Investing in home modifications for aging in place can be a smart financial decision, especially when compared to the cost of assisted living. According to SeniorLiving.org, the average monthly cost for assisted living in the United States is $4,000, with some states like New Jersey reaching as high as $6,000 per month. Over just three years, this can add up to a total cost of $144,000 to $216,000.
On the other hand, investing in home modifications and in-home care can be a more cost-effective option for aging in place. Lori Bellport a Certified Aging in Place expert notes that an ADA-compliant bathroom can cost between $25,000 to $50,000. While this may seem like a large investment, it’s important to consider the long-term benefits.
Modifications such as turning spaces, walk-in bathtubs, lowered sinks, and widened doorways not only improve safety and function, but also enhance quality of life and allow for independent living with dignity.
When you add in the cost of in-home care, which averages around $23 per hour, and assume 20 hours of care per week, that comes to a monthly cost of around $3,120. Over the course of three years, that’s a total cost of $112,320. Adding the remodel to the cost of facility care you can see that over three years they are similar.
While this is still a significant amount of money, it’s important to consider that you’ll have the added benefit of remaining in your own home and community, surrounded by familiar people and surroundings. Plus, after three years, you’ll have paid for the home modifications and some in-home care, whereas with assisted living, the costs continue to add up year after year.