Starting prices for senior living are heavily influenced by the level of care the residents receive but also depend on several other factors. Pricing structures are different everywhere, and what’s included in the price of one community may not be included in another—even for communities in the same region. For this reason, we encourage you to always ask questions, take tours of your top options, and perform research that will help inform your decision.
Like many things in life, the cost of senior living can be hard to predict. Senior living pricing ranges vastly between communities and depends on conditions such as:
- Location of the community
- Apartment floor plan
- Amenities offered on-site
- Type of care needed (if applicable)
Starting and Average Rates by Lifestyle
To give you a better idea of the differences in pricing between the three primary senior living lifestyles, we ran some numbers.
Monthly rates for Cedarhurst assisted living communities start at $2,750, with the average resident paying around $4,500 per month. This falls in line with the national average cost of assisted living, which is also $4,500, according to the National Council on Aging.
Although the cost of memory care at Cedarhurst starts as low as $3,750, the average resident pays approximately $6,500 per month. This is comparable to the national average cost, which Dementia Care Central reports is $6,160 monthly.
In independent living, the monthly price for a Cedarhurst community starts at $2,875 and goes up from there. The national median cost for this type of senior living community is estimated at just over $3,000 per month.
What’s Included in the Cost of Senior Living?
The majority of senior living communities offer month-to-month pricing at a set rate. This monthly price generally includes housing, a meal plan, landscaping, utilities, and maintenance. For those in assisted living or memory care, the cost of senior living includes the required level of services and assistance, such as medical care. This price doesn’t include a one-time entrance fee, which is typically required at move-in.
As with real estate prices, the cost of senior living varies widely by location and the local cost of living. For example, the average monthly rate for assisted living care ranges from $3,800 in Mississippi to $9,563 in the District of Columbia, according to Genworth—a nearly $6,000 difference.
Furthermore, the cost of senior living will also vary by lifestyle or care type—assisted living, independent living, or memory care—or how much individualized care and oversight the resident requires. Their degree of wants, needs, and comforts (i.e., care level, surroundings, activity level, amenities) can also impact the monthly price. We offer some additional details below:
Assisted Living
Monthly pricing for assisted living typically includes all of the necessities: housekeeping, laundry, meals, and apartment maintenance, plus access to fitness programs, educational events, social gatherings, and a full calendar of activities. These residents typically receive a care assessment by a nurse, and the price they pay can vary based on their care and involvement level. Those in assisted living communities typically require at least some assistance with various day-to-day needs—activities of daily living (ADLs)—and medication management.
Although some communities may charge more for additional meals, the most common model is to have a rate that includes all of the above wrapped into a rental rate. The difference in pricing in assisted living mostly depends on how much care the resident needs in addition to the style, size, and layout of their apartment.
Memory Care
Memory care includes specialized care services intended specifically for residents with Alzheimer’s disease or other forms of dementia. At intake, all residents receive a care assessment, during which a nurse will inquire about memory concerns that may make a memory care neighborhood a better fit.
Memory care has a higher staff-to-resident ratio and is thoughtfully designed for those experiencing cognitive decline. Estimates show that memory care typically adds 20-30 percent to monthly senior living costs due to residents receiving more involved and individualized care.
Memory care residents receive similar assistance with ADLs and medication management that you might see in assisted living but in a more controlled environment with additional staff members, services, and specialized programming. Factors that impact the price of memory care include:
- Geographic location
- Frequency of medical services
- Intensity of the level of care needs
Independent Living
Independent living communities are likely to cost the least because the price typically doesn’t include care services or medication management. Seniors in independent living enjoy access to all of the same programs, services, and amenities as those in assisted living. The difference is that those in independent living aren’t clinically assessed for care, which is for residents in assisted living or memory care. It’s important to note that even communities that are alike in terms of size and region may differ drastically in their pricing structures for independent living.
Saving Money with Senior Living
These communities are often more affordable than aging in place because the cost of senior living includes virtually everything the resident needs, making budgeting easier. Senior living communities also account for changes in health, allowing residents to move to higher care levels if or when it becomes necessary.
Most importantly, consider the price of security: Saving a small amount of money in exchange for a loved one’s safety and well-being is never worth it. Make sure they have what they need first, then discuss the negotiables and how they might impact the overall cost.
Benefits of Choosing Senior Living
In senior living, all care, amenities, housing costs, and so on are included in one predictable cost per month. This expense covers virtually everything the resident needs and offers benefits such as:
- Around-the-clock care
- Trained and dedicated staff
- Diverse opportunities for socialization
- Health and wellness programs
- Transportation
Another huge advantage to choosing a senior living community is its keen focus on safety and security. In addition to attentive staff, communities such as Cedarhurst employ an array of safety measures to maximize resident well-being. This includes not only structural considerations, such as walk-in showers, elevators, and handrails, but also supportive services, such as transportation to preventive medical appointments, physical or occupational therapy, nutrition programs, and more.
Focus on Finding the Right Care—Not the Least Expensive
Many seniors today want to age in place, but a senior living community is often the more practical (and affordable) option. It’s important to note that different lifestyles and care requirements, amenities, and the location of the community will influence the price. Pricing structures vary considerably by community, so make sure to do your research and inquire about any possible additional costs or fees before committing.
For additional guidance on navigating senior living costs, refer to our pricing resources.
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