In a recent study, Maryland emerged as the 14th least expensive state in the U.S. for assisted living facilities in 2024, with an average monthly cost of $3,800. This figure represents a decrease from the $3,955 average in 2021, positioning the state significantly below the national average of $4,401.
The study, conducted by Seniorly, a company specializing in senior living options, analyzed move-in data across their network of 60,000 senior communities and employed their proprietary Pricing Estimator algorithm to ascertain these figures for 2023. This comprehensive analysis provides a detailed overview of the cost landscape for assisted living across the country.
Factors influencing the rising costs of senior living include increased occupancy rates approaching pre-pandemic levels and escalating labor expenses. Concurrently, inflation has adversely impacted seniors’ purchasing power, particularly affecting those reliant on fixed incomes. This economic backdrop highlights the importance of locating affordable assisted living facilities.
In Maryland, the study revealed that residents must save approximately 11.7 years to afford one year of assisted living. This calculation is based on the state’s median income of $94,991, the average savings rate of 4.1%, and the average cost of assisted living. Such statistics underscore the financial planning required for senior living.
An alternative to assisted living, home health aides in Maryland come at an average cost of $5,462 per month, offering a different avenue for senior care.
The study also identified the five most expensive and affordable states for assisted living. New Hampshire is leading the list of the most expensive states, with an average monthly cost of $8,248, followed by the District of Columbia, Delaware, Hawaii, and Wyoming. On the more affordable end, Louisiana topped the list with an average cost of $2,946 per month, followed by Georgia, South Dakota, Iowa, and Minnesota.
This analysis offers valuable insights for families and seniors planning for assisted living, highlighting the variability in costs across states and underscoring the need for careful financial planning in the face of rising living and healthcare expenses.
