over a year. With Social Security falling short, strategic financial planning is more crucial than ever.”

The Most Affordable States

Here’s a look at the 10 best states for nursing home affordability based on average costs, average retirement savings, median monthly Social Security benefits and the number of years you’ll be covered.

Oklahoma

• Average Annual Private Care Cost: $72,996
• Years Covered for Private Room: 6.20 years

Louisiana

• Average Annual Private Care Cost: $72,720
• Years Covered for Private Room: 5.55 years

Missouri

• Average Annual Private Care Cost: $71,172
• Years Covered for Private Room: 5.49 years

Kansas

• Average Annual Private Care Cost: $81,756
• Years Covered for Private Room: 5.40 years

Iowa

• Average Annual Private Care Cost: $89,424
• Years Covered for Private Room: 5.06 years

Illinois

• Average Annual Private Care Cost: $85,872
• Years Covered for Private Room: 4.72 years

Tennessee

• Average Annual Private Care Cost: $91,980
• Years Covered for Private Room: 4.72 years

South Carolina

• Average Annual Private Care Cost: $95,808
• Years Covered for Private Room: 4.69 years

Alabama

• Average Annual Private Care Cost: $84,312
• Years Covered for Private Room: 4.69 years

Mississippi

• Average Annual Private Care Cost: $87,768
• Years Covered for Private Room: 4.68 years

The Least Affordable States

On the other end of the spectrum, here are the 10 worst states for nursing home affordability.

Alaska

• Average Annual Private Care Cost: $436,536
• Years Covered for Private Room: 1.15 years

Minnesota

• Average Annual Private Care Cost: $156,864
• Years Covered for Private Room: 2.22 years

West Virginia

• Average Annual Private Care Cost: $146,544
• Years Covered for Private Room: 2.53 years

Hawaii

• Average Annual Private Care Cost: $169,356
• Years Covered for Private Room: 2.58 years

Massachusetts

• Average Annual Private Care Cost: $162,420
• Years Covered for Private Room: 2.71 years

Washington

• Average Annual Private Care Cost: $125,592
• Years Covered for Private Room: 2.77 years

North Dakota

• Average Annual Private Care Cost: $151,044
• Years Covered for Private Room: 2.83 years

New York

• Average Annual Private Care Cost: $158,796
• Years Covered for Private Room: 2.92 years

Pennsylvania

• Average Annual Private Care Cost: $133,884
• Years Covered for Private Room: 2.93 years

New Jersey

• Average Annual Private Care Cost: $145,812
• Years Covered for Private Room: 2.94 years

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