In this article, we will disclose the cheapest state for assisted living in 2024. If you’re looking for more than one option to consider for your retirement, consider exploring all 15 Cheapest States for Assisted Living in 2024.
Navigating the High Costs of Assisted Living
Let me break the news to you: Medicare doesn’t cover assisted living costs. That’s not all. As per Genworth, the median monthly cost of assisted living in the US has now reached a whopping $5,511 per month. This means that as an average retiree living in the States, your chances of affording care options such as assisted living are quite slim. After all, the average Social Security check for the retiree today is a meager $1,906 a month. Since most retirees today only have these SS checks to rely on, it is obvious that they are not going to be thinking of such levels of care anytime in the future.
“Since assisted living is generally a private pay [industry], it’s typical for low- to middle income families who don’t have long-term care insurance to lack the financial means to pay for assisted living”.
– Marcy Baskin, vice president of Senior Care Authority, an elder care consulting franchise
Thankfully, many long-term insurance policies exist that can help cover assisted living costs. Moreover, depending on the state Medicaid program, Medicaid may also help in covering assisted living services. That said, assisted living care is becoming a need for many seniors in the US. This need for assisted living facilities is explained by the fact that Baby Boomers are aging drastically today. 2024 is already deemed as the Peak 65 period, the year the largest group of Baby Boomers are turning 65, and 10,000 Baby Boomers will turn 65 every day till 2030. As analyzed by the Urban Institute, about 70% of people over age 65 will need some type of long-term care before they die.
For the 62 million adults aged 65 and over, there are an estimated 30,600 assisted living facilities in the US. As per the US Census Bureau, the states with the most assisted living facilities are California, Washington, and Florida, while Delaware, Wyoming, and Hawaii are the states with the least assisted living facilities. Costs of living between these states vary, and so do the costs of care within these states.
For this reason, we at Insider Monkey set out to unveil the cheapest states for assisted living in 2024. To arrive at our list, we began by sourcing median monthly assisted living costs from two authoritative sources called Genworth and A Place for Mom. Using Genworth’s 2023 median monthly costs as a baseline, we adjusted these figures for 2024 by applying a consumer price inflation rate of 3.1%. To ensure accuracy, we calculated the mean of the costs from both sources and arrived at our list.
Based on our methodology, the cheapest state for assisted living in 2024 is Mississippi. The median cost of assisted living in Mississippi is $3,836, considerably lower than the national median of $5,511. Residents seeking assisted living care in this Hospitality State may lower costs even further in the state. Read our detailed analysis to learn more.
Mississippi, not your state? Find out if your state made it to our list of Top 15 Cheapest States for Assisted Living in 2024.
