Senior Housing News March 4, 2025
Inflation is the biggest factor in driving up the average cost of assisted living, with costs for residents increasing by 10% in 2024 from 2023.
That’s according to the 2024 Cost of Care Survey conducted by Genworth (NYSE: GNW) and CareScout. The report compiles cost data spanning 383 cities and towns in all 50 states based on responses from 15,000 responses between July and December of 2024.
According to the report, an average unit in an assisted living community now costs an average median of $5,900 per month and $70,800 per year, representing a 10% gain over 2023.
The increase reported in 2024 from 2023 within assisted living communities is up $6,600 annually and $550 monthly. For context, Between 2021...
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