Indiana is the 10th least expensive state for assisted living costs, study shows
INDIANAPOLIS (WISH) — A new study by Seniorly finds that Indiana is the 10th least expensive state to pay for assisted living facilities.
The average monthly cost in Indiana, according to the study, is $3,695, which they say is down from $4,328 in 2021. The national average cost monthly is $4,401.
The cost of assisted living is rising due to occupancy rates rebounding to pre-pandemic levels along with rising labor costs. Along with inflation cutting seniors’ spending power. This makes it all the more crucial to find an affordable facility.
Seniorly acquired this data based on its network of 60,000 facilities from 2023, along with its proprietary Pricing Estimator algorithm the company used.
A study also showed how long and how much a person would need to save for a year in assisted living. Indiana residents would need to save for 16.2 years’ worth of money based off Indiana’s median income of $66,885.
Home health aides as an alternative to facility living would cost an average of $5,057 monthly.
For the most expensive states Seniorly found:
- New Hampshire: $8,248 per month
- District of Columbia: $6,835
- Delaware: $6,101
- Hawaii: $5,924
- Wyoming: $5,894
For the five most affordable states for assisted living:
- Louisiana: $2,946 per month
- Georgia: $3,318
- South Dakota: $3,378
- Iowa: $3,420
- Minnesota: $3,472
Check out Seniorly’s article on their website to learn more about the subject.