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Retire Here To Save Money — Top 10 Cheapest States for Assisted Living in 2024



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If you’re looking to move after retirement, cost-of-living can heavily factor into your choice. People often look for states with lower taxes and less expensive real estate, while salaries may not matter as much if your income is derived from investments and Social Security. But have you considered the cost of assisted living?
Demand for senior housing continues to rise, with the need exceeding the supply in many regions, according to a recent report from Seniorly.com. The National Investment Center for Seniors Housing & Care revealed that senior housing occupancy reached 84.4% in 2023.
Senior housing encompasses any communities or facilities for people over a certain age, typically somewhere between 50 and 60 years old. In line with these figures, the demand for assisted living for seniors who don’t require nursing care but need help with activities of daily life (ADLs) is also on the rise.
10 States with the Least Expensive Senior Living Costs
Assisted living facilities typically offer help with things like cooking, transportation and household chores. They also provide a sense of community and activities for residents who all may have similar needs, including a need for companionship, lifelong learning, exercise and leisure activities.
Because assisted living communities don’t necessarily provide healthcare, they aren’t usually covered by Medicaid. Older Americans moving into assisted living typically use their retirement savings or money from the sale of a home to cover the costs. Long-term care insurance is another option to pay for assisted living.
If assisted living could be a possibility in retirement, you may want to consider the costs of these communities while you plan your next move. Remember that assisted living costs also cover your housing expenses. You won’t have a monthly rent or mortgage payment. However, if your mortgage is paid off, the increased monthly expense could be a shock to your budget.
What states have the lowest and highest assisted living prices, on average?
10. Indiana: $3,695
The Midwest has a wealth of states with low-cost assisted living communities. Indiana rounds out the list of 10 cheapest, with a 15% reduction in cost since 2021.
9. Kentucky: $3,669
In spite of a 12% increase in assisted living costs, Kentucky remains one of the more affordable states for older adults.
8. New Mexico: $3,605
New Mexico saw a 14% price drop in assisted living.
7. Illinois: $3,582
Prices for assisted living dropped by 12% in Illinois since 2021.
6. Oklahoma: $3,506
Oklahoma remains one of the cheapest states for assisted living, with a modest 2% increase since 2021.
5. Minnesota: $3,472
Not only is assisted living relatively affordable in Minnesota, but it costs roughly half the price of in-home care, according to the Seniorly.com report.
4. Iowa: $3,420
Prices dropped by 15% in Iowa, placing the midwestern state fourth on the list for low-cost assisted living.
3. South Dakota: $3,378
Similarly, prices rose by 8% in South Dakota, but it is still one of the least expensive options.
2. Georgia: $3,318
In spite of a 9% increase in assisted living costs, Georgia remains one of the cheapest states for assisted living.
1. Louisiana: $2,946
Enjoy southern hospitality and lower assisted living costs in Louisiana, where costs fell 12% in the past two years.
10 States with Most Expensive Senior Living Costs
States with the most expensive assisted living costs are primarily clustered in New England and the mid-Atlantic states, where the overall cost of living is higher as well.
10. Wisconsin: $4,934
Wisconsin rounds out the list of states with the priciest assisted living communities, especially compared to other Midwestern states like Indiana and Illinois, where prices are amongst the lowest in the country.
9. Vermont: $5,010
Average costs for assisted living in Vermont exceed $5,000 after a 24% jump since 2021.
8. New Jersey: $5,058
New Jersey is slightly less expensive for assisted living than neighboring New York, but not by much.
7. Massachusetts: $5,517
Massachusetts is another New England state with high costs for assisted living.
6. New York: $5,663
Many New Yorkers are fleeing the state for areas with a lower cost of living, GOBankingRates recently reported. New Yorkers pay more for many things, including assisted living.
5. Wyoming: $5,894
The cost of assisted living in Wyoming increased by 53% since 2021, putting it on the list of top 10 priciest states.
4. Hawaii: $5,924
It’s not surprising that Hawaii has high costs for assisted living, considering that the overall cost of living in Honolulu is 84% higher than the national average, with housing 214% more, according to statistics from Payscale.com.
3. Delaware: $6,101
Delaware is amongst the many mid-Atlantic states with the high costs for assisted living.
2. District of Columbia: $6,835
Prices for assisted living jumped 27% between 2021 and 2023 in our nation’s capital.
1. New Hampshire: $8,248
New Hampshire’s costs are double the national average of $4,401.
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