Average annual rates for assisted living residents surpassed $51,000 per year in 2021, with New Jersey ranking as the most expensive state for those services.
That’s according to Lincoln Financial’s (NYSE: LNC) annual What Care Costs study. The survey, released earlier this year, shows that the cost of senior care services are steadily rising.
On average, senior living prospects and their loved ones looking for an assisted living community can expect to pay monthly rates of just under $4,300 for a studio apartment, more than $4,800 for a one-bedroom apartment and more than $5,000 for a two-bedroom apartment.
New Jersey is home to the highest average monthly rates for all types of assisted living units, ranging from almost $6,400 for a studio apartment to a little more than $8,300 for a two-bedroom apartment.
Louisiana has the lowest average monthly rates for one-bedroom units at $3,500 and North Dakota has the lowest average monthly rates for two-bedroom units at $3,900 per month.
Rates ranged widely from state to state, and among different markets within a state.
For example, a prospective assisted living resident in North Carolina can expect to pay an average monthly rate for a studio apartment of more than $7,200 in the Raleigh-Durham area, but eighty miles south in Fayetteville, average monthly rates are about $2,800 per month, according to the report.
The Lincoln Financial Survey also showed costs for home health aids increased by 5% in 2021, rising to $27 per hour. The average cost of nursing care registered at $128 per hour for care provided by a licensed practical nurse (LPN) and $145 per hour for care provided by a registered nurse (RN).
The results are similar to the findings of the most recent Genworth Financial (NYSE: GNW) Cost of Care Survey, which showed the median annual cost for a one-bedroom residency at an assisted living community had reached $54,000 in 2021.
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