OpenPlacement Blog

The Cost of Senior Living (INFOGRAPHIC)

As we become older, there is more demand for help in our daily lives. However, with the upcoming baby boomer population, space at senior care homes may become limited. In addition, the cost of senior living options have a substantial increase annually. The cost of senior living varies with the type of residence, apartment size, and types of services needed. The basic rate may cover all services or there may be additional charges for special services. We have simplified the finances and defined various housing options available below in an infographic of our own. We chose to dig deeper into the statistics of California as a side-by-side comparison to the rest of the United States since many of our readers and users of OpenPlacement are here in California.  Please leave any comments, suggestions, and/or advice for our readers in the comments section below.  In addition, if you would like to see a particular infographic made in the future, feel free to let us know!

INFOGRAPHIC_Cost_of_ SL

The Cost of Senior Living - Key Facts:

  • In the United States, there were 41.4 million (13.3% of total population) seniors 65 and older in 2011 with that number continuing to grow everyday. The projected population of seniors 65 and older in 2060 is 92.0 million. Of that population, 18.2 million would be 85 or older. The year 2056 will be the first year seniors outnumber the population of 18 year olds or younger.

  • Statistics show 50% of seniors live with their spouse while 30% live alone. 17% was split between living in multi-generational homes (7%), "other," including senior living communities (6%), and living in nursing homes (4%).

  • Two out of three seniors over the age of 65 will need long-term home care.

  • 19% of seniors 70 - 74 need help with ADLs (Activities of Daily Living). 75% of seniors 90+ need help as well.

  • Housing opportunities for seniors and their families come in two options with three subcategories each. Listed below each subcategory is the median annual rate in 2013 for California, in specific, and the average for the United States collectively. As you can see, California's median annual rate is above the United State's average. However, even though the rate for California is high and above average, this state still does not have the highest median annual rate in the United States. Alaska and Connecticut have the two highest median annual rates among the United States with up to $255,891 and $151,658 for Nursing Homes (Private Room), respectively.

  • Living at Home

    • Homemaker Services (Licensed)Provides “hands-off” care such as helping with cooking and running errands. Often referred to as “Personal Care Assistants” or “Companions.”

      • CA: $50,336

      • US: $41,756

    • Home Health Aide Services (Licensed): Provides “hands-on” personal care, but not medical care, in the home, with activities such as bathing, dressing and transferring. 

      • CA: $52,510

      • US: $44,479

    • Adult Day Health CareProvides social and other related support services in a community-based, protective setting during any part of a day, but less than 24-hour care.

      • CA: $20,020

      • US: $16,900

  • Living at a Facility

    • Assisted Living Facility (Single Occupancy)Provides “hands-on” personal care as well as medical care for those who are not able to live by themselves, but do not require constant care provided by a nursing home.

      • CA: $44,520

      • US: $41,400

    • Nursing Home (Semi-Private Room)Provides skilled nursing care 24 hours a day.

      • CA: $83,950

      • US: $75,405

    • Nursing Home (Private Room)Provides skilled nursing care 24 hours a day.

      • CA: $97,820

      • US: $83,950

To view more statistics of the cost of senior living on California and the other 49 states, click here(https://www.genworth.com/dam/Americas/US/PDFs/Consumer/corporate/130568_032213_Cost of Care_Final_nonsecure.pdf) via Genworth.