A new report from the American Seniors Housing Association suggests that for many older adults, senior living actually could be less expensive than receiving care at home.
The study, “The Surprising Price of Staying in a House,” highlights how rising costs — home prices up 22%, food up 31% and home healthcare skyrocketing by 75% — have made senior living options more financially attractive.
The brief was prepared by industry analyst Daniel M. Bernstein, CFA. His analysis shows that the affordability of senior living has improved by more than 20% in the past few years.
It’s reasonable to question whether a report from the senior living sector might be seen as somewhat self-serving, however. And although the economic argument is compelling, it’s unlikely to convince prospects to leave their homes simply based on cost alone.
Why? Because most people would prefer to stay put. Relocating from a place where they’ve built decades of memories isn’t just a financial decision — it’s deeply emotional.
Moreover, transitioning to a senior living community involves more than just financial considerations. The process can be a logistical challenge, requiring families to research communities, schedule visits and manage extensive paperwork. In contrast, staying at home is simpler — there’s no need to pack, sell a house (which may be appreciating in value) or endure relocation stress.
One productive way to shift the conversation is by emphasizing the role of social connections in combating loneliness. Many communities are starting to focus on this aspect, showcasing how senior living environments foster meaningful interactions and a sense of belonging. Although this approach might not immediately seal the deal, it can prompt potential residents and their families to view senior living as a more holistic choice.
Favorable costs may provide a solid foundation for discussion. But to truly resonate with those considering the transition, senior living communities must demonstrate their commitment to enhancing quality of life through connection, community and well-being.
John O’Connor is editorial director for McKnight’s Senior Living and its sister media brands, McKnight’s Long-Term Care News, which focuses on skilled nursing, and McKnight’s Home Care. Read more of his columns here.
