Where assisted living is the most and least expensive: survey
Average monthly assisted living costs range from $3,051 for a studio apartment in Louisiana to $6,936 for a two-bedroom apartment in Delaware, according to the state results of Lincoln Financial Group's annual What Care Costs study, released Wednesday.
For a studio apartment in assisted living, the most expensive states, based on average costs, are Massachusetts ($5,674 monthly), Alaska ($5,634) and New Jersey ($5,604), according to the study. Least expensive are Louisiana ($3,051), Mississippi ($3,153) and Alabama ($3,258). The national monthly average is $4,027.
For a one-bedroom apartment in assisted living, the most expensive states, are New Jersey ($6,587), Massachusetts ($6,323) and Connecticut ($6,091). The least expensive states are North Dakota ($3,102), Mississippi ($3,327) and Louisiana ($3,455). The national monthly average is $4,560.
For a two-bedroom apartment in assisted living, the most expensive states are Delaware ($6,936), Massachusetts ($6,817) and Connecticut ($6,736). The least expensive states are North Dakota ($3,486), Minnesota ($3,827) and Mississippi ($3,870). The national monthly average is $4,816.
The whatcarecosts.com website includes long-term-care cost information for in-home care, assisted living communities and skilled nursing facilities for states and metropolitan areas across the country. Data can be sorted by type of care and geography, and the effect of inflation on these costs can be modeled. To see the data, enter the code “Lincoln” in the upper right corner of the site.
The survey represents responses from more than 30,000 providers. Lincoln said it conducted the research to serve as a starting point for conversations between consumers and their financial advisers, because long-term care expenses can affect retirement plans, savings and assets.