Is a move to a senior living apartment financially sound?
Our homes are our castles. They hold precious memories of holidays celebrated with family, reunions shared with friends, and cherished moments spent observing the birds that flock to our yards. Not to mention all the contents that enrich our lives—mementos from vacations, gifts from loved ones, artwork carefully selected.
And they can also feel like our imprisoner, constantly asking more from us. Home maintenance and upkeep is a never-ending—and often expensive—chore. We vacuum carpets only to walk on them, and need to vacuum again. Appliances fail, paint flakes away, and weeds invade.
Usually, finances don’t drive the decision to move to senior living. Two previous blogs examined the physical aspects and social implications. Considered together with finances, they will guide you to feel empowered to decide what housing arrangement is best for you.
Apples to Apples Comparison
Examining the financial impact alone reveals some surprising facts. First, while many may be tempted to compare the monthly rent in a senior living community to the cost of rent or mortgage for their home or apartment, this is an inaccurate comparison.
One’s mortgage or rent is only a portion of the cost of living in a house. When considering utilities, taxes, regular upkeep of a house and yard, and housing maintenance costs—anything from replacing the roof to cleaning carpets—the cost is much greater than monthly mortgage payments. Typically, the older one’s home is, the more work it will require.
Enjoy the benefits of outdoor spaces—without the burden of upkeep!
Impact on Lifestyle
Perhaps the most important factor to consider is that moving to a senior living community changes your lifestyle. “This is about thriving and supporting one’s independence,” Heather Michaud, Marketing Director at Bruceville Point, said. Do you enjoy spending time maintaining your house, or would you rather spend time visiting with friends or learning a new skill? Do you want to continue to invest in an older home, or would you rather invest in your overall health and well-being? Are you able to maintain the lifestyle you enjoy at home, or are social connections and engaging cognitive tasks shrinking?
Supportive Relationships
Heather and Maricel Gobaleza, Bruceville Point’s Marketing Counselor, encourage residents and their families to be transparent with each other. When support comes from family and friends, it can be difficult to determine the true costs of staying home. In the United States, unpaid care is estimated to be a $600 billion industry. While having support from loved ones is crucial, we should recognize the cost of that support in lost wages, reduced career opportunities, out-of-pocket expenses, and additional stressors. Often, there is a cost to the relationship as well. By being realistic about what others can offer—and asking what they want to offer—you will have a more realistic accounting. (It can also help preserve significant relationships.)
Honest conversations with family members are crucial to making important decisions.
Making the Right Move
Moving, of course, also comes with a cost. Heather and Maricel advise people considering a move to check if the community provides a range of care options. You might move for the peace of mind knowing someone is available 24 hours a day or for the social benefits of living in a community. Later, you may need help with medication. Make sure the community can adjust to your changing needs.
The Senior Housing brief concludes: “The cost of living in a house priced at the U.S. median of $400,000 with even a modest level of home health care can easily exceed the cost of an independent living community and approaches the cost of assisted living. In addition, a senior living in a house with part-time care does not get the companionship and social interaction that a seniors housing community can provide, which many studies indicate are beneficial for a senior’s mental acuity and well-being.” (Source: “The Surprising Price of Staying in a House,” a Special Issue Brief from the American Seniors Housing Association, Fall 2024)
Use the simple spreadsheet below to more accurately compare the costs of living in one’s home to the costs of a senior living community.
Cost Comparison
| Monthly Expenses | Costs at Home | Senior Living Costs |
|---|---|---|
| Mortgage or rent | ||
| Caregiving: Personal care services if needed | ||
| Property tax and insurance | Included | |
| Home maintenance and repairs | Included | |
| Lawn care and yard maintenance | Included | |
| Housekeeping | Included | |
| Utilities (electricity, gas, registration, repairs) | Included | |
| Cable, Internet | Included | |
| 24-hour security | Included | |
| Transportation | Included | |
| Groceries/Dining | Included* | |
| Social and entertainment | Included | |
| Exercise and wellness | Included | |
| 24-hour emergency alert system | Included | |
| Total Actual Costs |
*All meals are included for residents who have an assisted living or memory care plan. Residents without a care plan receive a monthly allowance toward meals.
