A new study published by SURTC investigated the current state of aging in place in small urban and rural settings throughout the country and quantified the costs for residents to live at home and ride public transportation versus moving to an assisted living facility. Overall, simulation results showed that the cost of assisted living was almost always higher compared to other alternatives. Homeowners without mortgages had the lowest costs followed by apartment dwellers and homeowners with mortgages. Policy makers should consider the potential cost savings from aging in place found in this study. Seniors and their families can potentially save thousands of dollars annually by remaining at home and utilizing home health and public transportation services.
The full report and executive summary can be found at the link below:
For more details, contact Del Peterson at Del.Peterson@ndsu.edu.