Average salaries for assisted living community presidents/CEOs across the country increased 1.33% over the past year, down from the 4.12% increase the executives received in the previous year, according to the “2022–2023 Assisted Living Salary & Benefits Report” published by Hospital & Healthcare Compensation Service.
Average CEO salaries grew from $110,124 in 2021 to $111,591 in 2022, based on data from survey respondents who participated during both years.
Overall, among all respondents to this year’s survey, including those who may not have participated in previous years, average total compensation for CEOs, including salary and bonus, was $134,103 last year, down from $139,407 in 2021.
The top executives’ salaries increased with community revenue size or number of beds, according to the report. CEOs at not-for-profit communities averaged higher salaries than their for-profit counterparts overall, although data on the for-profit side was only available in two regions.
Regionally, average CEO salaries were highest in the West North Central region — which includes Iowa, Kansas, Minnesota, Missouri, Nebraska, and North and South Dakota. The Middle Atlantic region — New York, New Jersey and Pennsylvania — had the second-highest salaries, followed closely by the New England region — Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
The West South Central region — Arkansas, Louisiana, Oklahoma and Texas — had the lowest average salaries.
In the 16 states for which there were sufficient data, the highest average salary went to CEOs in New Jersey, while the lowest-salaried executives were located in Michigan. Texas trailed Michigan closely in lowest executive salaries, coming within a few hundred dollars of the Wolverine State.
Assisted living CEOs averaged less than their counterparts at continuing care retirement communities and nursing homes, according to salary data comparisons. CCRC CEOs had the highest average annual salaries, at $171,842. Top nursing home executives followed, with average annual salaries of $120,173. Assisted living CEO salaries averaged $107,453.
The report covers 20 management and 30 non-management positions and is conducted with LeadingAge and supported by the National Center for Assisted Living. More than 1,100 assisted living communities participated in the study, providing data on more than 71,200 employees.
The report, now in its 25th year, is available for purchase on the HCS website.
Read the report’s data on turnover rates in assisted living here.
