This week Communiqué PR’s client A Place for Mom (APFM) released new findings from its National Senior Living Cost Index, which looks at costs for three primary senior living categories in the U.S.: Independent Living, Assisted Living and Memory Care. The Cost Index draws on APFM’s comprehensive database of families that have moved into senior living and assisted living homes across the U.S. between 2012 and 2015. It is the largest report of its kind.
The Findings
The data revealed that senior housing and care costs are not spiraling out of control, but rather growing steadily at rates similar to rental housing. This contradicts public perception that healthcare costs are rapidly rising – in fact, APFM found that Assisted Living and Memory Care costs are growing slowly, at 2.9 and 2.3 percent per year respectively in 2016. That’s a slower growth rate than that of health insurance premiums and hospital service costs, and much slower than recent home-sale price growth.
APFM also found that senior living costs are growing steadily in regions across the U.S. except in the South, where growth slowed. Drilling deeper, the data shows that metro areas with hot rental markets (for example Seattle, San Diego and Denver) also tend to have the fastest growing senior living costs.
A New Senior Housing Planning Tool
To help families navigate senior living costs in their area, A Place for Mom developed a Zillow-like interactive map, which allows families to search for senior living costs in over 2,000 cities, metros and states across the U.S.
Valuable Data for Seniors, Their Families and the Media
APFM’s new tool is, first and foremost, a valuable resource for seniors and their families who are looking for affordable housing and care options. But it also serves as a valuable resource for media – APFM’s large, unique data repository well positions the organization to serve as an ongoing resource for journalists who are covering the senior housing and care market. APFM is the only publicly available source of data on senior housing and care costs, offering journalists useful information on industry trends and proof points to back up their stories that journalists cannot get anywhere else.
Looking Ahead
To augment its senior living cost data, APFM conducted a survey of senior-living consumers around what characteristics of neighborhoods and senior living communities would have the most influence on a decision to move. The findings will offer unique insight into senior-living consumer preferences. Look out for the report in June!