This article takes a look at the top 15 Cheapest States for Assisted Living in 2024. You can skip our detailed analysis and jump directly to The Top Cheapest State for Assisted Living in 2024.
Uncovering the Cost of Assisted Living in the States
Baby Boomers are living longer. While this may be good news for the older folks, it’s evidently putting a huge strain on resources, especially in the realm of healthcare. Back in 2000, the Medicare-eligible population in the US was a mere 35.1 million. However, this number is expected to reach 69.7 million by 2030. Add in the fact that 2024 is the year marked as the Peak 65 period, the last and largest group of baby boomers turning 65, things aren’t looking bright when it comes to managing healthcare costs. The need for Medicare and age-related services is evidently rising, and it seems all too expensive for the aging retiree today.
According to research by the University of Southern California, this generation may be living longer, but not exactly healthier. It is reported that Baby Boomers are experiencing higher levels of obesity, cholesterol, hypertension, and even diabetes. Since many of these conditions require long-term care, it’s significantly straining senior budgets as well. An estimated 20% of US adults aged 80 and over state they either need or currently receive help with their day-to-day living tasks. As per the National Association of Real Estate Investment Trust, the majority of assisted living community residents move in between the ages of 75 to 84. Assisted living communities are home to an estimated 818,000, or 2% of seniors today. The most assisted living facilities are in the state of California, home to an estimated 4,100 facilities. Yet another 1.2 million people reside in nursing homes, homes that offer long-term nursing care in a clinical environment to seniors as opposed to the home-like environment enjoyed in an assisted living facility. Despite the type of care needed, one thing that has been established is that not everyone can afford such levels of care.
According to Genworth Financial 2024 data, the cost of a nursing home per month is $9,733 for a private room, while it is $8,669 for a semi-private room. Moreover, the estimated median assisted living cost in the US is $5,511 per month. This implies that assisted living costs in the US are considerably cheaper than nursing homes. Based on our IM findings, the most expensive state for assisted living in the US is Vermont, with median monthly assisted living costs being an estimated $7,695 per month. Considering the average Social Security check for a retiree today is a mere $1,906 per month, and the fact that most retirees only have these checks to rely on, stating that things look bleak for retirees seeking long-term care would be an understatement.
Nevertheless, senior care is a reality that cannot be ignored, which is why it is only wise to be proactive with costs and save the most of one’s retirement income. One thing seniors often ask us when planning for assisted living is whether assisted living costs are covered by Medicare. Unfortunately, Medicare doesn’t cover most assisted living costs. This is because Medicare doesn’t pay for “custodial care”, a term defining help needed with daily life tasks. For those requiring assisted living care for themselves or their loved ones, we at Insider Monkey have calculated assisted living costs by state to present you with the cheapest states for assisted living in 2024.
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Methodology
To compile the list of the top cheapest states for assisted living in 2024, we began by listing all the states in the US. Next, we sourced median monthly assisted living costs from two authoritative sources 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, thereby providing a robust and reliable estimate of assisted living expenses for each state.
While our list provides a reasonable estimate of costs in each state, it’s advisable to reach out to specific assisted living facilities in the area you’re interested in and inquire about their pricing structures and what services are included.
Check out which states made it to our list of Top Cheapest States for Assisted Living in 2024:
15. Idaho
Median Monthly Assisted Living Costs: $4,855
At number 15 on our list of cheapest states for assisted living in 2024 is the State of Idaho. Known for its beautiful scenery and precious natural landscape, retirees often choose Idaho as their golden-period destination. The state has been making considerable improvements when it comes to care options for seniors. In terms of assisted living care, there are an estimated 144 assisted living facilities in the state of Idaho. While the state median cost of assisted living is $4,855, these costs vary between geographic locations. For instance, you will find assisted living costs to be cheaper in areas such as Boise City and Idaho Falls, but a bit expensive in cities such as Coeur d’Alene.
14. South Dakota
Median Monthly Assisted Living Costs: $4,853
South Dakota recently topped our list of best states to retire in the US, boasting the best balance between healthcare, affordability, and tax-friendliness. What makes this state even better is that assisted living costs are cheap as well, at a median cost of $4,853 a month. This is $658 lower than the median cost of assisted living in the US. There are more than 130 assisted living communities in the state of South Dakota, and the state ranks considerably well when it comes to overall wellness in the US.
13. Missouri
Median Monthly Assisted Living Costs: $4,849
Our recent study on the best states to retire in the US financially placed Missouri at number five. This state is a dream for retirees when it comes to cost of living and taxes. The state no longer taxes Social Security retirement income, another factor that draws retirees to this state. However, that’s not all. This state is also one of the cheapest states for assisted living in 2024, with a median monthly assisted living cost of $4,849. There are over 480 assisted living facilities in the state.
12. Wyoming
Median Monthly Assisted Living Costs: $4,772
Next on our list of cheapest states for assisted living in 2024 is the state of Wyoming. Wyoming is one of the most affordable states to retire in the US, which is why it makes sense that assisted living costs are cheaper than many other places in the States. A Genworth 204 report notes that assisted living costs in the state have increased by 37.44%.
11. Indiana
Median Monthly Assisted Living Costs: $4,756
Indiana is another state where retirees can save some bucks on assisted living, $755 to be exact when compared to the national median. According to Assisted Living.org, there are more than 300 assisted living facilities in the state. Besides being one of the cheapest states for assisted living in 2024, Indiana is also a great retirement destination because of its affordability and peaceful lifestyle.
10. Tennessee
Median Monthly Assisted Living Costs: $4,715
Next up on our list of cheapest states for assisted living in 2024 is the state of Tennessee. Tennessee is an affordable state to retire to, with median monthly assisted living costs estimated to be $4,715. There are more than 460 assisted living communities in the state, offering a diverse range of senior living options.
9. Florida
Median Monthly Assisted Living Costs: $4,602
The Sunshine State of Florida is another state where retirees can avail of assisted living at a price that is lower than the national median. Florida Healthcare Association notes that the state has around 3,080 licensed assisted living facilities in the state. This state is known to be elder-friendly owing to its senior population of more than 5 million. Therefore, it only makes sense to have a larger number of care facilities available to cater to the senior population.
8. South Carolina
Median Monthly Assisted Living Costs: $4,543
An assisted living resident in the state of South Carolina is expected to pay a median monthly sum of $4,543 on assisted living costs. This is $968 lower than the national median. There are more than 200 assisted living facilities in the state, and smaller communities and suburban localities usually cost more than places such as Charleston Columbia.
7. Louisiana
Median Monthly Assisted Living Costs: $4,352
The state where the median monthly assisted living costs are even lower than states such as South Carolina and Florida is Louisiana. The median monthly cost of assisted living in the state is $4,352. Some popular assisted living facilities across the state are Audubon Care Homes – Dreyfous House, Avanti Senior Living at Covington, and Azalea Estates of Gonzales.
6. Kentucky
Median Monthly Assisted Living Costs: $4,317
Next on our list of top cheapest states for assisted living in 2024 is the state of Kentucky. Assisted living in the state costs a median monthly amount of $4,317, considerably lower than the national median. Seniors can find even cheaper assisted living in places such as Owensboro, where the cost of living is an estimated 20% lower than the national average. Some popular assisted living facilities across the state are The Summit of Edgewood, Morning Pointe of Frankfort Senior Living, and Daisy Hill Senior Living.