How Much Will Assisted Living Cost in the Future?

Date Updated: July 26, 2024

Written by:

Rachel Lustbader

Rachel Lustbader is a writer and editor with a background in healthcare and technology. Her work has been published on websites including HealthCare.com, BiteSizeBio.com, BetterHelp.com, Caring.com, and PayingforSeniorCare.com. She studied health science and public health at Boston University.

Both of Rachel’s grandmothers had very positive experiences in senior living communities, and Rachel saw firsthand the impact that kind, committed caregivers and community managers can have on seniors’ and their family members’ lives. With her work at Caring, Rachel hopes to help other families find communities, caregivers, and at-home products that benefit elderly loved ones and make life less stressful for family caregivers

Assisted living will cost about $6,133 per month in the future by 2029, compared to an average cost of $4,500 per month in 2021. This estimate assumes that assisted living expenses continue to rise by an annual average of 3.7% in the United States. Based on these numbers, assisted living will cost around $7,426 per month by 2034.

Are assisted living costs rising in every state?

Assisted living costs aren’t rising in every state. They’re decreasing each year on average in several states, such as West Virginia, South Dakota, Louisiana and New Hampshire. On the other hand, while 3.7% is the average inflation rate for assisted living, costs are rising much faster in Hawaii, North Dakota, Montana and Alabama. Some seniors consider moving to another state for more affordable assisted living.

How can I save money on assisted living?

Understand the type of help you or your loved one needs to narrow down your search to places that offer the appropriate level of care, and compare assisted living communities to find the most affordable options. This will prevent you from paying for services you don’t need.

Also, explore government assistance programs and benefits as another avenue to fund long-term care. Many seniors qualify for Medicaid benefits, Veterans Aid and Attendance, or state and local programs that can reduce the financial burden of assisted living.