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Is New Mexico the least affordable state for assisted living?

by | May 12, 2022 | Firm News

As more of the population continues to age, more attention goes toward how we care for our elderly population.

A large part of the research focuses on the affordability of current accommodations and what can improve these costs.

Most and least affordable states

McKnights Senior Living discusses New Mexico’s assisted living costs. Unfortunately, it is the least affordable state in terms of assisted living costs. Generally speaking, a citizen saving at a rate of 7.5 percent would take 13.6 years before having what they need to afford one single year in an assisted care facility.

Looking at cost alone, New Jersey is the most expensive currently. In 2021, they had an average monthly cost of $5,893 to live in assisted care.

By comparison, Georgia had the lowest monthly cost, though the average still came out to around $3,045 per month. Additionally, while Utah claims the title of “most affordable”, the average resident on a median wage would still need to save for 7.2 years in order to afford one single year in assisted care.

Ongoing issues with pricing

In short, while some states fare better than others in terms of affordability, there are many people who cannot afford even the “best” costs in the current market.

Many people wish to turn their attention toward the future and what they can do to improve overall affordability for all individuals who may need assisted care at some point. After all, a society that takes care of its oldest and most vulnerable members is often a successful society in all other important aspects, and it will greatly improve the quality of life for many in the aging population, too.