Costs of Senior Living vs. Remaining at Home

As we age, it’s natural to start thinking about where and how we want to spend our retirement years. For older adults and their families, this can be a challenging decision influenced by various factors, including financial considerations.

It’s understandable that many older adults may assume that senior living communities are unaffordable and opt to age in place in their current homes. However, aging in place at home may not always be the most financially advantageous choice. We want you to know that we understand the importance of making the right decision for you and your family, and we’re here to provide any guidance and support you may need.

At Astral at Auburn, our senior living community in Auburn, Indiana, provides a unique retirement experience where life truly begins again! If you’re curious about the financial implications of senior living versus remaining at home, we’re sharing some helpful tips so that you can make an informed decision that fits your lifestyle. 

Costs of Aging in Place

Home Modifications

Many people would prefer to continue living in their own homes as they grow older. While this choice offers many benefits, such as the comfort of familiar surroundings and a sense of independence, it often requires certain modifications to ensure safety and accessibility. 

These modifications can include installing grab bars, ramps, and handrails, widening doorways and hallways, making bathroom adjustments for easier use and installing stair lifts or elevators. It’s important to keep in mind that these modifications can come at a cost, and understanding the expenses associated with them is crucial when considering the feasibility of aging in place at home. 

For example, the average homeowner who chooses to remain at home after retirement can expect to spend anywhere from $3,000 to $15,000 to ensure their environment is outfitted with the proper equipment and safety features. 

General Costs

Some older adults might not need to make any immediate home modifications. Still, as time goes by, there are plenty of other adjustments that need to be made in order to enjoy a comfortable lifestyle. 

For example, activities of daily living are tasks that must be done independently for a person to live safely and comfortably. When aging in place alone, extra assistance will be required by either a caregiver or an in-home care specialist. 

In-home care services are a fantastic option and provide support in daily activities, healthcare management, and companionship – all at a specific cost. While the pricing and availability of in-home care may differ based on several factors, such as location, level of care required, and the chosen agency, it’s an investment that will be needed should you require extra assistance with daily tasks.

On average, older adults who require at least four hours of assistance per day can expect to spend nearly 90% of the average cost of a senior living community.

Monthly Cost of Senior Living 

Senior living communities offer a range of services and amenities catered to the needs and preferences of older adults. As with any form of senior care, the monthly cost of different senior living communities can vary depending on factors such as location, level of care required, and desired amenities. Our senior living community in Auburn, Indiana, offers the following lifestyle options:

• Independent Living 
• Assisted Living 
• Memory Care 

Quality of Life and Social Interaction Comparisons

One of the most important aspects to consider when comparing senior living to remaining at home is quality of life and social interaction. Senior living in Auburn, Indiana, provides endless opportunities for social engagement, purposeful activities and discovering new passions. On the other hand, aging in place at home can often lead to feelings of loneliness, which can negatively impact anyone’s well-being. 

Social isolation is one of the major epidemics facing the senior population; in fact, nearly one-fourth of adults over the age of 65 are considered socially isolated in some way. If you’re planning on aging in place by yourself, it’s essential to think about your current social state and determine whether this could be a debilitating factor in the future. 

Choosing between aging in place at home and senior living in Auburn, Indiana, is a personal decision. No two aging journeys are the same, which means every person will face different challenges over time. However, by comparing the costs associated with each of these aging options, you’ll be able to make the best decision for your personal preferences and financial situation.

Astral at Auburn is ready to help you experience your ideal retirement lifestyle, and we’re dedicated to helping you find your passions and purpose each and every day! 

To learn more about senior living in Auburn, Indiana, contact our team and discover a community where life begins again!