Many of the best things in life really are free, like a grandchild’s sweet giggle or a beautiful sunset. Finding the ideal retirement lifestyle that fits your budget, however, does require looking at numbers: for example, comparing the cost of staying at home versus the cost of senior living.
And even if you first assume that it would be more affordable to remain at home, a careful look at what you are actually paying might just change your mind.
The cost of senior living versus staying at home: what you pay and what you get
It’s logical to assume that because your mortgage is paid, living at home would be more economical. The key is to think about what you really pay for each month and during the year, to stay in your house.
For example, things like insurance, appliance repair and replacement, maintenance of the roof, gutters, landscaping, and overall structure of your home. New paint and flooring when needed. Ongoing service of furnace and air conditioning. Plumbing issues. Landscaping and garden maintenance. A security system. Heating and cooling monthly bills. Pesticide services. Housekeeping. And so on.
Then, there’s all the quality-of-life issues that also can result in additional expenses. Here are a few:
- Maintaining a car and driving or arranging transportation for yourself.
- Grocery shopping, preparing meals, and making sure you are getting proper nutrition.
- Trying to maintain an exercise regimen either at home or at a gym (again, driving there).
- Handling late-night storm damage or loss of electricity on your own or trying to reach a family member to assist you.
- Feeling the harmful effects of isolation and loneliness because your social opportunities have become limited.
- Boredom from the same routine day in and day out.
- Renovating your home to match requirements for aging in place, such as adding an entryway ramp, safety features in the bathroom, reconfiguring the kitchen, and addressing other possible safety hazards.
- Wondering what will happen should your care needs change.
It can add up to a whole lot of worry. But at Avalon Park, we believe this should be an exciting and fulfilling chapter of your life, and we want you to make the choice that works best for you and your family. We’ve put together a chart to help you make an accurate comparison of the cost of senior living versus the cost of staying at home.
Download our Guide
Cost of senior living vs. costs of staying at home: What does it tell you?
| MONTHLY EXPENSES | COST OF STAYING AT HOME | COST OF SENIOR LIVING |
| Mortgage or rent | ||
| Caregiving | ||
| Property Tax and Insurance | Included | |
| Home maintenance/repairs | included | |
| Lawn care/yard maintenance | Included | |
| Housekeeping | Included | |
| Utilities (electricity, gas, water, trash removal) | Included | |
| 24-hour security | Included | |
| Transportation (insurance, gas, registration, repairs) | Included | |
| Dining | Included | |
| Social/Entertainment | Included | |
| Exercise and wellness | Included | |
| 24-hr Emergency Alert System | Included |
Once you’ve looked at the numbers, you might decide that choosing a carefree lifestyle offering more freedom and more friends is what will best fulfill your retirement dreams. Because it’s not only that senior living can offer you so many more advantages than staying at home, but also how the right environment can enhance your life, or the life of your loved one. As we say at Avalon Park, Live Well and Live Better.
Of course, living well and living better means different things to different people, so we’ve created a lifestyle of senior living activities that promote wellness in all forms. That means plenty of options to attract your personal interests and fit your definition of a fulfilling life – whatever it means to you.
From social gatherings and off-site excursions to fitness classes and cardio equipment, we offer so many amenities, choices and opportunities to live well and live better. We invite you to learn more.
Active independent living doesn’t get more convenient than this!
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