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Considerations when Considering Retirement Living

June 12, 2013 by Lorri Molnar

walk sign

Considering where to retire? Wondering whether you should plan for yourself or your older relatives to be cared for at home or in a nursing home? Curious about the average costs of each? There are some nifty tools out there online that can help you make informed choices about what city and state to retire to if you’re thinking of nursing homes as an option, and what neighborhoods to choose if you want to live at home as long as possible. Check them out and find out what your costs and limits may be when it comes to planning for senior living.

 

Do you know about Walk Score®? If not, you should.

Walk Score® is a nifty site you can use both when you’re shopping for a new neighborhood and when you’re working with a real estate practitioner to market your house.

The site measure walkability and ranks cities, neighborhoods, and specific addresses on a 0-100 scale.

In calculating rankings, Walk Score® measures proximity to an array of daily living necessities, such as  transit and health care and venues, such as restaurants, grocery stores, and parks.

How you can use Walk Score

  • Research your next home. If walking is important to you as you age, you can type in a specific address to see how a house or condo you’re considering ranks. As an example, Walk Score gives one address in a Chicago lakefront neighborhood a 92 and calls it a Walker’s Paradise because of its excellent access to public transit and restaurants, and a grocery store that is situated within  524 feet. An address in a suburb 40 miles outside Chicago ranks a mere 15. Why? To accomplish nearly all errands, residents need a car. But move within that same suburb’s downtown and the score rises to 78 because more amenities are accessible on foot. Thetford Mines, a Quebec town, scores a 52, and Walk Score describes it as somewhat walkable. Toronto gets a solid 100 because, says the site, daily errands don’t require a car.
  • Market your house. If you’re selling your house, type in your address to see its score. If it’s a good one, the number can be a marketing advantage. Be sure your real estate practitioner is aware of Walk Score and that he or she promotes your home’s high ranking in your property’s marketing materials.

Some long-term care costs rise

In addition to a city’s walkability, another consideration when assessing retirement venues is the cost of care, whether that’s nursing or assisted living facilities or in-home care.

MetLife Mature Market Institute released its annual survey, “The 2012 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs,” and it’s no surprise that some costs in the United States have risen.

Since 2011, for instance, nursing home rates climbed by 3.8%. The average price of a private room in a U.S. nursing home stands at $248 per day.

Care costs, of course, vary by place, and even within a state and a metro area, rates can be quite different.

Here are two charts from the study. One gives you a snapshot of the national picture and the other is a spot check of nursing home costs around the country.

To see complete charts and to compare costs for specific cities.

 

 

Summary of National Findings

 

Nursing Homes

 

Assisted Living Communities

Home Care

Adult Day Services

 

Semi-private room

Private room

Home Health Aide

Rate type

Daily

Daily

Monthly

Hourly

Daily

2012 Average Rate

$222

$248

$3,550

$21

$70

2011 Average Rate

$214

$239

$3,477

$21

$70

Percent increase from 2011

3.7

3.8

2.1

0

0

2012 Annual Rate

$81,030

$90,520

$42,600

$21,840

$18,200

 

Nursing Home Costs 2012

 State

Semi Private Room

(Average Cost)

Private Room(Average Cost)
Alabama $180 $192
Birmingham $179 $191
Montgomery $201 $209
Ohio $203 $225
Cincinnati $211 $235
Cleveland $201 $227
Columbus $205 $220
California $249 $330
Los Angeles $219 $260
San Diego $225 $285
San Francisco $346 $487
Illinois $175 $216
Chicago $183 $206
Des Plaines area $208 $271
New York $356 $368
New York $388 $396
Rochester $336 $348
Syracuse $335 $342

Source: https://www.metlife.com/assets/cao/mmi/publications/studies/2012/studies/mmi-nursing-home-costs-table.pdf

 

Filed Under: Community News, Real Estate for Seniors Tagged With: Adult Day Services, Assisted Living, Home Care Costs, long term care, MetLife Mature Market Institute, Nursing Home, Selling Your Home, Walk Score, Walkability

Contact Lorri

Keller Williams Capital Partners Realtor
100 E. Wilson Bridge Rd.,
Worthington, OH 43085
Call: 614.496.4012
Contact Lorri
Lorri Molnar realitor MSL
100 E Wilson Bridge Rd, Worthington, OH 43085
Tel: 614.496.4012

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