Senior housing inflation is skyrocketing in some states. The hardest hit might surprise you
Seniors are feeling the effects of inflation. Those over 55 have had to limit their health visits and meals – some restricted the heat in their homes – to save money this year, according to a new report.
The report, released last month by Paying For Senior Care, which provides financial information for the aging population, examined how inflation is affecting the daily lives of seniors. The report, which surveyed 1,000 US adults age 55 and older, found that one in four had to make drastic lifestyle changes to get inflation under control. Over 10% of seniors have had to skip meals to save money, with one in 10 having to delay medical procedures and/or ration medication to spend money. On average, however, senior housing prices were largely spared compared to inflated prices for everything else, according to the report, which used additional data from Caring.com, a resource for caregivers that provided data on the cost of renting at senior living facilities in 49 states.
“While inflation remains a serious concern for seniors and the general population, the relatively low occupancy rate in senior living communities caused by COVID-19 has largely kept inflation in check,” said Han Hwang, executive vice president of partnerships at Caring .com in an opinion. “However, we are hearing from operators that tariffs will continue to increase over time – these prices have generally not yet caught up with inflation.”
Assisted living prices are rising every year, but have risen by only about 3.7% on average since 2019 – much lower than the national average inflation increase of 15.6% from 2019 to 2022. However, the report underscores that cost increases have vary greatly by region you live.
Hawaii and North Dakota faced the highest rise in senior inflation since 2019, with costs rising 28% and 25.3%, respectively, while South Dakota and West Virginia saw significant cost reductions, rising 15.3% and 9.3%, respectively. 2% declined. Since 2019, 13 states have joined the ranks of falling retirement home prices. For South Dakota, that looks like a $675 monthly decrease in assisted living costs for seniors, compared to Hawaii’s nearly $2,200 monthly increase since 2019.
Payingforseniors.com shares a financial assistance search tool to help seniors manage inflation through a variety of federal and local programs.
Here the countries are ordered according to the increase in inflation since 2019. (The report notes that Wyoming and North Dakota had limited data and Alaska was not included due to lack of data.)
- Hawaii: +28.0%
- North Dakota: +25.3%
- Montana: +17.6%
- Alabama: +13.5%
- Nevada: +13.2%
- Missouri: +12.9%
- Idaho: +11.7%
- Mississippi: +11.1%
- Tennessee: +10.8%
- North Carolina: +9.7%
- Minnesota: +9.5%
- Colorado: +9.0%
- New Mexico: +8.7%
- Texas: +8.2%
- Utah: +7.8%
- Maryland: +7.3%
- Arkansas: +6.7%
- Ohio: +6.3%
- Indiana: +6.3%
- Iowa: +6.2%
- Michigan: +6.2%
- Vermont: +6.0%
- Oregon: +5.7%
- Washington: +5.4%
- Florida: +5.1%
- Virginia: +3.3%
- Kansas: +2.8%
- Maine: +2.6%
- Oklahoma: +2.6%
- Wyoming: +2.3%
- Arizona: +2.2%
- Georgia: +1.5%
- Wisconsin: +1.0%
- South Carolina: +0.7%
- Pennsylvania: +0.7%
- California: +0.2%
Here are the states where the cost is falling:
- Massachusetts: -0.4%
- Kentucky: -0.5%
- Nebraska: -1.0%
- Connecticut: -1.5%
- New Jersey: -1.7%
- New York: -1.9%
- Rhode Island: -2.2%
- Illinois: -2.6%
- Delaware: -2.9%
- New Hampshire: -5.9%
- Louisiana: -8.2%
- West Virginia: -9.2%
- South Dakota: -15.3%
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