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New Mexico is the least affordable state for assisted living, and Utah is the most affordable, according to a new analysis by Seniorly that compares median income with cost in all 50 states and Washington, D.C.
It takes 13.6 years for someone to save enough to be able to afford one year of living in an assisted living community in New Mexico, whereas in Utah, it takes 7.2 years, according to the senior living search site.
The results are based on an analysis of the median wage in each state using the most recent U.S. Census Bureau data, the national average savings rate of 7.5% from the U.S. Bureau of Economic Analysis, and the average cost of assisted living communities in every state.
Based strictly on cost, New Jersey is the most expensive state for assisted living, with an average monthly cost of $5,893 in 2021, according Seniorly. Assisted living is the least expensive in Georgia, where the average monthly cost is $3,045, the site found.
The assisted living cost averages and rankings are based on an analysis of Seniorly users’ move-in data through the first half the year across the 40,000 senior communities in the company’s network.
See additional results of the analysis here.