Assisted Living Costs Increase, Study Finds

Along with the rising costs of many other products and services
nationwide, the average costs for assisted living also continue to rise.

The average assisted living resident pays $36,090 annually for
housing and services, according to a recent national study by Genworth
Financial. That figure is up 25 percent from $28,763 in 2004. The
higher end costs topped $4,900 per month in New Jersey assisted living
communities. On the lower end, the monthly cost in Arkansas is about
$2,000.

Average annual costs rose 17 percent for private rooms in nursing
homes, going from $65,185 in 2004 to $76,460 in the latest study.

The Genworth Financial study includes survey data from more than
10,000 assisted living communities, nursing homes, and home care
providers nationwide. The study notes that costs for assisted living
and nursing home services have increased for the fifth consecutive year
and could rise further if a shortage of long-term care workers
continues.