Older adults in South Dakota, Utah and Colorado stand to save lots of essentially the most cash by transferring out of their houses and into an assisted dwelling group, in keeping with a brand new report.
Researchers with Caring.com analyzed the annual value of dwelling in an assisted group utilizing 2024 from Carescout. They derived the price of ageing at residence utilizing a mixture of U.S. Division of Agriculture meals value information, residence well being value information from Carescout and data relating to property taxes, owners insurance coverage, utility and power, web and cable and residential upkeep from Bankrate. The researchers additionally assumed residence modifications equivalent to seize bars, walk-in tubs and stair lifts as a part of the extra prices of ageing at residence.
In keeping with the report, older adults in South Dakota can save greater than $81,000 by switching from ageing at residence to ageing in an assisted dwelling group, and save greater than $69,000 for annually afterward.
“The financial savings are this staggering not solely as a result of the state has the most affordable annual value for assisted dwelling within the nation — at simply $52,200/ 12 months, per Carescout — however as a result of South Dakota additionally occurs to be one of many prime 10 most costly states wherein to age in place based mostly on our standards,” the researchers wrote.
In Utah, older adults can save a median of just about $69,000 of their first 12 months after transferring from residence to assisted dwelling and greater than $56,000 annually after that, the researchers famous. Utah can be among the many prime 5 states the place assisted dwelling is least expensive.
“Utah’s inhabitants has grown by over 17% the final 10 years, making it the fastest-growing state within the 2020 census. The inflow of individuals has created extra demand for housing, upkeep, and groceries, pushing up the price of dwelling,” the researchers wrote. “Because of these bills, assisted dwelling in Utah may very well be a extra sensible and reasonably priced selection for care than ageing in place.”
In Colorado, older adults stand to save lots of greater than $67,000 within the first 12 months after transferring from residence to assisted dwelling, and nearly $55,000 annually after.
Different states contained excessive prices for older adults dwelling at residence. Hawaii has the very best utility invoice bills at a median of practically $8,00 per 12 months. Alaska had the very best annual grocery prices with a median of just about $4,000, in keeping with the researchers. In the meantime, the state of New Jersey has the very best property taxes with a median of just about $10,500.