How Much Is a Nursing Home Per Month: The Case for Aging-in-Place Renovations
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As people grow older, it’s essential to consider how they will care for themselves. Your surroundings can play a big part in your quality of life. Learn how much is a nursing home per month, how aging-in-place stacks up financially and other key details.
The Aging Population and the Need to Decide
Senior living can involve various approaches, with the main ways being to get into a nursing home or to practice aging in place. There are about 62 million adults aged 65 and older in the U.S., and the numbers are bound to increase over time.
The demand for nursing homes may potentially increase in the future, meaning there are only so many that these facilities can accommodate as time goes on. It’s important to identify which route you’re going to commit to before you or a loved one reach an advanced age
How Much Is a Nursing Home Per Month?
The median cost for a private room in a nursing home is $10,646 per month of care. The cost for semi-private rooms is lower at $9,277. However, you need to consider the comfort and quality of life when living with others while aging.
Plus, while most nursing homes charge residents and their families monthly, there are other arrangements, like weekly and annual billing. Others require a contract to lock you into the commitment for a much longer period.
The Hidden Costs of Institutional Care
In addition to the nursing home’s monthly fees, you’ll have additional expenses like transportation, personal items, and more. Some establishments may also charge separate fees for the personal and medical care services provided in-house.
It’s also key to see the non-monetary costs of a nursing home. Letting yourself or a loved one go to a different space can create a negative emotional impact on families and friends. It can also change the social dynamics since all parties involved may see each other less often.
The Option of Aging-in-Place
Aging-in-place is an option for older adults who want to remain in their own homes instead of heading to a separate care facility. It’s quite a popular decision, considering about 77% of adults 50 years old and over would want to remain in their homes as they age.
The main appeal of aging in place is staying in a familiar environment with family and friends you already know. The only caveat is having to install certain senior home modifications around the space and outsource care services.
Nursing Home vs Home Care Costs
The median cost for nursing homes monthly is around $9000 to $10000 and more. Meanwhile, in-home care will cost just under $7,000 in 2024, depending on whether you’re getting homemaker services or a home health aide.
Some aging adults may opt to reduce their costs by looking at organizations that offer lower expenses for support services. Using telehealth and getting family members involved in providing care can also minimize dependence on in-home care.
Frequently Asked Questions
How Much Does a Nursing Home Cost Per Month?
As mentioned, a nursing home can cost anywhere from $9,000 to $10,000 or more, depending on the type of room you’re choosing to go with. There are still other factors, like availability and location, that can lower or increase the price further.
Additional expenses, like personal care and medical care, must also be considered. Most nursing homes will have these services ready, though, which can appeal to those who want the full senior living care package.
What Are the Average Costs of Aging in Place?
Knowing what care services and senior living modifications you will need can help you calculate the average costs of aging in place. In-home care can come down to under $7,000, but it can still change depending on the degree of assistance and supervision needed.
Senior living modifications to personal space can be made on a case-by-case basis, as you would have to assess the current state of things and whatever additions seem necessary. General renovations can cost about $475 per square foot.
Is It Cheaper to Renovate or Move to a Nursing Home?
Objectively speaking, renovations can be more pricey than moving to a nursing home. It can be especially expensive if you’re eyeing several modifications in the kitchen, bathroom, bedroom and other areas of the home.
However, it’s key to note that nursing homes involve recurring bills you would have to cover, while renovations are more of a one-time expense. In terms of financial investments, senior living modifications may be smarter in the long run.
How to Pay for Senior Home Modifications?
Some people may pay for senior home modifications out of pocket. There are people who deliberately save funds for this part of the future. If you don’t readily have the money, low-interest loans can also be a viable option.
You can also seek home improvement grants, which are designed to provide financial assistance for low-income aging adults. Most programs will have certain requirements, like living in a rural area, so check the criteria to see your eligibility.
What Renovations are Needed for Aging-in-Place?
Some renovations may involve completely changing the design of your existing home. For instance, countertops should be 34 inches tall at most for manual wheelchair users or people with walkers. These would be key for both the kitchen and the bathroom.
Others may involve a third-party installation. For example, having a ramp in your space can make the space more accommodating to wheelchairs. You can further enhance accessibility by having an open floor plan and fewer floor decorations for maximum movement.
What Home Modifications Does Medicare Cover?
Medicare does not cover home modifications or assistive technology, with its website directing you to other organizations instead. However, they may be able to assist you with home health care. Long-term care is not really covered, though, so be sure to have backup plans once you’ve exhausted these resources.
Who Should Consider Aging-in-Place Renovations?
Homeowners close to senior living should consider aging-in-place renovations to make the most out of their property and have a familiar space as they grow older. Only about 53% of aging adults have entertained these improvements with considerable or some thought.
Making the Right Choice for Your Family
Calculating how much aging-in-place is vs how much is a nursing home per month is essential when planning for the future. People should prepare for their senior living by getting the facts down and seeing which is more compatible with their finances, preferences and lifestyle.
About The Author
Rose is the managing editor of Renovated and a dedicated freelance writer with over six years of experience in the home and garden industry. Her passion for landscaping and sustainable practices is deeply rooted in her upbringing — growing up in a family of contractors, she was exposed to the world of construction and design from a young age. This hands-on experience fostered her love for nature and gardening, giving her a green thumb and a keen eye for creating beautiful outdoor spaces.
Throughout her career, Rose has honed her expertise in researching and writing about sustainable construction practices, focusing on innovative technologies that enhance the built environment while minimizing environmental impact. She is particularly interested in green roofing, water-efficient landscaping, and integrating native plants in design, all reflecting her commitment to sustainability. Rose's work has appeared in various publications, where she shares valuable insights and practical tips for seasoned professionals and novice DIY-ers.
In addition to her writing, Rose enjoys collaborating with landscape architects and contractors on projects that emphasize eco-friendly design and sustainable materials. She believes that every garden has the potential to be a vibrant ecosystem and works to inspire others to create spaces that are not only beautiful but also environmentally responsible.
