A Place for Mom recently released the 2017 version of the Senior Living Cost Index. This index provides monthly cost estimates for rent and care charges for thousands of US cities. Families use this to help budget and decide which cities would be most affordable. Partners can use this to compare against the market and see how costs are growing throughout the US.
This year, our interactive map lets you compare senior living costs for over 2,000 US cities and towns. These costs are based on what families actually spend for rent and care. Click here to check it out!
Senior housing cost growth accelerates, but remains relatively slow
For 2016, the median growth rate the cost of senior living rose faster than inflation, at a similar rate to housing rents, a slower rate than healthcare costs, and a much slower rate than home sale prices.
The nationwide median growth rate for 2016 was only 2.9%, but comparing that to the median annual growth rate average between 2012-2016 of 1.8%, we can see that the growth is accelerating. The exception is the South, where cost growth slowed from 2015.
Senior Living cost growth mirrors the residential rental market
Metros with the hottest rental markets tent to have the fastest growing senior living costs. In 2016, 4 of the top 5 fastest growing senior living costs were also in the top 5 metro areas in terms of average monthly rent costs. According to Zillow, annual growth in residential rents has grown between 2 and 5 percent between 2013 and 2016 which is similar to the growth seen in senior living.