At first glance, it may appear that living at home as you age is a more affordable option compared to moving to a senior living community. However, it’s essential to take a comprehensive look at the total cost of living in your current situation rather than solely focusing on your mortgage or rent payments. Housing costs represent only a portion of your overall financial obligations.
Discover how to accurately compare the cost of senior living versus aging in place at home from the team at Emory Mills Senior Living.
What to consider when comparing senior living and home care costs
When you live at home, there are many additional expenses to consider. For example, you must factor in the cost of groceries and meals, which can add up significantly over time. Utilities, like electricity, water, gas, and the Internet, are also ongoing expenses that contribute to your monthly budget.
In addition to these costs, home maintenance is another crucial factor. Regular upkeep, repairs, and occasional renovations can lead to substantial expenses, not to mention the costs associated with property taxes and homeowners’ insurance, which are often overlooked but necessary for safeguarding your investment.
Entertainment is another category to consider. Whether it’s dining out, subscription services, or recreational activities, these expenses can easily accumulate and affect your budget. Additionally, healthcare costs, including insurance premiums, medications, home care services, and regular medical checkups, should also be part of your calculations, especially as one ages.
By factoring in all these various expenses, you can create a more accurate and apples-to-apples monthly expense comparison to senior living. Use the following cost comparison worksheet to help you make an informed decision based on your unique financial situation.
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Cost Comparison Worksheet
| Monthly Expenses | Costs at Home | Senior Living Costs |
|---|---|---|
| Mortgage or rent | ||
| Caregiving | NA | |
| Property tax and insurance | NA | |
| Home maintenance and repairs | Included | |
| Housekeeping | Included | |
| Utilities (electric, gas, water, trash removal, Internet, etc.) | Included | |
| 24-hour security | Included | |
| Transportation | Included | |
| Dining | Included | |
| Social opportunities and entertainment | Included | |
| Exercise and wellness | Included | |
| 24-hour emergency alert system | Included | |
| Total Monthly Expenses |
Remember to keep in mind the true value of senior living
What is the true value of a senior living community? While your comparison may reveal that the costs are higher than expected, it’s crucial to weigh the benefits senior living brings to quality of life.
Senior living communities offer a supportive environment that promotes social interaction, safety, and access to services that can enhance daily living. Moreover, it’s important to recognize that the peace of mind that comes from knowing your loved one is in a secure and nurturing space is priceless.
Find compassionate care and specialized support at Emory Mills
Offering a scenic view of the valley with the convenience of city living, family-owned Emory Mills provides assisted living and memory care to older adults. The comforting, secure, and homelike environment supports each individual with personalized care and the specialized and research-based I’m Still Here ® approach to meaningful and purposeful living, also known as The Hearthstone Difference.
Download our financial planning guide to learn everything you need to know about the costs of senior living.
