An analysis from Seniorly, an online senior-living finder headquartered in San Francisco, found that the steady increase in senior housing occupancy over the past year means that demand is now outpacing supply, and that rent and other costs are also on the rise. The analysis is based on move-in data across the company’s network of 60,000 senior communities from 2023.

Among the findings:

• Assisted living is getting more expensive. Between 2021 and 2023, average costs rose in 30 states, with the biggest increases seen in Wyoming (53%), West Virginia (46%) and New Hampshire (46%).
• In-home care is more affordable than assisted living. Median costs for home health aides are lower than assisted living communities in all but six states. The biggest price differences are New Hampshire, where assisted living costs $1,674 more per month than in-home care.
• The average monthly cost for assisted living is $5,663, up from $4,597 in 2021. The national average is $4,401, up from $4,057 in 2021.
• The average monthly rent for assisted living communities ranges from $2,946 in Louisiana to $8,248 in New Hampshire. Average costs are above $5,000 per month in 10 states, mostly concentrated in New England and the Mid-Atlantic.
• New Hampshire is the most expensive state. A spot in an assisted living community costs $8,248 per month on average, which is nearly double the national average. Plus, it's one of only six states where assisted living costs more per month on average than in-home care.

The study also looked at how many years a person needs to save to afford one year of assisted living.  New York residents will need to save for 20.8 years based on the state’s median income of $79,557, the average savings rate of 4.1%, and the average cost of assisted living in the state  ($5,663 per month).

To read a blog with more study findings and details, click here