How much does it cost to live in a senior living community?

The number of Americans aged 65 and older is expected to nearly double by 2060 – a shift that will increase demand for senior housing. And with increased demand, more people will find themselves asking: “Is senior living right for me?” and “How much does senior living cost?”

Unfortunately, there isn’t a simple, one-size-fits-all answer. The cost of senior living varies according to location, the level of care required, amenities and other factors.

• According to the National Council on Aging (NCOA), independent living costs can range from $1,600–$16,000/month.
• The Genworth cost of care survey found that the median cost of assisted living is $5,300/month, but the number varies widely based on location.
• The study also found that a private room in a skilled nursing facility costs $9,700/month on average.
• Dementia Care Central reports that memory care costs range from $6,100 to $8,200 based on location and amenities.

The NCOA also found that some all-inclusive Continuing Care Retirement Communities (CCRCs) may include initial costs from $50,000 to $450,000, in addition to monthly fees. That range is so vast, it’s hard to make an educated guess about costs – and to understand what those fees will get you.

Let’s dive into the costs associated with each type of community, so you can get a clearer idea of which option is right for you and your family.

The Cost of Independent Living Communities

Independent living communities are best suited for older adults who are able to live on their own without personal care provided by the community. That said, many residents of independent living communities do have care needs and often choose to contract with outside home care providers.

Older adults may make this decision for any number of reasons – including the benefit of selecting services on a more a la carte basis than an assisted living community might allow. Many independent living communities also offer the option of moving to assisted living housing whenever residents are ready.

The exact figure for how much independent living communities cost varies according to where you live and the services and amenities offered. Upscale dining options, resort-quality features like swimming pools and wellness clinics, chauffeured car services and on-site medical concierge suites will all add to the cost of a lease. A community without any of these perks might not be as expensive.

The median monthly cost of senior independent living in 2024 is $3,100 according to A Place for Mom, but many senior living communities do not display their rates and require potential residents to speak to sales staff. At Atria, we’re upfront about our prices, and we share tax and veterans benefits that older adults might be able to access. We also provide a cost calculator to compare household expenses and determine if senior living is a wise investment.

Cost Calculator: Is Senior Living a Wise Investment?

The Cost of Assisted Living Communities

Seniors often choose assisted living so they can maintain their independence in a private apartment while benefitting from personal assistance and round-the-clock support. Assisted living costs can vary, but as noted above, in 2024 the average rent of a one-bedroom assisted living apartment with a single occupant was $5,300 per month.

Assisted living communities also include fees for care services based on an assessment of residents’ needs. The most frequently requested services include medication assistance and reminders, as well as personal care such as bathing, getting dressed and scheduling appointments with physicians. Meals, laundry and housekeeping are generally all included, and residents can enjoy the ongoing programs and events that the community hosts. Assisted living communities may also offer memory care neighborhoods for residents with Alzheimer’s or dementia.

Quiz: Is Senior Living Right for Me?

The Cost of Continuing Care Retirement Communities

Continuing care retirement communities (or CCRCs) are designed so that residents can access higher levels of care without moving to an entirely different community. They generally offer three levels of care: independent living, assisted living, and skilled nursing. As with assisted living, some CCRC facilities offer memory care for residents with Alzheimer’s or dementia – a service that incurs an additional cost.

Since CCRCs do offer so many thresholds of care – including skilled nursing – they tend to be more expensive than communities that offer only assisted or independent living services. CCRCs usually charge an initial entrance fee, which starts around $100,000 for an individual non-purchase (or rental) arrangement, but they can much higher, depending on the size of the living unit and the community’s location. They also charge monthly service fees that start around $2,000.

The types of services that assisted living communities and CCRCs offer often overlap, so it’s worth noting a few differences between them:

• CCRCs generally ask residents to sign a sizable long-term contract and pay a hefty buy-in fee. Assisted living communities typically rent on a month-to-month basis and charge a minimal new resident service fee. (Similarly, CCRCs generally ask for a lifetime commitment, whereas assisted living communities rent monthly.)
• CCRCs may rely on continued care service contracts with other providers at off-campus locations. Assisted living communities generally have an in-house staff that maintains the consistency of care.
• Most activities at CCRCs are resident-organized. Assisted living communities tend to hire professionals who specialize in developing monthly calendars of events. These events might include fitness classes or guest lectures.

Guide: CCRCs vs. Senior Living

The Costs of Living at Home

At this point, you may be wondering, “Isn’t it cheaper just to live at home?” Well, that too depends on your circumstances.

Do you own your house or are you paying off a mortgage? Is your house or apartment equipped with aging-in-place modifications, or is that an investment that you’ll have to make? Are you able to perform maintenance and upkeep on your home, or do you pay someone to mow your lawn, clean the gutters, do housekeeping or prepare meals?

Answering those questions can help determine how much you’re really paying to stay at home rather than move into a community. Bear in mind that the cost of aging in place modifications (such as installing ramps, grab bars, better lighting and safer flooring) can range from $3,000 to $50,000.

The cost of living in an assisted living community is around $63,000 per year – a figure that includes everything from rent to care and meals. Compare that to some of the fees that can accrue when we choose to stay at home:

• The average cost of hiring a private duty aide who performs tasks such as cleaning or cooking is around $48,048 per year.
• Employing a full-time home health aide costs about $50,336 per year.
• Adult day health care typically runs around $18,720 per year.

As we age, the costs associated with ensuring that we’re receiving the care, social support and daily maintenance we need can all add up. Older adults often find that paying one lump sum for peace of mind is worth the cost. With a provider like Atria, that sum pays for many features that comprise an active, engaged life:

• Social Life: Social, cultural and educational events to look forward to every day.
• Transportation: Car or bus services that take residents to outings, errands and appointments.
• Dining: Chef-prepared meal options that meet residents’ dietary needs.
• Housekeeping: An attentive staff that handles all maintenance requests and keeps apartments tidy.
• Emergency Assistance: Access to on-site help 24/7 in the event of an emergency.
• Exercise/Fitness: Daily opportunities to improve strength, flexibility and balance with other residents.
• Independence: Assistance from a discreet staff to help residents live on their own terms.

Determining Senior Living Costs

Making sense of the costs associated with moving to a senior living community vs. staying at home can be overwhelming, but we’re here to help. If you or someone you know wants to learn more about Atria, visit AtriaSeniorLiving.com/FindACommunity to discover the location nearest you.