Assisted Living Costs Are Up Noticeably

According to Genworth Financial, which offers insurance products, information, and services to help families plan for the expenses of aging, the cost of assisted living in 2024 has gone up significantly compared to previous years. Two years ago, the national average cost for assisted living was roughly $4,500. In 2024 it has risen to about $5,350 per month. The costs do vary considerably by state. Genworth puts Colorado’s monthly cost at $5,073, up about $700 from 2022. Nearby states are generally comparable in cost, except for Utah, where the average is $4,150. Priciest states are Hawaii ($9,340), Maine ($8,712), Vermont ($8,635), Alaska ($7,250), Massachusetts ($7,120), and New Hampshire ($7,025). The least costly include Alabama, Arkansas, and Georgia, which, along with Utah, all come in at about $4,100 per month. Multiple factors are cited for higher costs. There is increasing demand as the baby boomer generation (estimated to be about 4.5 million) continues to have more members seeking assisted living. When new facilities are built, real estate costs are now higher. Labor costs are up for assisted living staff. Average salary for a registered nurse can reach $90,000; physical therapists in care settings earn upwards of $80,000. Facilities say regulatory requirements cost money, though consumers insist these are crucial to maintain quality care. Where facilities provide amenities such as transportation services and gourmet dining, these items also cost more than before.

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