The cost of senior housing varies depending on the type of housing, level of care, and location. Here’s what you need to know:
Typical Costs
- Independent Living: $900–$2,700 per month
- Assisted Living or Memory Care: $1,500–$10,700 per month
- Skilled Nursing Facilities: Often the most expensive, depending on medical needs
Costs may also include entry fees for certain communities or services.
What’s Included?
Most senior housing options bundle services into the monthly fee, such as:
- Utilities (gas, water, electricity)
- Housekeeping and laundry services
- Transportation
- Meals and dining options
- Access to amenities and activities
Always ask for a detailed breakdown of what’s included.
Financing Options
While Medicare and Medicaid typically don’t cover room and board, there are ways to help pay for senior housing:
- Sell Your Home: Many seniors use proceeds from selling their home to fund housing.
- Veterans Benefits: Programs like Aid and Attendance can help veterans with assisted living costs. Contact the VA for details.
- Long-Term Care Insurance: Policies may cover some senior housing expenses, depending on the type of care needed.
- State Assistance Programs: Some states offer additional funding options.
Subsidized Housing Options
For those on a tighter budget, programs through HUD and local housing agencies provide affordable options, including:
- Low-Income Housing Tax Credit (LIHTC) apartments
- Section 202 Supportive Housing for the Elderly
- Public housing and Section 8 vouchers
Pro Tip
Start your search early to understand all costs and financing options. Researching programs and budgeting ahead of time can make the process much smoother.
Still unsure about your options? Revisit What is Senior Housing? to start from the basics.