Comparing Costs: The Value of Independent Living versus Home

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With all the benefits that independent living offers, you may be wondering how it could possibly compare to home in terms of cost. Well, you’re in for a surprise. Independent living can actually cost less than staying at home in some cases. Here’s how.

The Independent Living Lifestyle

We’ve detailed the ALL benefits of independent living in a previous blog, but they are well worth recapping here! Essentially, independent living is a lifestyle choice for seniors who want the freedom to enjoy an active, fulfilling retirement without the hassle of chores and home upkeep. If you’re looking for a resort-like setting with more choices, more convenience and more opportunities to connect and engage, then independent living may be right for you.

In terms of cost, if you think of senior living in general as a continuum of care, then independent living could be considered the entry point so to speak. Because of the fact that independent living focuses more on lifestyle as residents typically don’t have mobility challenges or need daily assistance, it’s often less than levels of care further into the continuum such as assisted living or memory care. As such, you can usually expect the monthly cost to range between $1,000 to $4,000, but keep in mind the cost does vary depending on factors such as geography and amenity options.

Comparing Costs to Home

If you’re looking at the monthly range above and comparing it to your mortgage or rent you might think that home is the clear cost winner. BUT, that’s not really a true comparison. Your monthly out of pocket costs at home are much more than that! In fact, the total monthly cost of living at home also includes food, utilities, home upkeep, property taxes, insurance and entertainment. Why does that matter? Because these costs are typically INCLUDED in the monthly cost of independent living!

Plus, you need to factor in any additional costs should you want or need help with household chores, cooking, transportation or even personal care at home as, according to the most recent Genworth Cost of Care survey, these monthly costs average:

·       Homemaker services:  $4,290

·       Home health aide services: $4,385

Once you’ve tallied all this, you can see how the monthly cost of independent living could actually be less than staying at home.

Added Value in Independent Living

There’s also an added value in independent living: peace of mind. You see, independent living communities like ours also feature that full continuum of care on the same campus. Should you ever need a higher level of care, you’ll enjoy a much easier transition in familiar surroundings and with continuity of care.

What’s more, we offer home care services as well so you have the option to remain in independent living as long as possible. Plus, you also have access to our award-winning therapy services should you need help with rehabilitation and recovery after surgery, illness or injury.

Wanting even more information on funding your senior care?Download our free Family Guide to Funding Senior Care & Housing!

For more information on independent living on our campus, contact Friendship today to schedule your future tour at 540.385.8720.

If after reading all of this and you’re still wanting to stay at home but recognize that you want or need assistance, connect with Friendship Home Care!  They will be happy to meet with you, discuss your needs and concerns, and together craft your personalized plan for help.  Call 540.265.2914 today!

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