Whether out of necessity or choice, you may be beginning the search for a senior living community for yourself or a parent or loved one. If so, the first question you will have is, “How much does senior living cost?”
Of course, there are many senior living options available — whether they are within the realms of independent or assisted living or memory care — and prices vary be region, amenities, and other factors, so there is no one answer for everyone. There are some averages, however, that you can use as starting points to guide you in your senior living search.
A recent study pegs the nationwide monthly averages at these rates:
- Independent Living: $2,520
- Assisted Living: $3,823
- Memory Care: $4,849
It’s important to remember that these are averages compiled from one study conducted by a senior living directory which polled only the residents it has placed in communities, and does not include smaller communities.
Other studies have reported the national average cost of assisted living to be from $3,022 to $3,550 per month (we've seen as low as $1800), and memory care to be well over $6,000 per month, so you can readily see that it’s important to tour several communities, do your homework and shop wisely.