Assisted Living Communities in Olean, New York

According to the 2024 Genworth Cost of Care Survey, Olean's seniors pay around $6,100 monthly for assisted living. This exceeds the New York norm of $5,850 and the U.S. median of $5,350. It also surpasses care costs in most nearby communities. For example, in Syracuse and Rochester, rates run below the local median at $5,670 and $5,333, respectively. In Binghamton, however, costs run higher at around $7,826.

In Olean, assisted living residents pay approximately $6,100 per month. 

While many families use their own funds or personal assets to pay for assisted living, there are plenty of additional options to cover these costs. Some additional ways to finance assisted living costs include:

 

• Veterans Benefits
• Life Insurance Policy
• Long-Term Care Insurance
• Reverse Mortgage

 

For more information about different ways to finance assisted living, visit our Assisted Living in New York page.

Olean’s assisted living communities charge around $6,100 per month. By comparison, seniors who arrange private nonmedical services in their homes pay about $1,520 less for in-home care, and those who attend adult day health care facilities pay competitive rates of around $1,235. However, nursing home care costs more than assisted living at about $14,448 per month.

The Bureau of Licensure and Certification, housed within the New York State Department of Health, licenses all assisted living facilities in Olean. This agency publishes detailed information on the rules all facilities follow related to housing, care planning and staffing. It also conducts site inspections to monitor operations.

• Olean has comfortable summers with partly cloudy skies and daytime temperatures averaging 68 degrees Fahrenheit. Winters bring daytime temperatures ranging from 30 to 40 degrees Fahrenheit, along with overcast skies and about 25 inches of snow. Fortunately, assisted living facilities often have unit-controlled thermostats to support residents' comfort.
• Olean's affordable cost of living makes it an attractive assisted living option for those with fixed incomes. It scores 73.5 on a cost of living index, indicating living expenses run nearly 27% below the national average and 40% lower than in New York as a whole. Additionally, qualified seniors may get financial assistance for assisted living through the New York Assisted Living Program.
• New York doesn’t tax Social Security income, regardless of a taxpayer’s annual income, and it provides a deduction of up to $20,000 to reduce what seniors owe for other forms of retirement earnings. This significantly reduces or eliminates what seniors pay to the state and helps many afford assisted living costs in Olean.
• While the total crime rate in Olean runs above state and national norms at about 40 incidents per 1,000 people annually, the city has several safe neighborhoods for prospective assisted living residents to consider. The South Olean and City Center neighborhoods have the most criminal activity, but neighborhoods such as Baldwin Heights/Boardmanville, East Olean/ Seneca Heights and South Olean report considerably fewer infractions. Many assisted living communities have security gates and door and window alarms to protect residents.
• Compared to the average U.S. city score of 48, Olean ranks among the top half of communities for seniors with an AARP Livability Index score of 54. The city’s high walkability score of 11.25 outpaces the national average of 6.17, and about two grocery stores and three parks sit within half a mile of anywhere in the city.