South Dakota Among Most Affordable Places for Assisted Living
Transitioning into an assisted living facility is one of the most difficult decisions seniors and their families have to make.
Many times the biggest challenge is the financial burden that comes with such a move, which averages more than $4,000 a month nationally.
But assisted living residents in South Dakota are paying, on average, a lot less than that.
A new study from Seniorly.com looked at move-in data from 40,000 senior communities in 2021.
What they found was that South Dakota is the fifth most affordable state for assisted living facilities with an average monthly cost of $3,138. The national average is $4,057.
MOST AFFORDABLE PLACES FOR ASSISTED LIVING (per month)
- Georgia: $3,045 per month
- North Dakota: $3,069
- Missouri: $3,084
- Nevada: $3,123
- South Dakota: $3,138
MOST EXPENSIVE PLACES FOR ASSISTED LIVING (per month)
- New Jersey: $5,893 per month
- New Hampshire: $5,644
- Alaska: $5,514
- Massachusetts: $5,421
- District of Columbia: $5,369
And while South Dakota residents are paying well below the national average, the cost of assisted living isn't cheap.
In order to afford the average monthly cost of a facility, the average state resident will need to save for 8.6 years based on the state’s median income of $58,275, the average savings rate of 7.5%, and the average cost of assisted living.
Residents in Utah have the shortest saving period (7.2 years), while residents in neighboring New Mexico need to save for the longest stretch of time (13.6 years).
In 31 of the 50 states, the saving period to afford assisted living is ten years or more.
With a record 54 million Americans now 65 and older, the demand for assisted living space is expected to grow considerably over the next decade.
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