How Much Does Assisted Living Cost Per Month?
Whether you are exploring assisted living communities for yourself or an aging parent, cost is always an important consideration. Understanding the cost of assisted living in Florida allows families to see the value of a supportive living environment. Though aging-in-place has its merits, these communities can often provide more peace of mind for less money.
Discussing expenses also helps in planning for the future. By knowing what assisted living will cost each month, individuals can better evaluate their financial situation. In doing so, they can pick the right community for their budget while meeting their wellness needs.
Moving into a supportive living environment can greatly improve your lifestyle, but many people wonder if they can afford it. How much does assisted living cost per month? What is the average cost of assisted living in Florida?
Assisted living costs an average of $4,051 per month or $48,612 annually for a residential community.
$4,051 is the national average, but assisted living prices vary by location as well. Monthly costs range throughout the United States, from $2,881 in Missouri to $11,288 in the District of Columbia. In Florida, it costs around $3,500 monthly, on average, depending on whether you live in the south, on the Panhandle or in between.
Of course, the costs vary with the different amenities, as communities also range in size and services.
Cost of Assisted Living in Florida
Florida is easy on the budgets of retirees. As previously noted, the average cost of assisted living in Florida is $3,500, about $500 less than the national average. However, this price varies by city.
Assisted living communities in Miami, Tampa, Punta Gorda and the Sebastian area, for instance, are more affordable. Families can expect to pay $2,836 to $3,375 per month in these locations. On the higher end, families can expect to pay $4,500 to $5,375 per month near Panama City, Deltona, The Villages in Sumter County and Tallahassee. Communities are moderately priced near Gainesville, Lakeland and Port St. Lucie, with prices averaging $3,463 to $3,500 per month.
The monthly fee for assisted living at Sterling Aventura starts at $3,675 with five wellness options based on individual capabilities. Valeo™ memory care starts at $4,500 and is all-inclusive.
What’s Included in the Cost of Assisted Living?
There are many factors worth considering when budgeting for supportive living for yourself or your family members. Though the assisted living cost per month can be daunting, this recurring charge includes a variety of amenities and services. In fact, after assessing the cost of aging-in-place, many find assisted living communities to be a simpler and more affordable option.
Understanding the cost of assisted living and what factors influence this cost can help you see the value of assisted living.
Services and Amenities
At Sterling Aventura, the monthly charge affords access to services and amenities such as:
- All-day dining with delectable chef-prepared entrées in our dining room
- Emergency response system
- Utilities included (except phone)
- 24-hour health monitoring team
- Personalized Salus™ and Valeo™ wellness programs
- Beauty and barber salon
- Media room
- Entertainment, social events and educational programs
- Housekeeping, laundry and linen services
- Scheduled group transportation to social events and cultural programs
- Beautifully landscaped courtyards with walking paths
- Maintenance and repairs
- Landscaping and trash removal
- Pet-friendly environment
At Sterling Aventura, the monthly cost of assisted living also includes ADL (activities of daily living) and IADL (instrumental activities of daily living) services needed to ensure residents remain safe while maintaining as much independence as possible.
For those who need additional support, Sterling Aventura offers a wellness package that includes:
- Medication management
- Physical, occupational and speech rehab services
- Visiting physicians, home health and hospice providers
Room Selection and Cost of Assisted Living
How much assisted living costs per month is greatly influenced by the room you or your family member selects. Each assisted living community has a different layout, and many have information online as to the different options regarding accommodations. However, generally speaking, the more private a sleeping space is, the more expensive it will be.
This is true not only for shared and private rooms but also for the community itself. Smaller communities with only a handful of rooms sometimes offer more personalized services. Larger communities may be less expensive, depending on the services provided.
Residential rooms inside a supportive living establishment can have private or shared rooms, with either private or shared bathrooms. As mentioned, private rooms are typically more expensive, but not always. For example, at The Sterling Aventura in Florida, we offer private assisted living apartments starting at $3,675, less than $200 more than the state average for all rooms, including shared spaces.
Changes in the Cost of Assisted Living Over Time
Like other expenses, the cost of supportive living environments have risen over time. In 2004, an assisted living community cost just $28,800, while in 2019 the average was $48,612, according to the Genworth survey. That’s a nearly 69 percent increase over the last 15 years.
It’s important to be aware of the change in cost over time because it could affect how you budget. In most cases, adults expect living expenses to rise over time—after all, they do so for every adult, whether you’re 20 and living in an apartment or retired and living in a community.
If you’re concerned about cost changes, however, the best course of action is to talk to the community you’re interested in. At The Sterling Aventura, we’ve designed the community to be both comfortable and affordable. Team members are always available to answer questions about pricing, so you have the information you need to make the right choice.
Cost of Assisted Living vs. Other Senior Living Options
Cost is an important consideration when exploring senior living options. If an individual is still mobile and capable of completing daily tasks alone, an independent living community might be the best financial choice. Comparatively, if an individual is struggling to eat and bathe, they would be better suited for an assisted living community, even though this option is typically more expensive.
In short, determining the best supportive living option for yourself or a family member requires considering financials in conjunction with wellness needs. We continue this conversation below.
Cost of Assisted Living vs. Aging in Place
Many older Americans hope to stay in their homes as long as possible, especially if they’ve already paid off their mortgage. However, there are costs associated with this option.
That independence may require hiring help to live or work in your home on a regular basis. Housekeeping services cost $22.50 an hour, on average, while a home health aide would cost $23 an hour, according to the Genworth survey. If a housekeeper works five hours a day, three days a week, that yearly cost would be $17,550. Home health aides often work more frequently.
This doesn’t consider the lawn maintenance, property taxes, insurance and other bills that come with homeownership. In short, assisted living facilities are often cheaper and simpler alternatives to aging-in-place.
Cost of Assisted Living vs. Independent Living
Independent living communities are designed for active, older people who are seeking companionship, services and amenities. These individuals do not need ADL or IADL assistance but do benefit from living in a group setting.
Since independent living communities offer less intensive daily support, the monthly cost is typically less than that of an assisted living community. Whereas the average cost of assisted living in Florida is $3,500 per month, the state’s average cost of independent living is $2,545.
However, just because an independent living community is more affordable, doesn’t mean it is the right option for you or your family member. If an individual struggles to get dressed or feed themselves, these supportive living environments will not satisfy their needs.
Cost of Assisting Living vs. Memory Care
Memory care communities provide support to individuals who are suffering cognitive decline related to progressive conditions like Alzheimer’s disease and dementia. Much like assisted living communities, these facilities provide ADL or IADL assistance as well as memory-enhancing activities.
Because of these specialized services, the cost of memory care is typically higher than the cost of assisted living. The average cost of memory care in Florida, for instance, is $4,200 a month.
Tips for Budgeting for Assisted Living
An assisted living community is often the most affordable option for people who need or want a little bit of help on a daily basis. It’s often cheaper than regular in-home care and provides amenities that help residents stay active and enjoy their retirement more.
However, budgeting is still important. People interested in assisted living have several options to improve their budgets, including retirement savings, annuities, downsizing from their home and using money from the sale, long-term care insurance policies and aid programs, such as VA benefits, Medicare or Medicaid.
When preparing your budget, evaluate your current financial position and the additional support options available to you. If Medicare or Medicaid can cover more healthcare costs, you can devote that money to supportive living. Or, if you have long-term care insurance, you may have a wide range of options available to you.
If you’re still unsure about your options, bring in someone who can help. Friends and family, as well as financial advisors, can help you better understand your options.
Affordable Living at The Sterling Aventura
Every person deserves an active, enjoyable retirement in comfortable surroundings. In almost every case, there’s a way to afford the support and your favorite community.
At The Sterling Aventura, we’re here to make your goals a reality. Our team can help answer your questions about assisted living, including costs and what’s included in our community. Contact us to learn more or download our free Assisted Living Resource Guide today.