South Dakota, Utah, Colorado Among States With Biggest Cost Difference Between Aging at Home, Senior Living

Older adults in South Dakota, Utah and Colorado stand to save the most money by moving out of their homes and into an assisted living community, according to a new report.

Researchers with Caring.com analyzed the annual cost of living in an assisted community using 2024 from Carescout. They derived the cost of aging at home using a combination of U.S. Department of Agriculture food cost data, home health price data from Carescout and information regarding property taxes, homeowners insurance, utility and energy, internet and cable and home maintenance from Bankrate. The researchers also assumed home modifications such as grab bars, walk-in tubs and stair lifts as part of the additional costs of aging at home.

According to the report, older adults in South Dakota can save more than $81,000 by switching from aging at home to aging in an assisted living community, and save more than $69,000 for each year afterward.

“The savings are this staggering not only because the state has the cheapest annual cost for assisted living in the nation — at just $52,200/ year, per Carescout — but because South Dakota also happens to be one of the top 10 most expensive states in which to age in place based on our criteria,” the researchers wrote.

In Utah, older adults can save an average of almost $69,000 in their first year after moving from home to assisted living and more than $56,000 each year after that, the researchers noted. Utah is also among the top five states where assisted living is cheapest.

“Utah’s population has grown by over 17% the last 10 years, making it the fastest-growing state in the 2020 census. The influx of people has created more demand for housing, maintenance, and groceries, pushing up the cost of living,” the researchers wrote. “Due to these expenses, assisted living in Utah could be a more practical and affordable choice for care than aging in place.”

In Colorado, older adults stand to save more than $67,000 in the first year after moving from home to assisted living, and almost $55,000 each year after.

Other states contained high costs for older adults living at home. Hawaii has the highest utility bill expenses at an average of nearly $8,00 per year. Alaska had the highest annual grocery costs with an average of almost $4,000, according to the researchers. Meanwhile, the state of New Jersey has the highest property taxes with an average of almost $10,500.

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